Bank problem..

HI there, had the same problem with Sabadell. When transferring money to buy our house they weren’t happy that the money we deposited came from my currency company’s bank and not my own. So our transfers were held by them as they we’re worried about money laundering. This was really odd as loads of people transfer money this way with no problem. They (Sabadell) were adamant that I would have to transfer from my account to my Spanish account without intermediary. To fix this I opened a Euro account with my existing Uk bank so the transfer company could send me my converter money and I could transfer to Spain. Solved the problem for Sabadell.
If you can get your pension paid in directly with a good exchange rate i’d do that as previously advised. If you move any other money from other sources and if you can I’d consider getting a ‘Uk’ euro account from your bank so you can deposit your converted currency yourself to save any future and repeated hassle. Still it does sound really random - as I said loads of people transfer with no problem. Good luck!

Thanks for replies and suggestions.... the problem actually started when we went for our residencia, we had transferred €15000 over from my pension lump sum from my Lloyd’s Uk account, Sabadell then accused us of having an undeclared German bank account ? It turned out that Transferwise sent the money from Germany...since then Sabadell has been been giving us hassle with our transfers...we will consider all the suggestions...someone recommended opening a Revolut online bank account and not using sabadell for general monthly spending....

Hi Noel,
We have used Revolut for a number of years and complete all of our currency exchanges at the internet bank rate. The service is excellent with absolutely no issues.
When we purchased our house here 3 years ago all of the currency exchanges were completed with no problem, and the bank transfers free of charge to our Sabadell bank account. The only thing Revolut asked us to do, due to the amount of cash, was to supply copies of our UK bank statements to prove the source of the money and that money laundering was not involved.
Sabadell to Sabadell transfers are also free so fortunately our solicitors here had an account with them.
In effect we completed all money exchanges and transfers at no cost.
Open a Revolut account and try it. It won't cost you anything.
https://www.revolut.com/


Hope this helps.

My Sabadelbank is excellent great staff very helpful La Mosca Playa Flamenca never had a better one

Noel on Keys wrote:Thanks for replies and suggestions.... the problem actually started when we went for our residencia, we had transferred €15000 over from my pension lump sum from my Lloyd’s Uk account, Sabadell then accused us of having an undeclared German bank account ? It turned out that Transferwise sent the money from Germany...since then Sabadell has been been giving us hassle with our transfers...we will consider all the suggestions...someone recommended opening a Revolut online bank account and not using sabadell for general monthly spending....

You may have seen in the press over the last 6 months the issue that Brexit is going to cause for (amongst other things) the Financial Services industry, because once the UK leaves the EU, UK registered financial companies will not be able to trade via the EU passporting system. When we read the press reports, my wife contacted Transferwise and they advised us that they had already started the process of obtaining an EU license in Belgium, in order to trade from their new Brussels office. So perhaps it would be worth you asking Transferwise why they sent your money via Germany? Also, can they provide you with an audit trail for your money's journey, i.e. proof of receiving the money from your UK bank and a further statement showing how Transferwise made the onward transmission to your Sabadell account? Was it only the £15k transfer that went through Transferwise in Germany? Have subsequent transfers also taken this route, or via Transferwise's Brussels operation?

Hope you can get it sorted - it would be good to have an update please when you make progress, as there may be others who go on to experience a similar situation.

Good luck!

The only problem I have ever had was when transferring money from Lloyd’s Uk to Santander account. I arranged a meeting with branch manager, he explained they had to do periodic checks regarding international money laundering rules. I supplied all the recommended paperwork showing that £1000 had come from my private pension paid into the UK account. I have had no problem since. My state pension is paid direct from DWP, Newcastle direct to my Spanish account, fast service and good exchange rates.

We totally agree with Southpaw, been having our pensions paid this way for years into Sabadell all what they say is spot on.
hassle free.

I have my UK pension transferred directly from the DWP to my Caixa bank, better exchange rate and no problems. Change banks!!!

What I find interesting is Sabadell having to know a persons UK bank account.

My experience is contrary to this. To the best of my knowledge, Sabadell haven't a clue about my UK bank account. I can't recollect ever being asked for it.
All of my transfers into my non res Sabadell account originate from my Currencyfair account.

When I first moved over I set up a direct debit from my English bank account to my sabadell account with no problems. I now use transferwise to put money into my english account, again with no difficulties