Transferring money from Spain to Ireland

A

atlanticway

Registered User
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The sale on my Spanish apartment is nearing completion and my Spanish lawyer says I have to accept payment by Spanish bank draft not electronically direct to AIB. This could incur large fees I believe if I lodge it to my Spanish bank and then transfer to AIB. The amount is 250,000. Any advice on a cheaper safe way to do it thanks in advance
 
Since there is so Forex issue here what sort of charges amount are you talking about that would make it necessary on cost grounds to avoid just making the transfer directly from the Spanish bank to AIB?
 
You can lodge a foreign draft to your irish bank account, but it will take a long time (weeks) for the funds to clear.

You'll need to check with your Spanish bank, but I don't think there are high fees to lodge a draft, but there are to get a draft issued.
 
RedOnion said:
You can lodge a foreign draft to your irish bank account, but it will take a long time (weeks) for the funds to clear.

You'll need to check with your Spanish bank, but I don't think there are high fees to lodge a draft, but there are to get a draft issued.
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Again, what are "high fees" in this context?
Surely only a tiny fraction of a quarter mill?
 
I did this last December. My solicitor in Spain transfered the funds electronically direct to my aib bank account in Ireland. Took about 2 days over the Xmas period. I just had to provide proof of the Iban which I got on line from aib. It seems that the Spanish bank are just looking to make money.
 
It looks like .75 % to do a transfer which is a lot for me as a pensioner. I will call the bank tomorrow when they open to confirm. Thanks for your inputs
 
Bank fees for transferring euros from one country to another is supposed to be the same as domestic fees. This is minimal ie a few cents in most cases
 
atlanticway said:
It looks like .75 % to do a transfer
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Spanish banks are well able to charge high fees, but any fee quoted like this should only be for an 'immediate' transfer. There generally aren't fees for a regular SEPA transfer and the money would be in you AIB account a maximum 2 working days later. Check with your bank.
 
RedOnion said:
Spanish banks are well able to charge high fees, but any fee quoted like this should only be for an 'immediate' transfer. There generally aren't fees for a regular SEPA transfer and the money would be in you AIB account a maximum 2 working days later. Check with your bank.
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Good point. (Ditto for @jpd's above).
europa.eu

Payments, transfers and cheques in the EU - Your Europe

EU rules limit the cost of electronic payments or withdrawals in euros within the EU, and prevent you being charged extra just for using your card.
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