Join the Torrevieja forum
My name's Alex and this is my website all about Torrevieja in Spain. Register now for free to talk about Banking and finances in Torrevieja and much more!
Posted: Wed Jan 13, 2021 3:53pm
Helpful member
Portet wrote on Wed Jan 13, 2021 3:49pm:
Sounds like another Brexit bonus we may have to work around.
Its such a pity the Spanish banks feel the need to squeeze every penny out of any and every opportunity, as these payments are all done via automated technology, so no overheads to them whatsoever. Ho Hum.
Leafy211 wrote on Wed Jan 13, 2021 3:53pm:
Its such a pity the Spanish banks feel the need to squeeze every penny out of any and every opportunity, as these payments are all done via automated technology, so no overheads to them whatsoever. Ho Hum.
It is what it is, I've seen something similar posted on a French forum.
Change and adapt :)
Lancelot wrote on Wed Jan 13, 2021 3:53pm:
I think work around is key - I'm either going to open an account with a CCY company like Transferwise or see if I can open a new or domicile my existing Revolut account to Spain given that's where I will mostly reside.
Until Starling gets an EU IBAN (which it has mentioned), I'm going transferwise.
Posted: Thu Jan 14, 2021 1:11pm
RESPONSE FROM STARLING RECEIVED TODAY. :Thanks for getting in touch with us regarding your Euro payment. We are sorry to hear funds have been deducted from your payment.
As the UK has now left the EU, some EU banks can apply an addition charge for receiving payments from the UK. This is due to the fact that the banks will now class these payments as international payments rather than EU payments.
Unfortunately as our accounts are held in the UK, we are unable to change the way our IBANs reflect for beneficiary banks and these will always show as UK accounts.
While not all banks will apply these charges, once a payment is sent from Starling this is subject to charges from the beneficiary bank and unfortunately this is out of our control.
We are sorry we could not do more to help on this occasion, but please let me know if you have any questions.
transferred today from Starling to Santander (Spain) touchwood no additional charge.
Advertisement - posts continue below
Posted: Thu Jan 14, 2021 4:00pm
Helpful member
Handbag1 wrote on Thu Jan 14, 2021 1:11pm:
RESPONSE FROM STARLING RECEIVED TODAY. :Thanks for getting in touch with us regarding your Euro payment. We are sorry to hear funds have been deducted from your payment.
As the UK has now left the EU, some EU banks can apply an addition charge for receiving payments from the UK. This is due to the fact that the banks will now class these payments as international payments rather than EU payments. ...
Read more...
...
Unfortunately as our accounts are held in the UK, we are unable to change the way our IBANs reflect for beneficiary banks and these will always show as UK accounts.
While not all banks will apply these charges, once a payment is sent from Starling this is subject to charges from the beneficiary bank and unfortunately this is out of our control.
We are sorry we could not do more to help on this occasion, but please let me know if you have any questions.
Thanks so much for that update Handbag, albeit a tad disappointing that they cant somehow get an EU IBAN for their Euro accounts, as I thought Starling was excellent. Pound to a penny they will do in due course. However, in the meantime I guess Id best move my Starling d/ds to transferwise and pay the 50cents per payment.
Leafy211 wrote on Wed Jan 13, 2021 12:56pm:
Ive just found out, to my cost, that my UK Starling Euro account (GB IBAN) transfer has incurred €15 euro charges for the recipient. This is due to UK leaving EU and even though no currency change, Spanish banks can charge for this.
The recipient (ANGAR accounting) were extremely ada...Read more...
...mant that i had to pay those charges even though they had not included them in their invoice, nor advised me of them in advance. Clearly they are liable for all their own bank charges, but as they werent going to process my tax return, nor return my money without me paying for the charges to send it back, I negotiated with them to pay 50% of the charges. Very unprofessional to say the least.
Agamed have advised there should be no charges for direct debits to them with a UK Euro account, but if that changes then they will advise in advance. I havent heard back from Curenergia yet.
My solution will be for the time being, to use my Transferwise Euro account, which is actually a Belgian IBAN, so theoretically should be acceptable. I believe Transferwise charge 50 cents to move euro to euro, which is more than the zero charged by Starling, but a heck of a lot less than €15! :-)
Hi All,
I emailed Sabadell to ask if charges apply to my account and this is the reply I received -'
Now Uk is out of the European Union. So transfers coming from not European countries have charge of 0,35% minimum 18€.
