Large money transfer/Monthly transfer

marcliff wrote on Tue Nov 28, 2023 11:10am:

We can only transfer up to 10,000 pounds per day to our Spanish bank account from UK without incurring charges. There are quite a few companies that will transfer for a small or no fee such as Wise, Currencies Direct and so on. We used Currencies Direct but that was a long time ago and they charg...

Read more...

...ed us 4 pounds then for doing it but gave a good exchange rate. 

Re your pensions. The state pension can be paid direct to a Spanish account and no charges are made, They give a good exchange rate. Spanish banks don't make a charge for accepting any pensions and, if you have a private pension, see if they will pay it directly into a Spanish account. If not, then one of the currency firms will do it for you. The state pension will be paid on the day it is due unless there is a public holiday in the US (it is paid via an American money broker) in which case it could be a day or two late. Private pensions are paid on the day but can take 2 days for it to clear into your Spanish bank.

Check the terms and conditions on your Spanish account. Some will give free banking if you have your pension paid in each month and you use them for direct debits and have so many transactions per quarter on your credit card. Others will only give free banking if you have your house insurance or invest in the bank. 

Ours is Caixa bank and we get totally free banking as pensioners provided we pay more than 300 euro a month in as a pension, have 3 direct debits a year and use the credit card 3 times per quarter. All easy to do.

Chrisp67 wrote on Tue Nov 28, 2023 11:00am:

Hi all, my wife and I are planning on moving to Spain in the New Year when our visas are through.  We are currently now renting in the U.K. and may have to rent in Spain in the short term if we don’t find a house to purchase soon. So far I’ve only transferred small amounts into our Spani...

Read more...

...sh bank account but ultimately will need to transfer a. a large amount for house purchase, and b. smaller amounts as our monthly income from our UK pensions.

It’s probably been asked before, but can anyone please offer advice on who they use for these transfers both the large lump sum and the smaller monthly amounts. 
many thanks

Chrisp67 wrote on Tue Nov 28, 2023 11:16am:

Hi that’s helpful thanks-not sure about the £10k/day tho if your trying to buy a house of several thousand?

We’re a while away from state pensions, but noted thanks.  We will be living on private pensions til then (approx 10 years) so do you just use a currency exchange for that?

Read more...

Thanks again.

marcliff wrote on Tue Nov 28, 2023 11:10am:

We can only transfer up to 10,000 pounds per day to our Spanish bank account from UK without incurring charges. There are quite a few companies that will transfer for a small or no fee such as Wise, Currencies Direct and so on. We used Currencies Direct but that was a long time ago and they charg...

Read more...

...ed us 4 pounds then for doing it but gave a good exchange rate. 

Re your pensions. The state pension can be paid direct to a Spanish account and no charges are made, They give a good exchange rate. Spanish banks don't make a charge for accepting any pensions and, if you have a private pension, see if they will pay it directly into a Spanish account. If not, then one of the currency firms will do it for you. The state pension will be paid on the day it is due unless there is a public holiday in the US (it is paid via an American money broker) in which case it could be a day or two late. Private pensions are paid on the day but can take 2 days for it to clear into your Spanish bank.

Check the terms and conditions on your Spanish account. Some will give free banking if you have your pension paid in each month and you use them for direct debits and have so many transactions per quarter on your credit card. Others will only give free banking if you have your house insurance or invest in the bank. 

Ours is Caixa bank and we get totally free banking as pensioners provided we pay more than 300 euro a month in as a pension, have 3 direct debits a year and use the credit card 3 times per quarter. All easy to do.

PAul1670 wrote on Tue Nov 28, 2023 8:20pm:

Don't forget with private pensions to take any tax free before the year is up otherwise you will be taxed on the full amount in Spain which wouldn't be next year but the year after

Stevec2x wrote on Wed Nov 29, 2023 11:22am:

Hi 

Re your monthly income - I have my personal pension paid directly into my Wise account (by Scottish Widows). I then convert to euros as necessary. I don't have a Spanish bank account.

Read more...

Direct debits can be paid directly by Wise.

Cheers

Steve