Sending money to Spain

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gilboy

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Hi

I am purchasing a property in Spain that is due for completion in Feb 07. Can I get a bank draft done in ireland and bring that with me. Should i expect to incurr any expenses?

Thanks
 
You wouldn't necessarily incur any expenses. However, the whole thing would look more transparent if you did it by electronic transfer.
Eliminates the image of a Paddy with a big wedge of cash jumping on a plane...
 
I was not planning on bringing any cash with me. Had planned on bringing a bank draft that i got here in Ireland, however I was wondering would there be any processing fee when i arrive is Spain with the draft and more importantly would they accept that.
 
Some of the Spanish banks are notorious for charging handling fees, as much as 1% of the cost. Check with the bank before you do it. SCH seems notorious for charges on drafts from what I hear; have heard several complaints about huge fees on transfers by them.

I have however done transfers recently at very small charges, but not with SCH.
 
You should check with the lawyer you are employing for the purchase. When I was buying I needed to have a cheque/draft drawn on a Spanish bank account [a/c was setup by my lawyer]. I funded this account by electronic transfer - it did cost a few hundred in Spanish bank fees to receive the t/f.
In any case you will need a Spanish bank a/c for DD for paying for water, electricity etc.
I recently spoke with AIB about bringing a significant amount of cash back from Spain, was looking at using a bank draft. I was told that if I used a bank draft it would be sent back to the Spanish bank by normal post for clearance. Don't know if it's the same with Irish draft to Spain.
 
auto320 said:
Some of the Spanish banks are notorious for charging handling fees, as much as 1% of the cost. Check with the bank before you do it.
Click to expand...
I strongly second that. If at all possible, get it in writing, too!

See [broken link removed] (scroll to bottom of page).
 
Can one open a spanish bank a/c whilst over there on holidays?
Or maybe one needs a permanent address first.
 
Some banks can issue Euro drafts drawn on their account in each of the Euro zone countries. This is a legacy from when they had accounts in Spanish Pesetas, DMarks, French Francs etc which on 1st Jan 1999 got converted into Euro accounts which they held onto.

I know NIB can do this, but that will depend on whether you have an account with NIB. I presume that the same will apply for the other Irish Clearing Banks.

Whatever you do, try and avoid having a bog-standard Bank Draft drawn on say AIB Donnybrook branch for example.

By drawn, it effectively refers to the address/sortcode where the receiving bank can collect it funds from - so if it is a branch of an Irish Bank they will charge a fortune in Spain, but a nominal charge, if anything, if you have the draft on a spanish bank with a spanish sortcode/address.
 
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