We can offer free service here and in the Uk , with REGULAR TRANSFER PLAN , this is a direct debit, for regular transfers , monthly or every 3 months. To set it up we need to have a form filled in with the sort code and account number from you English Account. We just need a copy of the statement of this account , showing these details and we set it up for every month , the 10th or the 25th. The minimum is 15gbp a month or 300 gbp every 3 months.
The rate is the one on the day when the transfer arrives
I also asked if this applied to Transferwise, which we currently use , and they have already replied to say that yes that it includes this method -
Yes, this is a transfer coming from the uk , non european country.
They have sent me a form to complete. By my reckoning any difference in the exchange rate betweeen Sabadell and Transferwise would be more than offset by not having to pay the 18euro per transfer, assuming I have understood correctly!
julietony wrote on Thu Jan 14, 2021 5:27pm:
Hi All,
I emailed Sabadell to ask if charges apply to my account and this is the reply I received -'
Read more...
Now Uk is out of the European Union. So transfers coming from not European countries have charge of 0,35% minimum 18€.
We can offer free service here and in the Uk , with REGULAR TRANSFER PLAN , this is a direct debit, for regular transfers , monthly or every 3 months. To set it up we need to have a form filled in with the sort code and account number from you English Account. We just need a copy of the statement of this account , showing these details and we set it up for every month , the 10th or the 25th. The minimum is 15gbp a month or 300 gbp every 3 months.
The rate is the one on the day when the transfer arrivesI also asked if this applied to Transferwise, which we currently use , and they have already replied to say that yes that it includes this method -
Yes, this is a transfer coming from the uk , non european country.
They have sent me a form to complete. By my reckoning any difference in the exchange rate betweeen Sabadell and Transferwise would be more than offset by not having to pay the 18euro per transfer, assuming I have understood correctly!
Edit to above post,
Have now received further info from Sabadell and the minimum monthly transfer is £150 not £15 as stated in the email. I have tried to copy and paste the info they sent but it appears to be encrypted. Anyone needing further info PM me.
Julie
Posted: Thu Jan 14, 2021 6:37pm
Helpful member
julietony wrote on Thu Jan 14, 2021 6:04pm:
Edit to above post,
Have now received further info from Sabadell and the minimum monthly transfer is £150 not £15 as stated in the email. I have tried to copy and paste the info they sent but it appears to be encrypted. Anyone needing further info PM me.
Read more...
Julie
Starling Bank have just come back to me with the following from the clearing bank .. so Spain is simply not behaving itself!
To add we have raised this with the clearing bank as mentioned and they've reminded all participants of the following: As of 1 January 2021 the United Kingdom (UK) is set to leave the single market and customs union, either with an European Union - UK deal, negotiated during the transition period, or without it (i.e. "no-deal" Brexit). The UK will at that point maintain participation in the Single Euro payments area geographic scope, however, this important change will make the Direct Debit rules applicable to transactions from/to non-European Economic Area jurisdictions also applicable to transactions with the UK. We therefore wish to remind all of the need to implement without delay the measures described below, to ensure a continued smooth processing of cross-border payments involving a UK-based payment scheme participant after 31 December 2020.
We are also aware this only seems to be affecting Spanish merchants not acting correctly on this advice and other UK banks are also seeing this issue.
Posted: Thu Jan 14, 2021 6:54pm
Helpful member
julietony wrote on Thu Jan 14, 2021 5:27pm:
Hi All,
I emailed Sabadell to ask if charges apply to my account and this is the reply I received -'
Read more...
Now Uk is out of the European Union. So transfers coming from not European countries have charge of 0,35% minimum 18€.
We can offer free service here and in the Uk , with REGULAR TRANSFER PLAN , this is a direct debit, for regular transfers , monthly or every 3 months. To set it up we need to have a form filled in with the sort code and account number from you English Account. We just need a copy of the statement of this account , showing these details and we set it up for every month , the 10th or the 25th. The minimum is 15gbp a month or 300 gbp every 3 months.
The rate is the one on the day when the transfer arrivesI also asked if this applied to Transferwise, which we currently use , and they have already replied to say that yes that it includes this method -
Yes, this is a transfer coming from the uk , non european country.
They have sent me a form to complete. By my reckoning any difference in the exchange rate betweeen Sabadell and Transferwise would be more than offset by not having to pay the 18euro per transfer, assuming I have understood correctly!
Transferwise use a BE IBAN when transferring Euros so it is not completed under a GB IBAN and therefore not within the scope of their fees.
I suspect the respondent from Sabadell is assuming that the Transferwise incoming transaction would have a GB IBAN which is not the case.
Find more Banking and finances topics from a particular area:
Or view all Banking and finances topics in all of Costa Blanca.
