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Bankia limit on money transfer

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Posted: Tue May 14, 2019 5:57pm
6 replies96 views4 members subscribed
Puggo

Posts: 8

Location: Huércal-Overa

Hi everyone

Hoping someone will have experience that they can advise on.

We are due to complete on a property, have used Currency Direct (who have been very helpful) to transfer monies into Bankia account. Bankia tell us we can only transfer 30,000 euros a day out of account. How will this work on completion of sale when all monies need to be taken from account on the day ?

Really confused.

Regards

Sally

Haikili1969

Tue May 14, 2019 7:44pm

Posts: 41

Location: La Alfoquia

18 helpful posts

Posted: Tue May 14, 2019 7:44pm

Hi Sally, 

I'm sure you will receive other responses, but when we completed, transfer wasn't an option. It was necessary to collect a Bank Cheque (Bankers Draft) which was then taken to the Notary for Completion and handed over to the Seller. It is effectivley cash. We bank with Sabadell, & they charge 1% up to a maximum charge of 600Euro for the drawing of the cheque.

Hope this helps.

Warren.

Pamela565

Wed May 15, 2019 7:44am

Posts: 97

30 helpful posts

Posted: Wed May 15, 2019 7:44am

We had a nightmare with this. I bank with hSBC. We could give instruction in advance but only for one week and at the time we didn’t know when we would complete. We had to be in England and the only way round it was to complete a form to give Power of Attoirney to our son in England whilst we were there. He was then able to go into the bank of the day and make the necessary payment which I think cost £30 to do. 

At the time the exchange rate was only 1.10-1.12 and it had been indicated  the completion could be 3 months. We were hoping for the rate to improve so we didn’t want to transfer so much a day to Currency Exchange. 

Once the money was in Banco Sabodell, we had to do 3 Bankers Drafts for notary, seller and estate agent which was going to be €1100 euros however, if we took out Banco Sabodells’s home insurance it was reduced to €30 Euros per bankers draft. 

Puggo

Puggo

Original Poster

Wed May 15, 2019 9:00am

Posts: 8

Location: Huércal-Overa

Posted: Wed May 15, 2019 9:00am

Hi Warren

Yes thank you , our solicitor has power of attorney so maybe it will be dealt with thru them.

We hope to hear from them today.

Regards

Sally

Puggo

Puggo

Original Poster

Wed May 15, 2019 9:03am

Posts: 8

Location: Huércal-Overa

Posted: Wed May 15, 2019 9:03am

Hopefully as we have power of attorney to solicitor we can get this sorted out.

I just want my new home on Spain!

I will post update, many thanks for your help.

Regards

Sally

Haikili1969

Wed May 15, 2019 9:22am

Posts: 41

Location: La Alfoquia

18 helpful posts

Posted: Wed May 15, 2019 9:22am

I hope it all goes well for you, our lawyer had a POA and we had no problems.

You’ll soon be enjoying the sunshine, tapas & exploring etc.

All the best

Warren 

jtp890

Thu May 16, 2019 8:53am

Posts: 79

Location: Huércal-Overa

25 helpful posts

Posted: Thu May 16, 2019 8:53am

Hi

Transfer sums to spanish account via currency exchange company, not your uk bank, keep sums below 49K euro per transfer, give power of attorney to spanish end or transfer funds to them as requested. No problems.

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