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Money transfer issues
Re: Money transfer issues
by daz » Tue Apr 24, 2018 8:51 pm
Sabadell are definitely not the cheapest to run, 30 euro a quarter, plus a fee for certain types of payments, plus other fees I never took the time to find out about. I cancelled that account after just two days! not worth it when there are other banks that operate cheaper. I'm with Santander zero account, no fees at all if you meet minimal criteria, check them out see if its for you. plus I use transferwise every time for all money transfers, possibly the best rates and virtually no fees, check them out too. I'd be surprised if one or both of these don't save you chunks of cash. good luck
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Re: Money transfer issues
by dottyp53 » Tue Apr 24, 2018 10:40 pm
I think I'd steer clear of Sabadell after the farce over the last 4 days!!!
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Re: Money transfer issues
by Curious » Wed Apr 25, 2018 9:08 am
We were with Sabadell organised by the agent who organised the buying of our villa. We were taken to an obscure branch, not easy to find and difficult parking. However we could use any branch thereafter. The problem arose when we wanted to close the account. We had to close in the branch the account was opened. Those were the rules and no other branch could help. We made sure our new bank was local!
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Re: Money transfer issues
by Benjy » Wed Apr 25, 2018 9:13 am
Re, Money Transfer issues. Just use TransferWise, there are NO issues. Just fast service and best rates.
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Re: Money transfer issues
by Paulr » Thu Apr 26, 2018 12:02 pm
robl wrote:Hi all
Has anyone had any issues with money transfers to Banco Sabadell? I’ve just purchased a property and found it an absolute ordeal getting money from a currency exchange company into my account. I understand money laundering issues and checks they have to go through but they’ve been close to impossible to deal with. I did manage to get the transfer made but after roughly 2weeks them requesting different pieces of information one after the other and in no particular order that made sense - sometimes the same thing several times. When they finally processed the transfer they said that this would be a one off and I’m not allowed to use an intermediary (money exchange co) as the money must come from my UK bank only or won’t be accepted.
Are they for real? I have to use my UK bank account only and get stuck with the terrible rate of conversion they offer? I won’t be transferring any house buying size sums in the near future but need to keep my Spanish account topped up to deal with day to day bills and living when I visit 3 or so times a year and have a good account rate with the transfer company that I’d like to continue using.
If anyone can advise if this is just Sabadell or if there’s a procedure I’ve missed or they’re just talking nonsense I’d be grateful!
We've had no problem transferring money from the UK using TransferWise, but from talking to friends, it does seem that the service you receive from Sabadell varies tremendously, depending on the branch where you open your account.
I would send them a letter or email, so that you have an audit trail, asking them to confirm to you in writing where in the bank's regulations it states that you are not allowed to use a currency exchange company to move money between your UK and Spanish accounts, as you believe this contravenes European legislation. It would be interesting to hear their response - and if they ignore you, visit your branch next time you're hear and ask them for a "complaint form". All shops and offices in Spain have to provide these on request by law and just asking is usually met with a complete change of attitude
Good luck!
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Re: Money transfer issues
by robl » Thu Apr 26, 2018 1:30 pm
Thanks all. The fact they grudgingly transferred the money in the end seems to indicate that it is of course a normal transaction to make. I mean they don’t make acceptions - it’s either legal and or they don’t do it. This leads me to believe I’ve been dealing with staff that are slightly out of their depth. Either way I’ve just opened a Euro account with my uk bank so I can have the money transfer company pay it to me and then I can transfer to the Spanish account - costs £6 per time but should stop any further issues if I can’t get sorted with them.
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