Bank Charges

[zilnor]

Our account is with BMN (CajaMurcia) and they never charged when we transferred from our English account. Sometimes we paid a sterling cheque in and they charged us 12 euros to clear, on amounts of £1500/2000.

[arty choke]

I would agree with keeping the majority of the money in a uk account,very difficult to open another once
You have no uk address,also tell your friends to make sure they BOTH have a bank card.Our friend had the
Account frozen immediately when her husband passed away,as the one and only card was in his name.

[Karen4]

Remember to also make sure you don't split your money into separate banks who have the same parent company, a this will only count as one bank in the event of an economic disaster, so only one parcel of money will be "covered".

[Optomist]

I agree only bring over what you need to spend in say 12 months and leave the rest in the UK. Here in Spain only guaranteed 50,000€ if you bank goes under, also make sure you have two accounts one for you and one for your spouse, so for example up to 50,000€ each.

Think you will find its €100k per depositor but you are right if you have a joint account then depending on the account contract it could be 50k each account holder so better to have 2 separate accounts .

[FunkiDunki]

I agree only bring over what you need to spend in say 12 months and leave the rest in the UK. Here in Spain only guaranteed 50,000€ if you bank goes under, also make sure you have two accounts one for you and one for your spouse, so for example up to 50,000€ each.

[Sueandandyb]

We are with Bmn was (Caja Granada) no charge

[Linijo]

Unicaja don't charge us for smallish transfers, but surprised us with a huge charge for them to receive around 100,000 euros when we bought the house (think it was around €170?)

[skid112]

I have deposited some reasonable sums over the last few months in Cajamar, not close to €170k. Some via transferwise, some from a UK Euro account. All of these transfers have been for over €1,000, the largest for €40,000 and none have had any charge applied. I cant see why they charge you to receive your own money. Staggering, maybe they have misunderstood and think they are transferring it, or changing from Sterling?

[Optomist]

I confused the issue mentioning Transfer wise as it was how our friends plan to do it bad grammar on my part , sorry , all i asked Cajamar was if there was a charge to receive money into any of our account using a direct electronic transfer and if so how much .

[PandL]

Well yes, the quote from cajamar's message implies there is a threshold of €50k, so if the money was transferred in 4 smaller transactions, maybe the fee could be lower, even zero. Worth asking cajamar!

BTW, in my limited experience, my small bank transfers via Transferwise arrive from a bank in Estonia, not directly from GB. I don't know if that would affect the cajamar fee, like to make it lower, probably not, but you never know!

:tiphat:

[musicdonna]

If the bank does charge, there might be a threshold, so you could consider transferring sums below that threshold.  With the exchange rate as it is, transferring funds into euros might not be such a bad idea providing it's cost effective...

[zilnor]

I agree with PhilipLloyd. Leave large amounts in the UK.

[Optomist]

astounding, I bank with Cajamar, have done since before buying the property, but I never got charged, nor do, for depositing money

Estimado Sr.********

    En relación a su consulta de la transferencia indicar que existen dos posibilidades:
  - Realizar su transferencia desde Reino Unido y le realizan el cambio en el país de origen, nuestra entidad cobraría una comisión para transferencias superiores a 50.000€ , una comisión del 0,30% con un máximo de 175€ y un mínimo de 4,50 €.
  - Otra posibilidad es aperturar cuenta de divisas en este caso libras, la comisión por nuestra parte sería la misma pero tendría la posibilidad, posteriormente de cambiar a € cuando este le fuese favorable.

    Sin otro particular a su disposición para cualquier duda, un saludo.

[PhillipJLloyd]

Personally I would leave any large sums of cash in a British bank account !

[skid112]

astounding, I bank with Cajamar, have done since before buying the property, but I never got charged, nor do, for depositing money

[Optomist]

We have been asked by a friends who are moving here in a few weeks to find which bank is he cheapest to receive euros from Transfer Wise .

Our friends have a house here so the bulk of the money about €170k would be just left in the bank so the bank would have use of it and as it a simple electronic transfer requiring no work by the bank it seems unbelievable that banks want to charge for accepting it , i would have thought it more appropriate for banks to pay for having it or a least not make a charge , considering they go to such great lengths to encourage people to deposit moneys with them .

We inquired at our Bank, Cajamar and they wanted €175 , no way will they pay that sort of money , they will open an account with whatever bank is cheapest so the bank would  benefit log term anyway .

Would be most grateful for any pointers to a more cost effective alternative other than bringing it over bit by bit in cash .