Rip off charges by Caixa Bank !!

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16 Nov 2017 00:57 by CRISTO Star rating. 3 posts Send private message

Having recently had funds from a recent property sale transferred to my bank account at Caixa Bank I was quoted 0.4% of the amount involved if I wished to make a bank transfer somewhere else. This seems absolutely extortionate when it is just a click of a button when doing one's self online. Does anyone know if i called in and wanted to withdraw a large sum in cash whether there would be any charge or if there is any other way of withdrawing ones own money free of any charges?





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16 Nov 2017 08:01 by johnzx Star rating in Spain. 5069 posts Send private message

Cristo    That is nothing new.  I first became aware of a 0.5% charge over 25 years ago but that time I was able to negotiate the charge down to 0.25%.  Note: That is 0.5% on the whole amount being transferred with no upper maximum limit.

 

About 5 years ago I had a sterling investment account with Sol Bank .  It could have been Euros, UD dollars etc. account and would have been the same.   The first year the interest rate was very good and the staff were very friendly and very helpful, nothing was too much troible.   The second year the rate dropped to almost n nothing.

I searched for a better rate with another bank. 

Knowing the possibility of the 0.5% fee I tried very hard  to find any way that I could transfer the deposit without incurring that fee.   The bank, up to HQ level,  were adamant, no way.  There was absolutely no way to avoid the charge. The staff were not in the slightest intereted in helping me,  unpleasant and even agressive.

Eventually I made the transfer. The fee was just over £800.

 

NB    Sol Bank was subsequently ‘absorbed’ by Sabadell.  So be very aware of all banks scewing you, especially Sabadell

 


This message was last edited by johnzx on 16/11/2017.

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16 Nov 2017 09:09 by DuncanThickett Star rating. 80 posts Send private message

How do you expect banks to financially survive?. They have day to day running costs like any other business. You should have read the terms and conditions of your account before you opened it.

Do you expect everything should be free and banks become charity shops?.



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16 Nov 2017 09:09 by Steve C Star rating. 67 posts Send private message

I had a similar experince but won' bore you with the details 

All banks are the same

If you want to draw a large amount they may insist that you pay for a security guard which is what I was told when I asked the same question 





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16 Nov 2017 09:37 by johnzx Star rating in Spain. 5069 posts Send private message

If you want to draw a large amount they may insist that you pay for a security guard which is what I was told when I asked the same question

Maybe things have changed, but about 8 years ago I withdrew just over 100,000 euros in cash from my bank to pay for an apartment for my son.   He was with me and was horrified that we took that much money to the Notary’s office

The only thing the bank did was to allow my son to count the money at a desk out of view of the customers. No suggestion of a security guard.

I am not suggesting what we did was wise but in those days cash was king when buying a property.



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16 Nov 2017 09:57 by DuncanThickett Star rating. 80 posts Send private message

Do you need a security guard to do an electronic bank transfer?.



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16 Nov 2017 10:40 by baz1946 Star rating. 2064 posts Send private message

Do you need a security guard to do an electronic bank transfer?.

Who has said you do....Or are you asking this question because you don't know.





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16 Nov 2017 11:26 by Team GB Star rating. 1245 posts Send private message

Team GB´s avatar

If you have online banking and break down withdrawal transfers in to smaller chunks (under 50k€) you should be able to use SEPA (or the Single Euro Payments Area) to avoid these charges.



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16 Nov 2017 14:17 by DuncanThickett Star rating. 80 posts Send private message

** EDITED - Against forum rules **

 


This message was last edited by eos_moderators on 16/11/2017 15:24:00.

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16 Nov 2017 17:55 by Roberto Star rating in Torremolinos. 4420 posts Send private message

Roberto´s avatar

"about 8 years ago I withdrew just over 100,000 euros in cash from my bank"

I also withdrew a six figure sum in cash from BBVA several years ago because I decided to switch to Solbank (who turned out to be just as bad) when BBVA steadfastly refused to offer me an extra 0.25% on my savings in order to stay. There was no way I was going to pay any percentage of my stash to move it literally across the road. They were so flummoxed by my actions (they made me wait 24 hours because they simply didn't have enough cash in their vault and had to order a delivery, which they had to pay for) that the manager who got my cash ready panicked and mis-counted it to the tune of €2,000 - in my favour. Idiots, the lot of them. 



