Importing money

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This topic contains 8 replies, has 6 voices, and was last updated by Profile photo of MoltMaca MoltMaca 1 year, 8 months ago.

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  • #184949
    Profile photo of AlanM
    AlanM
    Participant

    We are buying a property in Mallorca. Due to complete in late March. How do I reduce / minimize the fees that the bank will charge for “accepting” my money from Australia? We are in the Soller, Valdemossa, Deia  area. We are going over to open an account in mid-March. I imagine it’s advantageous to have a local branch, even with internet banking. But how do find the best bank?   Input very welcome! Thanks. AlanM.

  • #184955
    Profile photo of Mark Stücklin
    Mark Stücklin
    Keymaster

    Alan,

    You should be able to arrange it so that there are no charges at the Spanish end for receiving money. You need to make sure that you instruct whoever you are using to send the money to charge the fees at that end.

    Best bank? Good question. For convenience it helps if there’s a local branch you can go to, and get to know the staff. The impression I get is that Spanish banks are naughty when it comes to fees and commissions.

    Best shop around amongst the banks with branches in your area.

  • #184957
    Profile photo of Speakfreak
    Speakfreak
    Participant

    The best exchange rates are from the peer to peer companies such as Transferwise or Kantox which use the “perfect” interbank rate and charge a (relatively) small fee on top- 0.5% as commission in the case of Transferwise. I’ve used Transferwise and I must say it was really easy. I appreciate them being upfront and open with their pricing.

    Beware that normal exchange companies may say “zero commission” but they give you an exchange rate that is slightly worse than the “perfect” rate- that’s how they make their money so you’re still paying something (surprise surprise).

    Bank-wise you could consider my bank- Sabadell Bank which gives you free banking so long as you pay at least two utilities bills from the account. They’re much more solvent than some of the other banks and they also can work in English. All the forms that I signed, their online website and even their iPhone app can be set to English.

    So- basically you exchange the money into euros using Transferwise, paying 0.5% commission and then they pay it into your account at no cost.

    By the way- I am in no way benefiting if you use either of these recommendations!

  • #184960
    Profile photo of Mark Stücklin
    Mark Stücklin
    Keymaster

    Yes, peer-to-peer forex companies are a good option. I use CurrencyFair and so far so good.

  • #184969
    Profile photo of Ptr
    Ptr
    Participant

    Interesting to read about Sabadell. They used to charge me 24 euros a month so I left them for Barclays. I use a stockbroker who does not charge me for the transfer but not a good rate.Can it be the case that you might get a better rate sometimes but get charged 15 euros or more for a transfer?

    • #184970
      Profile photo of Ptr
      Ptr
      Participant

      sorry per quarter.I was unable to edit that post only a reply option displayed. Sabadell have a Key Account that they say is without charges but suspect it requires a regular income to be paid in. That is little different from Caixa and it requires a lengthy form to be filled in with identification to get a simple bit of information clear ! I was not impressed ! I am happy to leave a few hundred in the account but apart from a few utility direct debits to make otherwise only occasional use.

      • This reply was modified 1 year, 9 months ago by Profile photo of Ptr Ptr.
  • #185304
    Profile photo of AlanM
    AlanM
    Participant

    Thank you Mark and other respondents.

    We are heading to Mallorca next week to sign contracts and open a bank account, among other things. We have made contact with two banks (Caixa and  BBVA) and have arranged meetings.

    I didn’t phrase my original question well. I have a forward contract with a Forex Co in the UK. They will forward the Euros needed to complete on the property on the 1st of July (the date set for the signing of the deeds). In other words, I send the A$ to the Forex Co on the 1st July and they send the Euros on the same day to a bank I specify. My question is, where should the money normally be sent? To my bank account or the account of the Lawyer or the bank account of the Notary? We will be meeting the Lawyer next week but it would be nice to be better informed before we meet.

    Thanks,

    Alan.

     

  • #185312
    Profile photo of inbarcelona
    inbarcelona
    Participant

    I use Transferwise to transfer money from my British bank account to my Spanish one. They give a great rate of exchange but it takes about 3 days…which is ok for me. I’m happy with their service.

    As to bank accounts in Spain…I use Deutsche Bank.
    I’m not sure what fees they charge though….I have an “external” account with them in Barcelona as I wasn’t able to provide an NIE number when I opened it.
    I think they offer free banking to residents though.

  • #185475
    Profile photo of MoltMaca
    MoltMaca
    Participant

    Currency Fair is a great outfit, low low fees, and super efficient for transferring/exchanging money.

     

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