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