Transfers - Page 2

We use Moneycorp and get free transfers because we did it through the Daily telegraph 

I don’t know if this offer is still available but moneycorp are very good and the website and app eas

I use GC Partners in Mojácar- Kaine is always helpful. 

Another vote for Wise from me; I use it to transfer between AUD / GBP / EUR.  Best rates, incredibly low commissions (0,28c to pay into bank)

The challenge you have using an English bank to pay into a Spanish bank is that the receiving bank will hit you with a 20€ transfer fee (on top of any conversion fees and commissions from the bank)

Wise offers you account numbers in each currency so you can pay direct into an English account number, then within Wise transfer to a Euro balance and pay that directly into a Spanish account without being slugged with receiving fees.

The app is secure, simple and very very easy to use.

Hi all,

We are thinking of coming over in 2024, and reading about money transfer into your Spanish bank account am I right in thinking we are best to keep our savings etc in the UK banks and drip feed to your Spanish account as apposed to transferring all over to Spanish bank?

Thanks Adam

The short answer is definitely yes. Some ex-pats have discovered that the Spanish authorities can debit any account, or even embargo an account, without informing you until it is too late. So best to keep only a working credit balance in your current account.

Unlikely that you would find interest on savings here better than in UK. Having said that we do hold a reasonable sum in Cajamar contributions account which returns around 2.5%. They also offer online service, and accounts with low maintenance charges. Whichever bank you chose there are many options to suit your circumstances.

If you arrive here as residents, initially on an NLV ?, then be sure to get registered as Spanish financial residents within your first year,  and also zero rated with HMRC as soon as possible. This is to avoid Spanish back-tax or even fines. Do not register on your local Padron until you live here permanently.

You’ll get two views here; those saying it’s better to keep it outside of Spain in case the account is embargoed for non-payment of debts, such as speeding / parking fines, Council debts, Tax etc (which the authorities here can and do do). And those that say that keeping it here us fine, it’s readily accessible and you don’t have to then concern yourself with  ensuring you transfer money to meet direct debit obligations.

I fall in the latter camp and happily keep money here.  You’ll get told that the tax man will grab lots - not strictly true; if you don’t want the tax man to take notice of your money, put it into an Investment account which is free from tax assessment

Ok thanks for the advise

Ok thanks Dario for the advice