Transferring money to Spain
Many people are familiar with the frustrating delays where one waits days for a bank transfer to materialise. However, there is good news for overseas buyers transferring money to Spain and other parts of the Eurozone, because now you can transfer money to Spain of up to €15,000 online – in seconds!
On 14th February 2018, a new system went live in the Eurozone, which hopefully stops the annoying time lag in money arriving at its destination. When it comes to transferring money to Spain, according to press reports customers in the Eurozone should be able to makes transfers up to the limit mentioned above within 10 seconds.
A number of Spanish banks are already using the system. They are: Santander, BBVA, Sabadell, Bankia, Caixa and Albanco. Bankinter may also adopt it, once it has completed its investigations into the system, although it already has the Bizum system that performs transactions in record time.
Transferring money to Spain Fast
Currently, Spain, Germany, Italy and the Netherlands are the countries where the new system is available. However, it should be available more widely within the Eurozone by the end of 2018, although whether this is theory rather than practice, we don’t know yet.
With transferring money to Spain, one concern for the banks at the moment is regarding the charges for the service. It is believed these will be around 20 to 50 cents per transaction, while some banking analysts are suggesting that ultimately it will be free, which would be very good news.
In the meantime, if you’re transferring money to Spain that is more than €15,000, you will face the same old delays if you are using your bank. To avoid this, why not try Moneycorp, which has been operating international transfers since 1979. Not only does it offer better exchange rates than the banks, it also offers fast online transfers 24/7. It will also save you money if you need to make regular transfers to pay the mortgage on an overseas property and its experts are available to chat with you about your specific needs and advise you on the most cost-effective way of managing your money, including the repatriation of funds for property owners who wish to sell and return home. You can register with the service in a few minutes without any obligation to use the service.
And, ask at your bank if they will be joining this new Eurozone fast transfer system – making transferring money to Spain so much easier, you might just encourage them to adopt it!