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Bank charges for currency transfers since Brexit

Posted: Sat Feb 20, 2021 10:13am
18 replies812 views6 members subscribed
Cat47

Cat47

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Sabadell bank started charging me €15 last year for my normal monthly transfer to meet their ‘no charges’ criteria in the Expansion account. Now it’s gone up to €18! They have said that since January 1st they charge for transfers from UK as we’re no longer part of EU. I told them that didn’t account for all last year’s charges. They have not yet replied! Apparently I can pay €40 per quarter with no other charges. Or have a regular transfer DD account with no charges, but they don’t quantify how the exchange rate works with this. Anyone else found a good solution to this please? I know I can change banks, but worry about the DDs etc in place for payment of electricity, water etc having had bad experiences with that in the past. Any helpful suggestions appreciated. Thanks

Gaza

Posted: Sat Feb 20, 2021 6:01pm

Posts: 101

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Posted: Sat Feb 20, 2021 6:01pm

Hi I had the same crap from sabbadell I've just this last hour or 10 haha opened a transferwise account.They send the money from Belgium I believe to your account in Spain excellent rate no charges I hope with sabbadell.

Stevie100

Posted: Sat Feb 20, 2021 6:03pm

Stevie100

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Joined: 24 Feb 2020

Posted: Sat Feb 20, 2021 6:03pm

Cat47 wrote on Sat Feb 20, 2021 10:13am:

Sabadell bank started charging me €15 last year for my normal monthly transfer to meet their ‘no charges’ criteria in the Expansion account. Now it’s gone up to €18! They have said that since January 1st they charge for transfers from UK as we’re no longer part of EU. I told them that...

... didn’t account for all last year’s charges. They have not yet replied! Apparently I can pay €40 per quarter with no other charges. Or have a regular transfer DD account with no charges, but they don’t quantify how the exchange rate works with this. Anyone else found a good solution to this please? I know I can change banks, but worry about the DDs etc in place for payment of electricity, water etc having had bad experiences with that in the past. Any helpful suggestions appreciated. Thanks

I bank with Sabadell but use Transferwise to exchange pounds to Euros into my Sabadell account. I have done 2 transfers in the last few weeks with no charges applied. (And Transferwise rates are the best)

Cat47

Posted: Sat Feb 20, 2021 6:12pm

Cat47

Original Poster

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Posts: 443

179 helpful points

Location: Camposol

Joined: 24 May 2019

Posted: Sat Feb 20, 2021 6:12pm

Stevie100 wrote on Sat Feb 20, 2021 6:03pm:

I bank with Sabadell but use Transferwise to exchange pounds to Euros into my Sabadell account. I have done 2 transfers in the last few weeks with no charges applied. (And Transferwise rates are the best)

Well thanks very much folks! Funnily enough I had been thinking along those lines. So thanks very much for endorsing this line of action. Much appreciated. Have a nice evening! 

Sunnyspain

Posted: Sun Feb 21, 2021 7:27am

Sunnyspain

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Posted: Sun Feb 21, 2021 7:27am

I too use transferwise. You can also use them for your direct debit payments 

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Roland

Posted: Sun Feb 21, 2021 9:18am

Roland

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Posted: Sun Feb 21, 2021 9:18am

Use the search box at the top of this page & search for Banking & Free Banking.

Lots of info there.

MitchNorwich

Posted: Mon Feb 22, 2021 9:00am

MitchNorwich

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Joined: 5 May 2019

Posted: Mon Feb 22, 2021 9:00am

Cat47 wrote on Sat Feb 20, 2021 10:13am:

Sabadell bank started charging me €15 last year for my normal monthly transfer to meet their ‘no charges’ criteria in the Expansion account. Now it’s gone up to €18! They have said that since January 1st they charge for transfers from UK as we’re no longer part of EU. I told them that...

... didn’t account for all last year’s charges. They have not yet replied! Apparently I can pay €40 per quarter with no other charges. Or have a regular transfer DD account with no charges, but they don’t quantify how the exchange rate works with this. Anyone else found a good solution to this please? I know I can change banks, but worry about the DDs etc in place for payment of electricity, water etc having had bad experiences with that in the past. Any helpful suggestions appreciated. Thanks

Just send your money from transferwise to your Spanish account - we use Sabadell and when we transfer an amount in Euros from UK to Spain we just send via Transferwise. Have been using them for about 2 years. Transfers are cheap, at the current exchange rate and extremely fast - sometimes just takes a few seconds.

FixIt2020

Posted: Mon Feb 22, 2021 10:36am

FixIt2020

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Posted: Mon Feb 22, 2021 10:36am

Sunnyspain wrote on Sun Feb 21, 2021 7:27am:

I too use transferwise. You can also use them for your direct debit payments 

May I kindly ask how you do this. When I go on the transfer wise web page there appears to be no mention of an actual bank account that deals with your direct debits. Mark. 

MitchNorwich

Posted: Mon Feb 22, 2021 10:42am

MitchNorwich

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Location: Isla Plana

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Posted: Mon Feb 22, 2021 10:42am

FixIt2020 wrote on Mon Feb 22, 2021 10:36am:

May I kindly ask how you do this. When I go on the transfer wise web page there appears to be no mention of an actual bank account that deals with your direct debits. Mark. 

You need to sign up for an account - then when you make a transfer it asks you which Bank you use to make the transfer.

You set up a trnsfer from your bank account to Transferwise - when they receive your payment - they transfer it to the account of your choice.

You can transfer by debit card but fees are higher.

MitchNorwich

Posted: Mon Feb 22, 2021 10:44am

MitchNorwich

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Posted: Mon Feb 22, 2021 10:44am

FixIt2020 wrote on Mon Feb 22, 2021 10:36am:

May I kindly ask how you do this. When I go on the transfer wise web page there appears to be no mention of an actual bank account that deals with your direct debits. Mark. 

You can apply for a Transferwise Bank account which you then use as a UK/Euro/etc Bank Account - they give you a sort code and account number or IBAN for your account.

You can also do this with a Revolut account and they use Transferwise to do the currency transfers

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