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Bank charges

Posted: Mon Jan 25, 2021 12:30pm
149 replies4951 views18 members subscribed
Austin 3363

Posts: 45

20 helpful points

Location: Torrevieja

Joined: 17 Dec 2019

I have been offered a Sabadell Regular Transfer Plan as a way to avoid bank charges for depositing my money from the Uk into my account in Spain.

I was wondering if anyone had any experience of this plan or any advice on making transfers.

Many thanks.

tebo53

Posted: Mon Jan 25, 2021 12:45pm

tebo53

Legendary helpful member

Posts: 5004

5225 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Mon Jan 25, 2021 12:45pm

Austin 3363 wrote on Mon Jan 25, 2021 12:30pm:

I have been offered a Sabadell Regular Transfer Plan as a way to avoid bank charges for depositing my money from the Uk into my account in Spain.

I was wondering if anyone had any experience of this plan or any advice on making transfers.

Many thanks.

I've just looked at the Sabadell site regarding this transfer option. On the face of it, it looks good. Give it a try.

Steve 

Mags03169

Posted: Mon Jan 25, 2021 3:26pm

Mags03169

Helpful member

Posts: 292

211 helpful points

Location: Algorfa

Joined: 7 Feb 2020

Posted: Mon Jan 25, 2021 3:26pm

Austin 3363 wrote on Mon Jan 25, 2021 12:30pm:

I have been offered a Sabadell Regular Transfer Plan as a way to avoid bank charges for depositing my money from the Uk into my account in Spain.

I was wondering if anyone had any experience of this plan or any advice on making transfers.

Many thanks.

Yes , they set this up for us to transfer the required 700 euros per month to qualify for free banking ( and a very expensive car insurance product) but it works well enough, no issues so far & a decent rate .

Kimmy11

Posted: Mon Jan 25, 2021 11:33pm

Kimmy11

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Posts: 6891

12606 helpful points

Joined: 8 Aug 2017

Posted: Mon Jan 25, 2021 11:33pm

Hi Austin,

My response in another thread about Starling bank:

"I met with my personal banker at Sabadell today.  She offered a solution for those of us who make currency transfers from UK banks and have been incurring charges since 1 January 2021 (with Sabadell, the fee is 0.35% of the transaction value and a minimum charge of €18 per transaction).  It's called the "Regular Transfer Plan": Sabadell can set up a monthly direct debit from your Spanish account which draws down a set amount from your UK account, on either the 10th or 25th of each month, and the money is transferred to your Spanish bank at the prevailing business rate with no charges applied at either end.  The minimum amount that has to be transferred is £150 per month, or £300 per quarter, and the maximum is £10,000.  You can also make one-off transfers, up to £10,000, through the same DD mechanism, but for those instances, you need to email your branch to arrange it."

I haven't set this up, as I already use Transferwise for my currency transfers and my personal banker confirmed that, as Transferwise has a Belgian IBAN, I wouldn't incur Sabadell's new transfer fee for using Transferwise.

Kind regards,

Kim

Chris3928

Posted: Tue Jan 26, 2021 8:35am

Posts: 26

11 helpful points

Location: Torrevieja

Joined: 20 Jul 2018

Posted: Tue Jan 26, 2021 8:35am

I've been doing the deposit  transfer for the last 12 months works really well with no problems 

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Lancelot

Posted: Tue Jan 26, 2021 10:08am

Lancelot

Very helpful member

Posts: 687

768 helpful points

Location: La Finca

Joined: 24 Jun 2019

Posted: Tue Jan 26, 2021 10:08am

Chris3928 wrote on Tue Jan 26, 2021 8:35am:

I've been doing the deposit  transfer for the last 12 months works really well with no problems 

morning, have you worked out the exchange rate they've given? If you could share on here that might be useful.

thanks

GerryJ

Posted: Tue Jan 26, 2021 11:51am

GerryJ

Helpful member

Posts: 173

133 helpful points

Location: Oliva

Joined: 14 Jan 2021

Posted: Tue Jan 26, 2021 11:51am

This seems to be a solution for me as I'm still getting to grips with the whole transfer thingy. My 1st euro transfer via an FX account took a 20 euro hit from Sabadell from the amount sent. 

20kiki

Posted: Tue Jan 26, 2021 1:33pm

20kiki

Helpful member

Posts: 590

342 helpful points

Location: Torrevieja

Joined: 5 Apr 2017

Posted: Tue Jan 26, 2021 1:33pm

As a UK resident with a holiday home is Spain - Sabadell also mentioned this account to me but to deposit 700euros every month (then possibly withdraw it) seems like a lot of hassle to me and when I asked the Bank Rep if she would do this she rolled her eyes and shrugged her shoulders!.   NOT the ideal account for Pensioners I would've thought!

p.s. I have tried countless times to open an account on-line with Bankia - but I never receive a call back from them to ascertain ID ? - anyone else have the same problem?

GerryJ

Posted: Tue Jan 26, 2021 1:41pm

GerryJ

Helpful member

Posts: 173

133 helpful points

Location: Oliva

Joined: 14 Jan 2021

Posted: Tue Jan 26, 2021 1:41pm

20kiki wrote on Tue Jan 26, 2021 1:33pm:

As a UK resident with a holiday home is Spain - Sabadell also mentioned this account to me but to deposit 700euros every month (then possibly withdraw it) seems like a lot of hassle to me and when I asked the Bank Rep if she would do this she rolled her eyes and shrugged her shoulders!.  &nb...

...sp;NOT the ideal account for Pensioners I would've thought!

p.s. I have tried countless times to open an account on-line with Bankia - but I never receive a call back from them to ascertain ID ? - anyone else have the same problem?

Maybe not the ideal account if you're NOT actually a resident? 

tebo53

Posted: Tue Jan 26, 2021 2:01pm

tebo53

Legendary helpful member

Posts: 5004

5225 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Tue Jan 26, 2021 2:01pm

20kiki wrote on Tue Jan 26, 2021 1:33pm:

As a UK resident with a holiday home is Spain - Sabadell also mentioned this account to me but to deposit 700euros every month (then possibly withdraw it) seems like a lot of hassle to me and when I asked the Bank Rep if she would do this she rolled her eyes and shrugged her shoulders!.  &nb...

...sp;NOT the ideal account for Pensioners I would've thought!

p.s. I have tried countless times to open an account on-line with Bankia - but I never receive a call back from them to ascertain ID ? - anyone else have the same problem?

Possibly Bankia need you to be there in person for the identification and to sign paperwork. 

Steve 

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