Carrying large amounts of cash abroad.

H

Havana

Registered User
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Does anyone know what is the max amount of cash is that I can carry to Spain? We have to transfer a large amount of money to our bank account in Spain and there is a charge for the bank there to recieve the money. So we were thinking of carrying as much of it in cash as we can on our next visit to save a bit.

Also for safety reasons he is going to take it all on his person- I would be too nervous and more likely to lose it- would there be any hassle with him carrying it all.

Thanks
 
This sounds risky and completely unnecessary. The say that for
transactions up to 50,000 euro...Banks are required to charge the same price for cross-border transfers and domestic transfers
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provided you give the correct IBAN for the destination account. If the amount is over €50,000, split it into multiple transfers.

I can't answer your original question. I'd guess that anyone carrying large amounts of cash through an airport would be suspected of money laundering or other criminal activity, and subjected to heavy questioning on the origin of the funds.
 
Its not the cost of sending it thats the problem- the banks in Spain charge to RECIEVE the money - 0.5%.
 
The regulation applies to transfer charges. Charges on receipt count as transfer charges, and the regulation should apply to them too. I think! If I'm wrong, ask Charlie McCreevy to close this loophole.

Do Spanish banks charge 0.5% on incoming domestic transfers?

Update: you may have to provide the BIC to avoid the receiving bank charging you these extra fees.
 
Thanks.

From all enguiries we have made there is no real way around it- some banks will negotiate the % but thats about it- and yes, AFAIK, all transfers are subject to revcieving fees.

We need to transfer about €116000, so 0.5% adds up. Obviously we will only carry what we are allowed- but every penny saved will make a difference. Amounts less than €12,500 are only charged at 0.2% so will probably do a few transfers.

Thanks again
 
Well you'd be absolutely mad to consider carrying such sum around in cash. How hard is it to open a bank account in Spain? Can you do this and just deposit the money by cheque?
 
Have an account in Spain- the only way to avoid charges is to lodge cash. And as I said we will only be carrying what we are allowed to carry- the rest we will have to transfer - just trying to save as much as we can.

(PS its surprisingly easy to open an account in Spain- passport and fax a gas bill- account opened in 10 mins)
 
So every time a Spanish person lodges a cheque to their account there's a 0.5% charge? Or are there special conditions for "foreign nationals"?
 
As far as i can make out- you can negotiate the charges so I'm sure the locals do. We have an account with Halifax there so the sooner Halifax/BOSI start currents accounts here the better as it will be free to transfer between those accounts.
 
Never had a problem transferring money to my bank account in Spain, don't have to pay here to transfer the momey (BOI) or when the money is received in Spain (La Caixa). Some banks will ask you to pay for even getting a "Good Morning" from their staff, but if you have a good relationship with the "Director" (Manager) or the "Subdirector" (Duty Manager), you can ask for them to waive this fees. This is commonly done in Spain.
You mentioned you have an account with Halifax, wouldn't it be better opening another account with a Spanish bank, rather than an English bank? You'll have to double check the small print, but I am sure there is plenty on offer so you can avoid the 0.5% for transferring money, seing it's that easy to open an account in spain.
 
The reason we opened with Halifax is cos we have a BOSI mortgage and savings account and hoped to be able to transfer from one of these and so avoid the charges. Unfortunatly that will not be possible until they start providing current accs here- which will be after we need to do this particular transfer. Also we won't be back in Spain to open another account before the transfer need to be made.

Guess we will have to just do a few transfers- will cost about €240 as opposed to €580 to do it in one go.

Thanks all.
 
extopia said:
So every time a Spanish person lodges a cheque to their account there's a 0.5% charge? Or are there special conditions for "foreign nationals"?
Click to expand...

Cheques generally aren't very popular in Spain. It's no surprise that around 30% of all the issued 500-euro notes have ended up there.
 
Apart from the real risk of losing it or being robbed ......

I think there is a legal limit as to how much cash you can carry out of the country. When the punt was legal tender, it was around £5,000 - I don't know what it is today, but you could have problems getting it through the airport.

I think they may even be entitled to take it from you under some section of the criminal justice act and you would then have to prove where you got it from and why you were carrying it.

You may also have problems arriving in Spain with the cash if it goes undiscovered here.
 
I agree that electronic transfer is the way to go.
Can a person easily open an a/c with a bank in spain whilst on holiday or will the bank insist on a permanent address.
Can anyone advise me how to open an a/c whilst on hols.
If the a/c is opened,then ask them about their charges and negotiate.
The charges on the irish side are low,but may need to do a few transfers to keep under certaain limits.
Is there high interest deposit a/cs in spain?
 
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