Sabadel national bank transfer fees.

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JAKE M
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Sabadel national bank transfer fees.

Postby JAKE M » Wed Aug 08, 2018 11:43 am

Hi folks. We have sold our house and we are in the process of sending the funds back to the uk mid September. Using a money transfer firm (world first) we transfer euros from our Sabadell account to their euro account(Barclays bank) in Madrid. Then onwards to our account in uk.
Sabadell want 0.6% of the value being transferred. Im too late to open a new bank account as we're off to uk tomorrow on another run back before the final move.
Is this fee excessive? Online sabadell chat say 0.4% but local bank say 0.6%
Any info would be helpful.
Regards
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Miro
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Re: Sabadel national bank transfer fees.

Postby Miro » Wed Aug 08, 2018 12:01 pm

Sabadell are consistently inconsistent on their fees; if you ask two people, you'll get at least three different answers, and I wouldn't trust any of them.

When we sold our place last year, we set up an account with https://www.currencyfair.com. Very easy to use, you can even set what ex-rate you want (explained better on their site). Transfers to their client account from Sabadell are free because their account is in Ireland, part of the SEPA for euro transfers. Your funds are then converted to sterling at the prevailing rate (or the rate you've set) and transferred to your UK account without any fee. Worked perfectly for us.
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marios
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Re: Sabadel national bank transfer fees.

Postby marios » Wed Aug 08, 2018 2:28 pm

Yes I use them as well, probably the best one out there, I use the exchange to swop my money within CF.

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country boy
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Re: Sabadel national bank transfer fees.

Postby country boy » Wed Aug 08, 2018 5:02 pm

us too...first class firm!

JAKE M
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Re: Sabadel national bank transfer fees.

Postby JAKE M » Wed Aug 08, 2018 5:38 pm

Miro. Sounds good but the exchange rate is usually better with World First. I would have thought their euro account in Madrid (caixa bank not barclays as I stated earlier) would be covered by sepa as sabadel in Velez- Malaga to madrid is a euro to euro deal? Also when I sent our deposit
Back to the uk using the same firm, I did it online and sabadel charged me €45 (0.4%)
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Miro
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Re: Sabadel national bank transfer fees.

Postby Miro » Thu Aug 09, 2018 5:24 pm

I think you'll find the bank's charge is not for sending the money to Madrid or anywhere else; it's for exchanging it to sterling. With Currency fair there is no charge for exchanging - the rate you see is the rate you get. Can't say for World First, don't know - it's possible their exchange rates are better but they may charge a small fee on top? Just do plenty of research, but I chose CF based on recommendations here, and evidently others have done so too.
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

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gerryh
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Re: Sabadel national bank transfer fees.

Postby gerryh » Thu Aug 09, 2018 7:08 pm

Surely CF charge a fee of €3?
That's what they charge me per transaction.
However I'm still more than happy to use them particularly as I can set a minimum exchange rate.
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Gerry
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Lyric
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Re: Sabadel national bank transfer fees.

Postby Lyric » Thu Aug 09, 2018 9:48 pm

Sabadell to CF yesterday, no charges.

Miro
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Re: Sabadel national bank transfer fees.

Postby Miro » Fri Aug 10, 2018 12:15 am

Gerry, it appears either they've changed how they work, or (more likely!) I've just forgotten. Apologies to others if I have mislead. Recommendation still stands though!
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

Free at Last
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Re: Sabadel national bank transfer fees.

Postby Free at Last » Fri Aug 10, 2018 2:57 pm

This sets out how Currency Fair's charging structure works. They do definitely still have a flat transfer fee of €3 per transaction (I use them too, btw, and have always found their service excellent).

https://www.currencyfair.com/how-it-wor ... ange-fees/

elusive
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Re: Sabadel national bank transfer fees.

Postby elusive » Fri Aug 10, 2018 9:08 pm

Never charged when we sent money back to the uk when using sabadell who send the euros to c.direct spanish account then C.direct send it to the uk account


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