Bankers draft ( cheque bancario ) Commission

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alpumar
Tourist
Posts: 24
Joined: Fri Dec 19, 2008 6:06 pm

Bankers draft ( cheque bancario ) Commission

Postby alpumar » Sun Jul 08, 2012 9:29 am

Hi

I am hoping to sell my property in Spain shortly and return the proceeds to the UK. I have a couple of questions I'm hoping will be simples for the experts on this forum :

1> Must the funds always be presented as a bankers draft at the closing or can they be transferred using an electronic transfer ? If so, are there any pro's and con's of either method ?

2> Does the bankers draft have to be made out to me directly or could it be paid directly to a the account of a foreign exchange company thereby avoiding the ridiculous charges my bank will levy for banking the cheque ?

3> Does a Spanish cheque bancario clear immediately like a UK bankers draft ?

Gracias

Alpumar

Stoker
Andalucia.com Amigo
Posts: 114
Joined: Wed Nov 02, 2011 10:32 pm
Location: Torrox Costa/El Morche

Re: Bankers draft ( cheque bancario ) Commission

Postby Stoker » Sun Jul 08, 2012 10:43 am

My experience with bankers drafts was when I was buying our apartment. I was told by my UK Bank that a bankers draft was as "good as cash". When I presented it in Spain they would not accept it under any circumstances even though it was in Euros. The reason being that it took several days to clear. I ended up going back to the UK, lodging the money back into my account - luckily my bank did not charge me for doing this as they accepted that they had advised me wrongly. I then transferred the money electronically to my account in Spain.

ashfieb
Andalucia.com Amigo
Posts: 110
Joined: Thu Jun 17, 2004 12:41 pm
Location: Antequera / Yorkshire

Re: Bankers draft ( cheque bancario ) Commission

Postby ashfieb » Sun Jul 08, 2012 11:29 am

Hi,
we have just sold our house in Spain and moved back to the UK for health reasons.
We were told the bankers draft had to be in our name and they would not accept an electronic transfer to a foreign exchange company.
The cheque took 3 days to clear and We were charged €3 to pay the cheque into our Halifax/Lloyds account and then half a percent to transfer the money in euros to moneycorp and then moneycorp gave us an exchange rate about 2 points less than the bank rate cut to transfer in sterling to our UK bank account, all this went very smoothly and I would definitely recommend moneycorp
cheers Barry
Cheers, Barry


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