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16 Nov 2017 21:12 by Steve C Star rating. 67 posts Send private message

I won't bore you with details about why and who I was taking money out for as it is of no relevance and unlike some I don' need to

When I asked about moving cash it was just under 10 years ago and yes the bank said a security guard would be needed

Different banks may have different ideas or rules and maybe the bank was simply concerned about my safety at the time

As with most things on a forum no matter what you have done some types have been better (not just different) and when they give a life story it makes me wonder 

 





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16 Nov 2017 21:57 by briando55 Star rating in Yorkshire. 2004 posts Send private message

Is moving cash in large amounts through choice guys, or is it the only way the banks let you close an account?

I havnt moved a large amount of cash anywhere, it’s just not something there has been a need to do.

Tell you what though, a good old friend of mine who was a sub postmaster in these parts had to distribute cash to 'giro' payments over the counter and the post office general was on strike.   The GPO arranged for him and another subby to collect 300 grand in cash and take it round the other offices in plastic bags in the boot of his car!    

He now lives in Spain.   Maybe he’s a security guard now ha. 

 


This message was last edited by briando55 on 16/11/2017.

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16 Nov 2017 22:36 by baz1946 Star rating. 2064 posts Send private message

We all know that in Spain houses are bought in many instances with some cash being part of the deal, many might like to believe it doesn't happen any more, but it does, maybe not with mortgages though,  so getting out any large amount of cash from your bank is not Un-heard of happening.

I closed one bank account with Sabadell, told them I would like it all out in cash please, went back later that afternoon and the cash was waiting for me, went into a side room with a bank clerk who locked the door, counted it, packed it and left, no problems what-so ever, their was no charge on closing the account or taking it out in cash.





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17 Nov 2017 08:58 by briando55 Star rating in Yorkshire. 2004 posts Send private message

We have a system called a 'bankers draft' which is an instant cashable cheque arrangement.

That seems a lot less bulky or conspicuous than a great wad of cash to carry around.  I’m also thinking that paying a wad of cash for a house, from a bank account, seems like a drug baron who has it all wrong!   I thought using cash for big purposes was to get the cash into the circulation, not to take it out of circulation.

These solicitors who oversee the transactions must be pretty lax in their duties?



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17 Nov 2017 09:42 by baz1946 Star rating. 2064 posts Send private message

Yes, briando we do have bankers drafts, I have used them many times for some large amounts, but have always had to pay a charge for them, in the past that is perhaps thats changed now.

Nothing conspicuous about carrying a large wad of cash, of course depending how and where you put it on your person, shudder the thought that I could be compared to being a 'Drugs Baron'  because I use cash almost 24/7.

Matters not how you pay, cash or otherwise the money gets back into circulation one way or the other, someone spends it eventually, even if you die someone has a booze up on your hard work.

Haven't met a Solicitor yet who has refused my cash for any deal that I have done, small or large, done a fair bit of work for some who have paid me in cash, and me to them, never a problem,  hardly makes them crooks  or lax in the business for that, the world runs on cash money everywhere.

 I did have a bank once say to me..'Can I ask you where you got this large amount of money from 'Yes you can ask' I said, but I wont be telling you, no more was said. I also asked Barclays bank if they would report me when I pay in extra large amounts...'No, why should we, we know you and what you do'.

 

 

 


This message was last edited by baz1946 on 17/11/2017.



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17 Nov 2017 10:08 by briando55 Star rating in Yorkshire. 2004 posts Send private message

Ok.   What I’m struggling to understand is why have a bank and then risk your cash by taking it out.   There must be another reason?   

Someone mentioned taking 100 grand out in cash.    Why????

it doesn’t make any sense to me without good reason, sorry.    Is it to evade tax perhaps?   I don’t get it, sorry



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17 Nov 2017 10:27 by Team GB Star rating. 1245 posts Send private message

Team GB´s avatar

Someone mentioned taking 100 grand out in cash.    Why????

0.50% cost for bank draft - no cost for cash = 500 saving



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17 Nov 2017 10:34 by briando55 Star rating in Yorkshire. 2004 posts Send private message

Electronic transfers = free ?

change bank accounts by switching = incentives paid?

 


This message was last edited by briando55 on 17/11/2017.

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17 Nov 2017 10:53 by Team GB Star rating. 1245 posts Send private message

Team GB´s avatar

Yes, SEPA transfers under a limit are free.

Unfortunately in Spain, due to the Notary process, its still not possible to put funds in place to buy a property by transfer - by that I mean you can't transfer funds to the Notary! All done by bank cheques or cash, or a mix of both



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17 Nov 2017 10:59 by briando55 Star rating in Yorkshire. 2004 posts Send private message

Oh right.   I just transfer money through world first to relative parties.   It must be different for inland Spain perhaps.  

What a daft system!!



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