best way to transfer large sum of money to Spain

G

girseach

Registered User
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33
Hi

I want to transfer €60,000 over to spain to clear a mortgage we have on an apartment, can anyone recommend the best way to do this? Transfer through banks or bring draft over to Spain myself to clear the mortgage? Any hints or tips would be greatly appreciated.

Many thanks
 
As askaboutmoney is an Irish board, I presume the transfer is Euro to Euro account. Therefore would a currency broker be involved.
What about IBAN, though there is probably a limit on the amount of any single transfer. You could ask your bank what is the most efficient way of doing the transfer. My own bank BOI allows me to make international transfers online. You need to register the beneficiary account prior to making any transfers.
 
You can transfer a maximum of €50.000 from one euro account to another within the euro zone without any charges. All you need is the name & account number, the IBAN & BIC code of the bank. As you are transferring €60.000 I would suggest just sending two transfers of €30.000 to avoid paying any bank charges.
 
lasno, my apologies. As it is so straightforward to transfer euros within the eurozone I just assumed that girseach had asked the question because he was starting from a different base currency.
 
there are tax/succession advantages in having a mortgage on a property in spain. Are you selling the property or clearing the mortgage only?
have you taken advice on this?
 
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