Money transfers

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magpie69
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Money transfers

Post by magpie69 » November 23rd, 2019, 9:29 am

We are in the process of selling our apartment in Menorca and are looking for advice on how best to get our money back from our La Caixa account to our U.K. bank.
We use Transferwise to move money from the U.K. to Menorca, but are not sure whether we can easily do so in the opposite direction.
Advice appreciated.

Bill

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kieronf
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Re: Money transfers

Post by kieronf » November 23rd, 2019, 11:55 am

Some banks only allow maximum transfer amounts within certain periods i.e. €50k transfer per day, so make sure what your bank will allow and also make sure you set a min € to £ exchange rate with whatever transfer service you use otherwise it could cost you a lot of money with the GBP fluctuating so much due to the political uncertainty

magpie69
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Re: Money transfers

Post by magpie69 » November 23rd, 2019, 12:14 pm

Thanks Kieran
Do you know if the Spanish banks charge anything when you make the transfer of funds to e.g. Transferwise?

Bill

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kieronf
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Re: Money transfers

Post by kieronf » November 23rd, 2019, 12:49 pm

magpie69 wrote:
November 23rd, 2019, 12:14 pm
Thanks Kieran
Do you know if the Spanish banks charge anything when you make the transfer of funds to e.g. Transferwise?

Bill
Like everything else, all banks will vary. I'd wait a day or two to see if someone pops up on here with direct experience of transfers out - my own experience is with transferring money in. I was with Barclays and their limit was £50k per day, no charges were made for transfers, and I used Transferwise. The pound was going up and down like mad at the time so I set a min exchange rate which meant having to transfer over a longer period, but had I not done so I could have lost as much as £500 per transaction.

magpie69
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Re: Money transfers

Post by magpie69 » November 23rd, 2019, 1:51 pm

Thanks again. Sounds as if I should be ok.

Bill

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Re: Money transfers

Post by Keefyd » November 23rd, 2019, 11:46 pm

La Caixa charge a fee for international money transfers and it’s on a sliding scale.
It starts at 0.40% and goes upto 0.60%. If you check their terms and conditions, it’s detailed here: https://www.caixabank.es/deployedfiles/ ... 00c80d.pdf

You will find that all banks will charge you a fee for transfers that involve a currency exchange, including using services such as TransferWise, who are essentially a money transfer service, not a bank.

My advice would be to monitor the exchange rate and make your transfer when the rate is favourable, but you won’t avoid paying the banks commission charge, whichever way you do it.
Lover of everything Menorcan. :jozza:

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