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Spanish Bankers Draft

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Posted: Tue Mar 12, 2019 12:21pm
5 replies110 views4 members subscribed
Rochers

Posts: 3

Location: Villamartin

Hi, I am purchasing a property in Villamartin. This is my first doing this. Is it usual for a bankers cheque to cost 400 euro? The solicitor has my funds and has asked me if I want him just to transfer it to sellers through bank transfer or go get a bankers draft which costs 400 euro.... is it normally so expensive? (Amount is 128,000 euro)... Thank you in advance you fab people... 

Rosh 

PeteKnight

PeteKnight

Super helpful member

Tue Mar 12, 2019 12:25pm

Posts: 1453

Location: Villamartin

1573 helpful posts

Posted: Tue Mar 12, 2019 12:25pm

Banks usually offer to throw-in a year's worth of 'free' house insurance if you use a banker's draft.

Pete.

jack1959

Tue Mar 12, 2019 12:38pm

Posts: 20

7 helpful posts

Posted: Tue Mar 12, 2019 12:38pm

just transfer direct to the sellers account,

save your money

Kimmy11

Kimmy11

Super helpful member

Tue Mar 12, 2019 1:36pm

Posts: 1256

1388 helpful posts

Posted: Tue Mar 12, 2019 1:36pm

Hi Rochers,

When we bought our house 3 years ago, we had to get a banker's draft from Sabadell and they charged €100 for just short of €200K.

When my husband sold his parents' house a year ago, the purchaser was able to do an electronic transfer via their solicitor and it didn't cost them anything.  Not only cost effective, but also much more convenient for you.  Just one word of caution: when you confirm that you want the money transferred electronically, worth mentioning to your solicitor that you assume this service is already included in their fee 😉

Kind regards, 

Kim

RayD

RayD

Super helpful member

Tue Mar 12, 2019 3:23pm

Posts: 2157

Location: Catral

1457 helpful posts

Posted: Tue Mar 12, 2019 3:23pm

Either method can be used but there is a difference in security.

With a bankers draft it is usually handed over in the notario's office and acts as if it were cash. In other words, you aren't actually paying any money until the signing. If anything goes wrong at the last minute, you haven't actually handed any money over.

A transfer from your bank, although usually free, means that you have to transfer it before the sale so that it clears before the signing in the notario's office. If anything goes wrong, you have to get the money back.

With most sales, both are secure enough, especially if you have met the vendor beforehand and there are no doubts about the sale.

As Pete says, part of the fee for a bank draft can usually be offset by taking out the first year's house insurance with the bank. You usually get 100-200 € knocked off maybe 300 € insurance.

With a transfer, especially a large one, make sure that the bank aren't going to charge you any commission by transferring between banks - especially if you are non-resident.

Rochers

Rochers

Original Poster

Tue Mar 12, 2019 5:52pm

Posts: 3

Location: Villamartin

Posted: Tue Mar 12, 2019 5:52pm

Thanks so much guys... spoke to solicitor and he has confirmed that a transfer is best and it’s all included in the fee. 

Thank you all so much for your replies,

Kind Regards Rosh x 

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