Transferring Euros from Spanish Bank Account to Uk

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15 Oct 2015 13:17 by john123 Star rating. 87 posts Send private message

Hi,  I should be having my deposit repaid this month after nearly 10 years of trying.  i need to transfer some of it back to the UK.  I have opened a UK euro bank account so there is no currency conversion involved.  would appreciate some information as to which is the best [cheapest, securest] method of transfer.

many thanks, in advance,

JohnA





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15 Oct 2015 17:52 by GB45 Star rating in Wiltshire and holida.... 130 posts Send private message

Try one of the currency firms. We used Moneycorp last year.Very easy but your Spanish Bank will charge. Try and negotiate with them over the charges. Have a look on the forum as this question has been asked before, although I don't think that many had a euro account. Moneycorp and others will transfer in either currency.





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15 Oct 2015 18:09 by Team GB Star rating. 1245 posts Send private message

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Not sure why you would want to use a currency firm when you are not changing the currency. Is it not an option just to write yourself a cheque from the Spainish account and pay it into the UK account? 



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15 Oct 2015 18:37 by Sanchez1 Star rating. 853 posts Send private message

15 Oct 2015 19:31 by Team GB Star rating. 1245 posts Send private message

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Transferwise are good Sanchez but as far as I know they only offer a transfer with currency exchange - John123 dosn't need to change the currency

 


This message was last edited by Team GB on 15/10/2015.

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16 Oct 2015 09:59 by fazarelli Star rating. 282 posts Send private message

I like that idea Team GB.

I've often wondered about the best way to handle a deposit return. Many UK banks offer a 'Euro' account. Would it be possible to have the deposit money sent straight to that? I know it's probably too late for the OP but the rest of us it might help.





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16 Oct 2015 13:37 by Sanchez1 Star rating. 853 posts Send private message

There may still be charges transferring from a Spanish euro account to a UK euro account, depending on your Spanish bank.  The Spanish banks charge for all sorts of things we would expect to be free in the UK.  As mentioned, it might be worth trying to get it paid directly to your UK euro account.  You'd need the IBAN and BIC for this.



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16 Oct 2015 14:38 by fazarelli Star rating. 282 posts Send private message

Thanks Sanchez,

I'm thinking if the spanish bank (of the developer) is asked to return my deposit, then it will be them that pay the transfer fee, if it goes straight to my euro account.





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16 Oct 2015 16:58 by Roberto Star rating in Torremolinos. 4537 posts Send private message

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Don't think so, fazarelli. The sending bank will deduct their fees (a percentage of the amount being transferred) and the net amount will be what you receive in your UK euro account. Whether the sending bank is your own Spanish bank, or the developer's, you will still only receive the net amount by the time it reaches your UK account. So in my book, it's you who pays.

If you write yourself a cheque from your Spanish account and pay it into a UK account, it will take forever to clear and the Spanish bank will still deduct fees for clearing it, and you will receive the net amount in your UK account....

I've never used a currency transfer company, so cannot speak from experience - but I have yet to hear from anyone first hand how you can transfer your funds from your Spanish bank to the transfer company (before they transfer the money / convert the currency) without your Spanish bank charging you for the transfer....

I have a euro account with Lloyds in Gibraltar, and can transfer online from that account to my Sabadell account in Spain without incurring any fees at all from either bank. If I want to transfer the other way, however, Sabadell will charge me something like 3-5% of the amount transferred.

Apart from withdrawing cash, I have yet to discover a way to transfer money from a Spanish account to anywhere else, without incurring excessive charges...



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16 Oct 2015 20:24 by john123 Star rating. 87 posts Send private message

Many thanks for all the ideas. I've looked into some of them and the companies offerring their services. From what I discovered there are costs involved whichever way the transfer is performed.  I contacted my Spanish bank (Sabadell) today.  They told me that the charge for transferring the money will be 0.35 % if they do it or 0.3% if I do it online.  I am already set up for online banking with them and the process looks fairly straight-forward. As Sanchez1 mentioned, I will need my SWIFT BIC and IBAN numbers. Luckily I already have them.  Barclays tell me that they don't charge if the amount transferred is under euros 50,000 [£6 if more than that amount].  The bank's fees are close enough to the other companies' fees so I think I will do it myself from bank to bank. This method seems to be the most straight forward and secure. I will probably transfer a couple of thousand euros initially just to ensure the system works and the fees are as expected.  WHEN I finally get my money back I'll transfer some of the money and let you all know.

thanks, again,

regards,

John

 


This message was last edited by john123 on 16/10/2015.



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16 Oct 2015 21:21 by Roberto Star rating in Torremolinos. 4537 posts Send private message

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Of course, I meant zero point 3-5%....didn't mean to alarm you! Even this can still amount to substantial charges though.



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17 Oct 2015 01:03 by MikeandHelen Star rating. 182 posts Send private message

 

I'm interested as to why, if you have a Spanish Euro account you want to open a UK Euro account? 

In my opinion, it's easier to keep a bank acount that you have open than to close it or open an new one.

You may also get a far better interest rate with Sabbadell than with a UK bank account.





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17 Oct 2015 09:58 by johnzx Star rating in Spain. 5247 posts Send private message

Robert Of course, I meant zero point 3-5%....didn't mean to alarm you! Even this can still amount to substantial charges though.

Just to clarify:    So 0.3%. - 0.5%





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17 Oct 2015 11:16 by fazarelli Star rating. 282 posts Send private message

You could also just bring the cash into UK in a brief case, for free!

 

https://www.gov.uk/bringing-cash-into-uk

 

The issue might be the spanish bank letting you withdraw the lot.


This message was last edited by fazarelli on 17/10/2015.



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17 Oct 2015 11:27 by fazarelli Star rating. 282 posts Send private message

Mike and Helen, i think the main reason is that it is in english.

You can phone them up, you can walk into a branch on the high street and the online component is light years ahead of the spanish versions (of those i've seen).





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17 Oct 2015 13:12 by Roberto Star rating in Torremolinos. 4537 posts Send private message

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Thanks John, "zero point" 3% means 0.3% - or as the banks here like to confusingly tell you, 3 per thousand!

MikeandHelen, the answer is pretty obvious surely? The OP wants to move the money to the UK, they presumably do not live in Spain and have no further need for a bank account here. A euro account, so that they can choose when they want to convert it to Sterling, thereby possibly avoiding a crappy ex-rate at the time of transfer. And as for "a far better interest rate"....yeah, right! Unless we're talking hundreds of thousands here, it ain't gonna make much difference where they keep it. 

Fazarelli, you're probably spot on. We don't know the sum involved of course, but cash may well be the best option if it's manageable. And the bank will have to let you withdraw it, although they may require some notice. I once withdrew a six figure sum in cash to take across the road from BBVA to Sabadell, because BBVA wanted to charge me to transfer it electronically. They needed a day's notice to get the cash!



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18 Oct 2015 22:24 by john123 Star rating. 87 posts Send private message

Hi All,

just to clarify.  we live in UK.  I recently opened a euro account so that I could convert it to sterling once the exchange rate improves.  the amount involved probably won't fit into a suitcase [joking] but it is more than a few thousand euros.  i would rather have the money in my UK bank account than my Spanish account.  thanks again for the constructive and helpful comments.

John





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18 Oct 2015 23:42 by aliton Star rating. 331 posts Send private message

What ever you do dont use  "Currencies Direct" . They have so called high flying dealers sitting in high rise offices in the finance sector in London . They will tell you to sell today knowing that next day you would have made more money had you waited . At least Dick Turpin wore a mask but these guys are just rip off merchants.

CURRENCIES DIRECT dont be caught out.



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