PropertyInsurance

Hi, we used currency direct online for our purchase last November, converting pounds to euros at a good rate, then transferring the amount required to our lawyers and they sorted all the payments, no fees what so ever, all went very well. Also banks do offer discounts for other reasons also.

Thanks for that Peter.

Which bank are you with as many are introducing much higher fees for day to day banking? I am in the process of comparing bank fees and what they require to reduce charges. Unfortunately it seems that as with many things, it depends on who you speak to and in which branch.

I will be closing my Caixa account and Sabadell require me to have my UK pension paid in direct plus take out home insurance but their quote is roughly €80 more expensive than others. If you will be non-resident, the charges can be even higher.

If, like me, you opened an account recommended by an estate agent or solicitor, possibly due to lower charges for the banker's draft, it may be worth shopping around and comparing what you will pay in total, for the draft, insurance and for a year's banking. Also consider how many ATMs you will have locally as most Spanish banks charge to withdraw cash from other bank's machines.

Hi Roy,

Bank insurance is generally more expensive than going direct to a general insurance company, such as Liberty Seguros, but depending on what the bank is charging for transfer of the purchase funds, it may be worth taking their insurance for the first year, then switch at your first renewal.

Alternatively, if the funds aren't in Spain yet, you could do what Peter suggests - transfer them direct to your abogado and let them arrange an electronic transfer for the day of completion.  We did this with the 10% deposit when we bought our property, but had already transferred the balance of the purchase monies to our Spanish bank before completion - then Sabadell charged us Eu 100 for a Banker's draft covering the balance to take to the Notary's office.  That was almost 4 years ago and I've heard they now charge a % of the purchase price for electronic transfers, so worth double-checking precisely how much the charge will be.

By the way, congratulations!

Kind regards,

Kim

Hi Cheryl,

Thank you for your hepful reply.

I am with Sabadell at the moment, they are charging me 35 euros per quarter in charges,

My lawyer said that it was normal practice to charge a fee for a bankers draft  (250 eros)to transfer the funds.

They are offering a discount of 100 Euros if I buy their insurance which is 159 Euros per annum.

regards

Roy

Thank you Kim,

I'm already well into the process so I will take your advice and go with their insurance which will after their discount only cost me 59euros. Then shop around close to renewal time,

regards

Roy

Sabadell's charges are increasing eff 1st April. 
Try getting insurance quotes from Alfonso of Gran Alacant Insurances who advertise down the rhs.
Of course you can always do as Kim says, just to get it done, and then when you have time start looking for comparisons.

Edit: Many insurances require 1 month's notice to stop renewal.

Thanks again Cherylfor the one months notice for renewal advice.

Excuse my ignorance but what is the rhs ?

regards

Roy

sorry, right hand side.