Another possible bank rip off

[DaveG]

Hi PW, go back through the posts (if you haven't already), those of us who have used TransferWise or similar since Jan 1st haven't incurred any charges.  This is because the transfer is internal in euros not international where £ sterling is received by the Spanish bank and converted to euros. You will get a better exchange rate as well as paying no charges.
Dave

[puddy-woo]

Hi DaveG

I have a £ and a € starling account and I transferred from the € account.  So this is not the same as the Transferwise??   If so i’ll start re-using Transferwise.   Thanks for your post

[Mallard]

I was advised by the community admin that they could no longer send debits to my starling account and if I wanted to instigate the payment I must send an extra €18. This is Sabadell Bank making money again.
I sent it by transferwise from a credit card which of course cost me about £5 . Transferwise charged .95 cents but of course to send euros the credit card also charged £5 odd.  At that time I could not get transferwise to take the money from my starling card.  Hopefully next time. I am in course of complaining more strongly to the Admin.
Since the beginning of the year I have paid Suma and two debits have gone through for electricity.
Sabadell are dreadful.

[DaveG]

Hi again PW, I think even if you use your Starling € account which is UK  based you are transferring from a non EU  country and therefore incur charges. The trick is to make your transfer internal not international using TransferWise or similar.

[wilson]

TransferWise announced yesterday that they are reducing their fees slightly for transfers from the UK to euro accounts, they appear to now have there own IBANs which removes the big banks as middlemen in the transfer process. I think the flow of money whether internally or internationally is a bit like a funnel where there are thousands  of players but eventually all money has to travel through a narrow system controlled by just a handful of institutions.

[Derek]

I was also charged €18 for transferring €600 from my starling account. Absolute liberty.  Not sure what the answer is or if that's the standard fee for any amount transferred. If so I guess I’ll transfer one big payment to cover direct debits and then use the starling card for all my other needs. I’ve also got a transferwise account so would be interested to see if a transfer from that also incurs the same charge. I’m sure it will

No you have missed John's point. Transferwise transfer within the EU and therefore there is no charge. The charge you paid being 18 Euros is the minimum charge and it is volume related so don't try a larger amount as you will get a shock.

By explanation. Transferwise have a bank account within the EU and they use this to transfer into Spain hence no charge. Many other banks transfer from the UK to Spain and you will then get charged.

Derek

[chris and jackie]

Just transferred funds using TransferWise as usual and no charge from Sabadell bank for deposit, so as mentioned above use TransferWise to avoid fees

[DaveG]

Simply put, if you want to send money to Spain you deposit it in £ in TransferWise account in London, a Spanish person wants to send money to the UK so he puts his money € into TW account in Spain.
TW then pay you in Spain with his money and him in the UK with your money; all transfers are therefore in local currency hence no bank reception charges and no exchange at the banks own rates which are usually about 5 cents below the interbank rate.

[John H]

Bang on DaveG, that's exactly how it works.

Regards all

John

[Blue and white stripes]

Ditto Currencyfair as my post of 24.01.21

[puddy-woo]

Thank you for all who have given this euro saving information 

[Blue and white stripes]

Just received this in an email from the BBVA.


hemos mejorado las tarifas para transferencias realizadas a través de bbva.es, app o cajeros: ahora el mínimo de comisión baja de 18€ a 6€. Además, eliminamos los gastos por swift y corresponsalía.

[Derek]

Be careful as they only say that the minimum fee has been lowered. Therefore the charge if you transfer an amount above the minimum amount will be unaltered.

Best avoid completely.

Derek

[DaveG]

Hi B&W, it's a bit vague; you know what the minimum commission will be but at what level of transfer does that go to the maximum, how much is the maximum? It seems to pose more questions than answers. also seems to apply only to certain transfers or ATM use. As Derek says - best avoided.

[DaveG]

Hi all,
I've  just received an email from TransferWise advising of an upcoming name change, if I was searching for a currency transfer provider I'm not sure the new name accurately conveys what they do but for info the mail is below.

Call us Wise.
In a few weeks, we're changing our name to Wise. It feels right, because we’re so much more than transfers now — we're the international account used by over 10 million people to live, work, and travel around the world.
We promise this won’t change your experience. It's still the same account you’re used to, but with a sharp new logo.
Here's what you need to know:
You'll still use your TransferWise login details
If you use a password manager, you'll have to re-save
Your existing payments will still go through
You can share the love (and savings) with your friends
Invite your friends
Read more on our blog
Your questions answered.
How do I login?
What can I do with my Wise account?
Is Wise safe to use?
Go to Help Centre