Moving funds from property sale to Ireland from Spain

Jacko1

Registered User
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Hi..i was looking for info/direction on moving euro funds from Spain to Ireland after property sale.My understanding is that the banks in Spain are charging hugh fees to transfer money back. My bank in Ireland(AIB) have informed me that if they get a bank draft from me from Spain it is sent back to the Spainish bank for verification and they will still charge what they like (0.5% to 5%), they mentioned a swift transfer as an option but i am not sure how this works.

Any help would be appreciated.
 
An idea of the amount involved would be of some help.
And have you actually spoken to anyone in your bank in Spain to get an exact idea how much it would cost to simply transfer the money electronically yourself ?
 
Hi Jacko,

what bank in Spain are you with? I sold my property last year in Spain and transferred some of the funds electronically - and the remainder I got in a bank draft which took 3 weeks to clear but the bank draft I wasn't charged anything to clear - the electronic transfer you are allowed to transfer up to a certain amount - there is a charge for each transfer and it should state it when you put in IBAN number etc what fees are involved - but spanish banks will charge for even keeping your account open even while there is no activity. Your solicitor should be able to advise on what is the best course of action and it does depend on which bank you are with - there are some agencies that can do this for you but no sure of their charges - I think best to break up into a bank draft - transfer some.

Hope I've been of help

angela59
 
Hi Whaay

Funds would be about 90k, i am waiting for bank to contact me..hard to get to talk to anybody who will actually give a cost...they say fee will be ''on the day''.

Thanks
 
Hi Angela59

I am with BBVA..AIB indicated bank in Spain will charge what they like!! to verify the draft. 90k amount involved..i think 50k is the most you can tranfer electronically foc per day..your suggestion to break up the amount might be an option worth looking at.

Thanks for your assistance.

Jacko1
 
Hi Jacko1,

Yes the ideal thing would be to break it up, I don't remember a huge fee for clearing my bank draft last year - it just took 3 weeks to clear - so long as the bank draft is an international bank draft. Also just to remind you to claim back your 3% retention tax which will have been withheld at point of sale by your solicitor or gestoria to pay to the spanish tax authority. It can take up to 2 years and longer to get a refund - it should be refunded direct into your spanish bank account or if you have asked for it to be refunded into your Irish Bank Account. You will get this refund as long as your taxes are up to date and you have not made a capital gain on your property. I sold my property in April 2012 and still waiting for a refund - eventhough all my taxes are up to date.

Angela59
 
You can do European transfers up to a certain limit without cost. It used to be about 12K a year, but I think that's increased now.

Before these new rules I had to do transfers via Swift. There was a cost to this, but I think it was based on a percentage of the amounts transferred so you should avoid or find out exactly how much it will cost. As the Spanish are not being helpful, try your Irish bank to see what the rules are, by say asking them what is the cheapest way to send money from Ireland to Spain, it's probably up on their websites.
 
Your bank will charge you when you lodge the cheque/draft from the sale of your property. My bank - Santander, charged around 300 for a 93K draft. I then decided to transfer 48k to my Irish bank and was charged almost 200 for this. I have just recently managed to claim this back as Santander promised me free banking -under certian conditions -but it has taken 4 months and a lot of communication to get results. All Spanish banks seem to have similar charges for lodgements and transfers and it is difficult to avoid them altogether.
 
Hi..i was looking for info/direction on moving euro funds from Spain to Ireland after property sale.My understanding is that the banks in Spain are charging hugh fees to transfer money back. My bank in Ireland(AIB) have informed me that if they get a bank draft from me from Spain it is sent back to the Spainish bank for verification and they will still charge what they like (0.5% to 5%), they mentioned a swift transfer as an option but i am not sure how this works.

Any help would be appreciated.

Hi jacko, how did you get on in the end with transferring your money to Ireland? What was the best way and how much did it cost? Like you I need to transfer funds back home following a sale in Spain.
 
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