Another possible bank rip off

[Derek]

Hi

Before January 1st when I transferred Euros into my Spanish account with BBVA there was no charge. I have just transferred just 500 Euros and have been charged 21 Euros by BBVA.  Has anyone else experienced this?  Also is there a better option so that I can tell BBVA where to get off?

Thanks

Derek

[chris and jackie]

Need to send some out to Sabadell soon so hopefully no fees but will report back!

[Spurs]

I use XE to transfer to my Deutche bank account never had a charge .  Yet !!! I gotta put some more over next month I will watch out for it . I expect them to claim it’s to do with Brexit

[Blue and white stripes]

Derek was this a Currencyfair transfer or the equivalent type? I transfer 3-4000 euros over a year so if they're going to charge me I'm going to have to move banks.

[DaveG]

I sent money to Sabadell on Jan 7th using Transferwise, everything went as usual with no additional charges and went at lightspeed.

[Derek]

Hi David

That is really useful information. I have just looked on their website and they say transfers are free from EU states so I wonder if they have stated to charge now. I have emailed them. It looks totally free of account charges if you bank online. Is this correct?

Thanks for your help

Derek

[Peter D]

Derek
I sent money to Bankia 5 days ago ,free of charge with Transferwise

[MICKKAT]

Dave G- we transferred funds at the same time as you to our account with Sabadell and we’re charged 18 euros as we are no longer inEU. Forgive me for asking but we’re you definitely not charged commission to receive your funds? Were we charged as the funds came from our UK account via Currencies Direct?  Surely if you use Transferwise the funds still come from a UK bank account.

[DaveG]

Hi Derek,

I think most of Sabadell accounts can be managed online but because I don't transfer €700 monthly I have to have an account that makes me liable for bank charges of circa €40 / quarter. This has bothered me for some time but most of the rival banks charge something similar. I was considering opening a BBVA Fee Free online account but hadn't got round to it. I think it was you that recommended this account some months ago but can't be absolutely sure.

I haven't looked at the Solbank website for some time but if they say transfers are free from EU states that obviously now rules out the UK (BBVA say something similar but refer to the EEA which again rules out the UK).

How did you send your money? If you send from your UK bank to BBVA then maybe now after Brexit there are charges (thanks Boris and the rest of the idiots - there I said it)

If you use Transferwise (and I assume their rivals) the funds don't go from the UK to Spain rather they go from TW account in Spain (or whatever country you're sending money to) and thus become a National rather than an International transfer. This is probably why mine and Peter D's transfers attracted no charges.

By all means use Sabadell if they have an account that suits you but if you ever go to the branch be prepared for a long queue - their customer service is appalling. I go once a year to pay my tax and that's quite enough.

Cheers
Dave

[DaveG]

Mickkat,

No, I definitely didn't pay any charges. I sent £450.00, Transfer wise charged me £1.83 so in effect I sent £448.17 - see details below.

Amount converted 448.17 GBP Exchange rate 1 GBP = 1.10681 EUR = 496.04 EUR

Solbank received €496.04 with no charges and I have looked at it three times to be sure.

I've never used Currencies Direct but if the funds cross borders that may be the reason for the charges.

The TransferWise sending bank details are below - it refers to a Local bank transfer

Name
TransferWise Ltd on behalf of David Grayson
Delivered via
Local bank transfer
Banking partner
TransferWise Europe SA
BE48 9670 5678 0227
TRWIBEB1XXX
Banking partner reference
GW21010708456985

Hope this helps

[wilson]

Ive also recently done a TransferWise to Sabadell account, there is no charges showing but that’s not to say that later in the year it won’t be added in commissions or charges.
I think TransferWise are international so aren’t seen as uk based, you can feed money into it from any account based anywhere and then send it to anyone anywhere in the world.

[John H]

With Transferwise your money is paid to Transferwise UK, Transferwise Spain then pay the Euros into your Spanish account....hence no charge when the money is paid into your account as it originates within the EU.

Using Transferwise was probably the best bit of guidance I ever received from this forum or its predecessor.

When we sold our place Transferwise realised us over £2300 more into our UK account than using the convential banking system, I did cost several options at the time, as you can guess they had my full vote of confidence by allowing them to do such an important transfer.

Regards all

John

[Derek]

I have just gone onto their website and then onto OFX who I was using and had been for years. On a transfer of just 500 Euros I would be £23.20 better off using Travelwise.

As John says a good tip there.

Thanks

Derek

[Blue and white stripes]

A quick check for transfering £1000, after charges recipient receives using Currencyfair 1116.10 euros, Transferwise 1120.26 euros

[BeachLife]

Derek - just (23/01 @17:20) done a £450 transfer into BBVA using my Transferwise app.

Got €502.45 into the account (works instantly with TW) at a rate of £1 - €1.1244

TW charge was £3.17

Then got online to the BBVA site - €502.45 into the account with no evidence of any charges being levied by BBVA.

I'll keep you posted if something happens now the transfer is in.