Another possible bank rip off

[Derek]

Hi

Thanks for that. It is just as John says Travewise transfer the money within the EU avoiding cross border fees where as the OFX I used transferred from the UK being outside the EU and incurred charges. At least thanks to all the great answers here I will be using Travewise in future.

Derek

[wilson]

A slight tangent on fees being charged, but making people aware that for online purchases notably eBay and Amazon but undoubtably includes many others that a 20% vat is being charged on goods purchased in the eu. eBay I note kindly add the 20% on your billing and collect via PayPal then they allegedly pay a government though not sure which one as they don’t say, bit of an irony really that an American company that has a uk website that bases it tax affairs in Luxembourg so pays little tax itself is being so thorough in collecting the vat. On tinterweb lots of stories of people inadvertently buying items they thought were in the uk then having parcel held by delivery company until charges paid.

[Blue and white stripes]

Off that font of all knowledge Wikipedia, TransferWise works similarly,

CurrencyFair is an online peer-to-peer currency exchange marketplace. CurrencyFair is headquartered in Ireland also with employees in UK, Australia, Greece, Hong Kong, Poland and Singapore.

CurrencyFair is a marketplace where money is never exchanged across borders; rather, it stays in the country of origin, thereby avoiding bank conversion fees. Customers have one currency but need funds in another. They are "matched" with someone with a corresponding need - someone who has that currency but needs the other.

[Burtonski]

I send money every month from the UK using Sabadell's Regular Transfer Plan.  There are no fees.

From the web site:

No charges for transfers from your account in England to your account in Spain.
No charge for currency conversion (GBP to Euros).
Funds available in just 3 business days.
Direct debit guarantee. In the event of an error, you can claim a full refund and the money will be debited from your account in England immediately.
Taking advantage of the benefits of the Regular Transfer Plan is easy; just fill in this form or hand it in at your local branch

[DaveG]

Isn't there a minimum amount that you have to send with this account - I think €750 / monthly?

Very good if you're there full time but for me it's too much unless you get on the money go round and have an auto transfer in to benefit from the account and then a couple of days later send some back.

[petercs]

I have a monthly transfer plan with this bank. I set in up in the GA branch. It a direct debit seemingly to the Sabadell branch in London which transfers it to my account in Spain. Originally set up for £150 but now £200 a month

[Burtonski]

I only send £200 per month as well.

[DaveG]

I send money every month from the UK using Sabadell's Regular Transfer Plan.  There are no fees.

From the web site:

No charges for transfers from your account in England to your account in Spain.
No charge for currency conversion (GBP to Euros).
Funds available in just 3 business days.
Direct debit guarantee. In the event of an error, you can claim a full refund and the money will be debited from your account in England immediately.
Taking advantage of the benefits of the Regular Transfer Plan is easy; just fill in this form or hand it in at your local branch

Interesting.............I can't find an account on the Solbank website that offers this service. What account do you have and do you know what the exchange rate terms are? Do they offer Visa on the day or do they apply their own rate as they can do if you choose that option at an ATM.
Thanks
Dave

[ian-steele]

banco sabbel charge the commercial rate on appointed direct debit date, i can only say that i arranged the regular transfer in the the g.a branch with anika.Not sure if you can do it on line so many forms to fill in. I am a member of the bank, paying €34 a quarter.

[Derek]

banco sabbel charge the commercial rate on appointed direct debit date, i can only say that i arranged the regular transfer in the the g.a branch with anika.Not sure if you can do it on line so many forms to fill in. I am a member of the bank, paying €34 a quarter.

Ian Using BBVA banking is free. You are paying 136 Euros a year. Like most things it is best to shop around as banks change their pricing from time to time.

Derek

[Ash]

Have just used Revolut to transfer just under €400 to my Sabadell account
Have used them for years to transfer money
This is the 1st time since Brexit I have transferred money and Sabadell have charged me €18 commission
Not impressed 🤬

[Derek]

Yes Ash see John's message as to the reasons why. You can avoid this but you and I had no warning it was coming hence a rip off in my view.

Derek

[Ash]

Have just received this from Sabadell
What a joke

Remember that if you have an Expansión Account, national transfers and to any country in the EEA (European Economic Area) are free, as long as it is in Euros.

Transfers made in a currency other than Euro will be subject to the interbank currency exchange (see CURRENCIES)

From January 1, 2021, transfers from / to the United Kingdom will have a cost through the process known as BREXIT.

Transfers to the United Kingdom (UK): 0.75% with a minimum of € 22

Transfers from the United Kingdom (UK): 0.35% with a minimum of € 18

With reference to SEPA, we inform you that although the United Kingdom continues in the SEPA agreements, these concern other types of payments such as receipts, file generation and remittances that currently have no cost but that in the future this could change.

[Ash]

Derek

Thanks for that

I will try my TransferWise account next time and see how that goes
The joys of Brexit 🙄🙄

[puddy-woo]

I was also charged €18 for transferring €600 from my starling account. Absolute liberty.  Not sure what the answer is or if thats 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