Spanish banks can charge you substantial amounts of money when you need to send your euros out of Spain.
This is especially important when you sell your property in Spain and wish to repatriate your funds to the UK.
Most Spanish banks will not only charge you a fee to deposit and clear the banker's draft that you receive from the notary, they will also charge you large sums to send your funds to the UK. These charges are usually based on a percentage of the total amount being transferred. To put this in perspective, with a sale price of €150,000, a typical bank charge of 0.5% in transfer fees equates to €750, plus the cost of clearing the draft, typically between €150 to €300, means that you could be paying around a thousand euros just to send your property funds overseas; and that's before you exchange your currency.
Moneycorp, the exchange experts, has developed a repatriation service in conjunction with our Spanish banking partners, which can help save money for people selling their properties in Spain and then repatriating the sale proceeds to the UK.
Before paying your draft into a bank account, please contact us. We will guide you on how to take advantage of the repatriation service as appropriate to your requirements.
Based on receiving a banker's draft for €150,000 from a property sale in Spain.
* All rates and costs are indicative based on data in March 2014
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