March 3, 2006 at 7:42 pm #51623
Bank Charges in Spain
Mark, as you bank with the same one as me, La Caixa you may be interested in this. I have just returned a few days ago from Ayamonte where I have a property. Some months ago La Caixa charged me 200 euros for a bankers draft and 300 euros landing fee when I transferred 60,000 euros from Nat West in UK to Spain. I had a chat with the manager of the branch in Ayamonte and he said these are the rates for the bank. I asked how much commission they would charge me for transferring a large sum from La Caixa to Nat West if I sell my house. The answer 0.7%, so if I want to transfer 100,000 euros they will sting me for a whopping 700 euros plus I have to pay a landing fee to Nat West when it arrives in UK. I asked about withdrawing cash and he said there is no limit and no charge as long as you give around 4 days notice. So in future when I have to move a large amount of money I will draw it out in cash and carry it home in a money belt then change it either through my bank in the local town or to get a better rate use a currency dealer as I do not want to pay their high charges. The manager said this commission was not negotiable.
March 4, 2006 at 8:35 pm #61210
according to a new European Directive from Janurary 2006 any country who is an E.U member state must not charge for a money transfer to another E.U state more than it would charge for that same transfer withen its own country (up to 100,000 euros)
For example if a bank charges a spanish resident 50euro to send 50,000
euro to say Madrid , it should only charge 50 euro to send the same money to Britian, or France or any other country that is a member state.
This was clearly displayed in the papers in Ireland making us aware of our entitlements under the European directives and rightly so.
Spain however seems to think that while they enjoy being a member state
and getting all the benefits of such that they can when it suits them charge what they like and do what they like, the sooner they are confronted on this the better. 🙁
March 5, 2006 at 3:27 pm #61214
WE sent 23,000 euros to the lawyers bank in spain, we paid £25.00 charges here in the UK and then to our astonishment we had to pay a further 125 euro’s to the bank in spain for recieving it. Unbelievable. Money for old rope I think the saying is.
March 5, 2006 at 11:11 pm #61220
Spain however seems to think that while they enjoy being a member state and getting all the benefits of such that they can when it suits them charge what they like and do what they like, the sooner they are confronted on this the better. 🙁
No, no, no… it’s not Spain nor the Spanish Laws but some Spainsh banks… (Some English banks established in Spain too)
Look for example the Arquia Bank… they do not charge commissions…
Nothing in credir cards, nothing in money trnasfers, nothing in check books…
March 5, 2006 at 11:14 pm #61221
No it is not just Spain. We had the same experience as Cazybianchi when sending money through the Bank to Argentina.(Spanish) We were robbed both ends!!
March 5, 2006 at 11:20 pm #61222
I just say look, ask and negotiate
I was beeing robbed by my local bank (wont say names) till I discovered the bank I work with now…
I only say that after searching and talking with some of them I’ve find some place where, at least, you don’t feel assaulted
March 7, 2006 at 2:31 pm #61255
Thank you to all who replied I will investigate the bank with no commission charges x
March 7, 2006 at 2:37 pm #61257
We too felt robbed by Bank charges in Spain, each time Solbank made ridiculous charges for anything I fought to get it re-funded, winning in most cases, but what a hassle all the time, by the way it’s not just Spain, but Cyprus Banks too, and others no doubt.
March 9, 2006 at 8:39 am #61281
I have recently discussed bank charges for transfers and landing fees with three bank managers here in Valencia. They have all told me that charges are very negotiable. The key seems to be to agree a rate three or four days before you send – or expect to receive – the money. You will probably not get far if you try to negotiate retrospectively, or with the signed transfer form in your hand. Unless, of course, you are highly valued client.
You should also be clear about the three charging systems –
BEN – the beneficiary pays all costs
SHA – the costs are divided between the sender and the beneficiary
OUR – the sender pays all costs
A close look at the bank transfer form will tell you which charges apply.
As for European directives – these are usually viewed by the Spanish as vaguely interesting academic exercises but of little practical application.
March 10, 2006 at 11:32 am #61300
I was in contact with the office in Brussles that deal with the bank regulations that govern all European countries and they sent me the details of what ammounts we should be charged by the banks 🙁 (Spanish banks in our case). They also gave me telephone numbers to phone in the event that I wish to make a complaint.
I will contact them in the next few days to try and see what can be done in regard to the overcharging in my case which was substantial.
Iiwill get back to you all when I have more to relate on this issue.
March 22, 2006 at 10:06 am #61412
which is the best bank out here for using, i.e. charges the least for account maintenance etc and all that rubbish , i did read an article somwehere which showed all the banks and which was the best but i cant remember 🙄
April 10, 2006 at 11:01 am #61684
Please also read Spanish Capital Gains Tax and my reply to Banco Andalucia.
The Banks will not charge you if you draw/deposit cash. Little they realise that a cashier has to spend time in counting the money, cash has to be transfered/transported, and transit Insurance. Besides you are going to have fun when under money laudreing etc you cant deposit more than euro6000 per day. (Large cash will be in euro 500 notes, shops do not accept them so you must have them in smaller donations see the face of the cashiers when you ask for them)
further if you are tranfering funds from UK , you do not have the physical cash with you. The Spanish Banks along with other med counties are still in the 18th Century banking, instead of introducing products that are beneficial for the customers and the bank they prefer the easy way out .
It is my understanding the the clearing of the cheque goes through the same system wether its euro10 or euro 100. so what is the justification for the increase charges according to value of the cheque
The attitude is that you got the money so we want to grab it. The only way to get around to this is shout and scream at the manager in the banking hall in front of other customer it works I reduced my charges from euro 450 to euro 100, for clearing a cheque of euro 100. This could have been reduced further but the siesta hour got in my way and yes the following monday was a puente.
April 10, 2006 at 11:14 am #61685
Sorry euro hundred should read as euro 200,000 ( computer crash)
April 10, 2006 at 6:47 pm #61690
Tony & Angie
P.S. Our Spanish friends keep asking us……”Why are you English always ripping each other off?”
Good Question!!! 🙂
April 11, 2006 at 11:37 am #61692
Hi Tony& Angie,
Thank you for your kind invitation, Will take you on it on my next visit to Spain. Please note that I do have friends in asturias, madrid, valencia, valldolid,sevilla etc. though my banking is done on the costas.
By 18th century I do not mean that the cash will be delevired by horse and carriages and the bank branches will look like the Wheels Fargo Bank.
or a Branch of a bank in some western films.
The matter has many facets and it cannot be covered on this website. I can say that the attitudes of the Banks is dragging many small businesses or detering new start off.
My Spanish friends share my views but as many have not had a bank account in uk or have not used the bank in a more than minimal capacity do not have the benefit of camparisons.
Your 10 days of clear funds are too long, are you aware that while the clear funds are not availble to you, they are earning interest to your branch/bank at overnight rates.
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