June 12, 2006 at 10:45 am #51896
I have looked through the forums and know this subject has been raised several times but just wondered if anyone may have some advice regarding to my present situation. I have placed a deposit on an apartment in Tenerife. I have a bank account with Sol Bank. Having read the other posts I rang them to ask how much they would charge me to transfer in €143000 (from the UK) and then how much for a bankers cheque of €128000. They couldn’t give me an answer then and rang back in 10 mins to say €150 to transfer in and 0.5% for the bank cheque.
I immediately wondered if there was some other bank I could join online who may be cheaper but its difficult to find any. I need to do the transfer around the 19th. Any advice please.
I was speaking to the assistant manager who didn’t fill me with confidence by insisting for a couple of minutes that 0.5% of €128000 was €6400.
June 12, 2006 at 12:54 pm #62766
Take a look at this thread,and I can also say currencies direct have an agreement with Solbank that they will not charge on recieving funds so open an account with CD and do the transfer,of course Solbank neglected to tell you this,just ask them.You will also get a good rate of exchange within 2-3 euros of Int rate and probably better for such a large amount.
I know you need to do it by the 19th but I think you can fax CD all your details or e-mail them,they tend to want copy of your passport/utility bill.
June 12, 2006 at 4:20 pm #62770
Thanks for that but I have already agreed a forward rate with Smart Currency Exchange and paid a deposit. The problem is you don’t do these things that often and so the learning comes with the costly mistakes. The rates are good though. Within around 1.2 cents of trade. I paid a 10% deposit using them and wasn’t charged any extra.
June 12, 2006 at 4:43 pm #62771
I know it’s not much help to you if you’ve commited to Smart Currency Exchange but for others reading this HIFX will absorb charges on any transfers (worth checking but this is what they are offering now).
The other thing you could do would be to try and negotiate a better rate with Sol Bank – if they won’t back down on this transfer they may offer you a better rate for the future transfers.
We managed to get all of our commission refunded by writing to the top man in the bank as we were never notified of any charges. The bank doesn’t even have charges posted on their web-site which I find is very suspect.
Wish you luck.
June 12, 2006 at 4:56 pm #62772
Thanks. The main problem is the €640 they want for a bankers draft. The transfer itself is €150. If I could find another way around the draft it wouldn’t be too bad. I agree with you about the lack of info on the website. I looked everywhere for the transfer charges before ringing them up.
June 12, 2006 at 9:41 pm #62779
Why do you need a bank draft?
We recently completed and we wrote to our bank asking them to make a transfer to the solicitor’s account. However, the charges may be similar to a bank draft – caught every which way.
June 12, 2006 at 10:24 pm #62781
Apparently if you are buying from a Spanish resident Solbank charge 0.3% for a bank transfer. I have even considered asking for cash. I don’t know what they charge to withdraw large amounts of cash though. I just wish I had looked at it more closely before I jumped. I new the Spanish banks charged from previous experience but didn’t realise just how much. Its not far from robbery.
June 18, 2006 at 2:48 pm #62873
Have just found a link that gives the Banks Transfer Charges. The website is in English but this is in Spanish. I can’t find anything to back up what the bank told me about charges (€150 to transfer €143000) can anyone translate for me please.
June 18, 2006 at 6:28 pm #62874
We use Sol Bank and we have managed to negotiate substantial reductions (via the Branch Manager) in the “lifting fee” – when we have transferred large amounts of money.
They are always willing to negotiate especially if they think you will take your business elsewhere.
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