Sterling Accounts in a Spanish Bank

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This topic contains 6 replies, has 4 voices, and was last updated by Profile photo of katy katy 7 years, 11 months ago.

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  • #54592
    Profile photo of Anonymous
    Anonymous
    Participant

    Are these a good idea. My Spanish bank offers better interest right now than here in England. My question is how easy is it to transfer funds into my normal euro account and do they charge a fortune for this. Also what kind of exchange rate do they tend to give?

  • #88758
    Profile photo of Anonymous
    Anonymous
    Participant

    Before you think of doing anything. Please ensure that the Bank is sound as the deposit protection limit is lower than in UK.

    If and when you convert to €, you will certainly be charged a commission & the spread on currency. These can be negotiated if are good in arguing your case & can shout & scream in Spanish & English at least. I had to do this with BBVA, when I was depositing a cheque of €210,000, they wanted to charge €500, just to lodge the cheque. There was no exchange of currencies.

    The, exchange rate that they will give you will depend on the amount & the prevailing rate at the time of the transaction. If you want to change, I suggest you use one of the money brokers such moneycorp, Baydon hill HFIX.

    Have you looked at Gibraltar for the Sterling account. Remember there is no free lunch.

  • #88759
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    Anonymous
    Participant

    I know about the limits for protected funds and the bank – BanCaja have given very good service so far with zero charges. Sounds like i need a frank discussion with them b4 I send any money. Alternatively I will use GCEN as and when/if the rate ever improves.

  • #88761
    Profile photo of Anonymous
    Anonymous
    Participant

    Sorry, What is GCEN ??

  • #88762
    Profile photo of Anonymous
    Anonymous
    Participant

    Global Currency Ex Network

  • #88763
    Profile photo of Anonymous
    Anonymous
    Participant

    I also wonder if the Sterling accounts have any protection, as the bank guarantees in Spain are specified in Euros, maybe sterling accounts get an equivalent protection, but it would be wise to check beforehand.

  • #88764
    Profile photo of katy
    katy
    Spectator

    Be sure to read the small print too. There are many accounts advertised here and the high rate is only for about 3 months.

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