Transferring funds to Spain - Page 2

Darrel57 wrote on Thu Sep 3, 2020 12:42pm:

Thanks Helen 

I, m with Sabadell so I will confirm that with them

Helen28 wrote on Thu Sep 3, 2020 1:44pm:

Hi

I was just sorting out old paperwork off them and I am sure at the bottom it stated this

Darrel57 wrote on Thu Sep 3, 2020 12:42pm:

Thanks Helen 

I, m with Sabadell so I will confirm that with them

RuthAnn wrote on Thu Sep 3, 2020 5:44pm:

Oddly enough we have transferred some monies vis Currency fair to Sabadell this week and today went in the bank to move the amount out of the current account.  We asked the question about what amount is covered with the bank and was informed it is 100000. 00 per depositor ie a joint account ...

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...covered for 200000.00 

Regards Ruth.

Darrel57 wrote on Thu Sep 3, 2020 5:59pm:

Thanks Ruth

But when you 200,0000 is covered for a joint Acct is that for a maximum before they charge you comission

RuthAnn wrote on Thu Sep 3, 2020 6:44pm:

TBH Darrel I don’t know the answer to that, we have only just this year moved from non resident to residents so the resident account is new to us, we have an expansion account and have the house insurance with Sabadell and a set amiunt paid in each month - so far no charges but who knows that c...

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...ould change.

We asked about the amount covered by the financial registration in case the bank should fail, and we were told that each depositor in a joint account was covered by the regulations for 100,000.00 each. So I suppose that as in the UK if you hold more than 200,000 in a joint account (or whatever the amount is now for UK banks) the upper limit you are insured for is 200,000 Euros anything over that held in the account could be forfeited if the bank failed.

Hope I have explained that clearly !   Good luck. 

Darrel57 wrote on Wed Sep 2, 2020 3:13pm:

Hi

My wife and myself are moving to Torrevieja and are selling our property in the UK

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What is the best way to transfer funds after selling our property without incurring, heavy transfer commission or losing out on poor exchange rates

The fund transfer would be in the region of approxinately £200,000

Thank you

Darrel

3891785 wrote on Wed Sep 9, 2020 1:14pm:

Use TORFX in the uk no charges good rate and for that sort of sum you will get commercial rate not the tourist rate Good Luck 

Bencr85 wrote on Wed Sep 9, 2020 5:14pm:

We use transferwise all the time , usually takes 5 seconds for money to be in Spanish bank , I transferred £19000 per a day without problems.