BANKING

[bernie]

Hi,
We opened up a spanish bank account in August,ready for when we need to pay solicitors etc, when we buy our apartment next year.
Can anyone tell us the best way to get money into it from England.
Is it best to send it over in euro's or sterling.
Does anyone know the costs involved.
Obviously we are looking for the cheapest, easiest way.
We are with Lloyds and HSBC in England and Banco Popular in Spain.
Thanks everyone.

[joeybaby]

A friend of mine just transferred 50 thousand sterling from her British to her Spanish account, and she used a company called "Currencies Direct". They dont charge you anything, as long as you are moving 3,000 or more! I dont know the telephone numbers. but they should have a web site!

[Leon]

have a look at http://www.gcen.co.uk
They are part of HSBC group

[Doc]

Hi Leon.

GCEN are NOT part of HSBC group, although they offer an excellent service that I have been using for the last 2 years.

Chris.

[Mrs Jester]

Banking

I used currencies direct to transfer money over. Took a couple of days no problem. the website is www.currenciesdirect.com however dont pay attention to the rates quoted on the website, they are not even close to a guide, the best way is to ring them up and get a quote over the phone, it changes every 5 minutes!!
They have offices in Torrevieja on Av. Habeneras and their tel is on their website

[Roger H]

Be careful though. Banco Popular charge you for RECEIVING money! I would check with them first!

[parkerrw]

BANKING

I used HIFX to tranfer money to my Banco Popular account two weeks ago and was charged nothing by my bank??

Roy

[Mrs Jester]

Currencies direct have an agreement with several Spanish banks that means that there are no charges to receive money into your account. I am with Cam and they had no charge, if you email or ring them they will tell you if they have an agreement with Banco Popular.

[hanzando]

I use currencies direct and am with Banco Popular. Inspite of the claim that you can transfer money free to Banco Popular I have been charged .35% by Banco Popular. Apparently you need to negotiate with them first to reduce these charges

[RealMart]

I opened an account with Banco when I first put a deposit down on a place in Spain. Banco were recommended by the Estate Agents. Banco charged me a fortune for every transaction.

I have since opened an Halifax account in the UK and Spain so it costs about 80p each time I transfer money. I think there are now other banks like HSBC who can offered UK and Spain accounts offering free or cheap transfer charges.

Hope this helps

Jacqui
RealMart's girlfriend

[parkerrw]

BANKING

Don't understand Banco Popular charging I used them to tranfer money to buy here three year ago, no charges. As I say I used HIFX over two weeks ago and still no charges with Banco Pop. If you are charged using HIFX definitely query it
Roy

[bernie]

Hi All,
Thanks to everyone for your advice.

I finally used GCEN to transfer 4,400.euro. Got a very good rate of exchange. I was not charged by them nor was I charged by my bank Banco Popular to receive it.

It definitely pays to shop around.

Bernie

[smoki41]

Yes !
But it will cost you for future transactions when you come even the bits and pieces you dont pay for in the UK.
Jacqui is correct in her advice about Halifax on both sides except - there are nil charges if you keep a minimum balance of 600 euros.
Thats what we do.
Best wishes
Dave

[Doc]

GCEN will transfer regular monthly sums from the UK to Spain, and at a consistently good rate. I've been doing so for some 2 years now without a problem.

Chris.