Charges for Transferring money from the UK to Spain - Page 2

I'm in a similar position - aiming to complete on house purchase in July. I opened a non-residents bank account initially (I don't want to name the bank in case it's confidential information) and asked about the bankers draft. I was told there's a maximum charge of 300 euros. No charge from the bank for transferring money in from a European IBAN (I use Wise). Be aware though, that for me with Wise, there'll be a couple of hundred euros charge from Wise for transferring the money into my Spanish bank account.

It all mounts up, doesn't it!

Hi Yvonne,

There will be a charge whichever currency exchange company you use to transfer the money, but at least Wise will be the cheapest.

Kind regards, 

Kim

Good info once again Kim. But Ian resident and have been for about two years and since providing Caxia with our residency card we have no charges from them.

Just to make all aware no charges went through worldwide currencies. Residency card passed as well to La Caixa so all good. Only issue is the payment for the house now. Bankers draft seem to be charges . 

La caixa charge 766€ for this however if I take their home insurance  ( Seguro de Hogar), I will have 0 charges  but have to Remain with them for 3 years. Payment a month is 38 €.

Hi Kevman,

That's interesting and very unusual - were there conditions applied to the "no charges", such as having to take another bank product, e.g. an insurance policy or investment acount?  

The only current account I've heard of which has no fees, with no conditions attached, is Cajarmar's Wefferent account.

Kind regards,

Kim

Hi Marci3,

So your annual insurance policy via your bank is going to cost €456.  Difficult to say whether that's good value without knowing anything about the property you're insuring.  We have Liberty Seguros's combined buildings and contents policy on a 3-bed, 3-bath detached house, with private pool, which cost €348 this year.  Typically, insurance premiums only increase, so if you're tied into the bank insurance for 3 years, you could find any saving on the Banker's Draft is negated by higher insurance costs.  I'd suggest contacting some independent insurance companies for alternative quotes and do the sums yourself.

Kind regards,

Kim

I just purchased using direct bank transfer from my Belgian IBAN Wise EUR account to seller without any expensive bankes draft or my own Spanish bank account. All went well in my case.

Large fund transfers to a seller do need to be  transferred in advance of the signing to the sellers Spamish bank account but a large transfer of funds will  in fact  not actually be credited to the sellers account until the seller can produce the signed notary document. So there is little risk of seller running off with your money in my opinión.

Should a seller not sign you would  eventually get.the money returned to where it came from.

I am sure a solicitor would advise against  a direct transfer to seller but  my experience says the risk is minimal.

Hi

I can’t tell you which currency transfer organisation to use but currency direct were excellent and saved me about 2%.  There is often a need to prove where funds have come from for these types of transactions, so be prepared for that.

Hello! I have just purchased a house in Spain. I transferred the money from my UK NatWest account into my Spanish account. No charges from NatWest, 1.18 exchange rate. Receiving Spanish bank charged 50 euros to process. I then transferred the amount from my Spanish account to the sellers account (no charge). The process of finalising the purchase required a meeting with the local notary, along with the seller, to sign the documents. The fee for this was 250 euros and covered (by law I believe) by the seller. I hope this helps a d good luck with your new home!!!!

Also to add I have Spanish residency, which may make a difference....🤔