Cheapest way to transfer Monies from Spain to Ireland

R

Romero

Registered User
Messages
24
Hi

I need to know what is the cheapest way to transfer 60000 Euros from a spanish bank account to an Irish bank account, and before you ask there is nothing dodgy about it, just a relation of my wife(Spanish) died and hase left this amount of money to her, I want to use it to clear our mortage, bills etc. There is an inheritence tax in Spain that we will pay, surely we won't be double taxed by Revenue here?

Thanks

Romero
 
In relation to the tax part of your query ... the [broken link removed] only seems to cover income and capital gains taxes so I don't know what happens in the case of or if there are harmonised EU wide rules that apply in such a situation. You might need to get independent, professional advice from somebody with a knowledge of the relevant tax laws in both juristictions.
 
Thanks for the quick response clubman, would revenue here be able to advise? Anyone have an answer to my cheapest way to transfer monies between spain and ireland?

thanks

Romero
 
I'd follow Clubman on this, and suggest a quick e-mail query to the Revenue here, on the double taxation issue. You'll probably take a bigger 'hit' on the Spanish side than you would normally expect to at this end, but I'm not familiar enough with the relevant legislation to be sure about that. You might well be entitled subsequently to some sort of tax refund here, depending on residency details...(?)

As for the cheapest way to actually transfer the dosh - I do know that, as of July 2004, banks operating within the Eurozone must provide euro-denominated transfers to receiving institutions (again within the Eurozone) at no greater cost than they would charge for domestic transfers - as long as the sum is <€12,500*, you can supply full IBAN & BIC/Swift details for the receiving institution, and you're not looking for some sort of express, 'same-day' transfer arrangement. So I'd suggest you carve it up into 5 separate transfers for €12,000 each. But have the relevant party in Spain enquire as to precisely what their own charges will be for this. Spanish banks are notorious for being a bit of a law-unto-themselves on this kind of thing, and you (or someone) may have to bang the desk a bit and insist on your EU rights..!

I'll try and post links to the relevant legislation later. In the meantime, don't be bullied into forking over exorbitant bank fees for something that shouldn't cost more than (5x) €0.50~ €1.00 a pop.

(* from July 2006, this ceiling will be raised - coincidentally! - to <€60,000...)
 
My wife is listed as a residing in Ireland with the Spanish Embassey here. So your saying if she pays a higher inheritency tax in Spain she can claim it back from revenue here? So for a rough guestimate what would do you reckon it would cost to transfer say 12000 and what is to much?

Thanks for your help Doctor
 
DrMoriarty said:
I'll try and post links to the relevant legislation later. In the meantime, don't be bullied into forking over exorbitant bank fees for something that shouldn't cost more than (5x) €0.50~ €1.00 a pop.

(* from July 2006, this ceiling will be raised - coincidentally! - to <€60,000...)
Click to expand...

Good point about the cross border EU (eurozone only?) transactions DrMoriarty - forgot about that lark. For what it's worth has some information on these rules and the limit above is actually due to rise to €50K, not €60K, in January 2006.
 
Well folks,

I rang revenue (Cap Gains) regarding this query and looks like its down to where the person who you inherit from Lives, as the relation of my wife is a resident of Spain, she will have to pay tax if she is left then 15K Euros and here there is no tax if you are left less then 466725 Euros!!!!! For once the Irish Tax system is in favour of the tax payer!
Anyone have any idea of a way of not paying this tax?
Cheers
Romero ;)
 
You must log in or register to reply here.
Back
Top