Banca March

Old Aug 9th 2005, 7:36 pm
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Default Banca March

Hi

We are buying a flat in Majorca, and on the last visit we opened an account with Banca March.

I transferred Euros 50,000 from Lloyds TSB and agreed that the charges be split between the two banks. Lloyds charged us £20 for the transfer, Banca March charged Euros 101.20!

I then had Banca March transfer Euros 50,000 for the deposit to the builders bank account, also in Majorca in the same town, and they charged us Euros 125 to do that!

Are they taking the piss, or is this normal?

When we get the flat, are the bank going to charge Euros 20 every time they pay the electricity bill I wonder?

Martin
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Old Aug 9th 2005, 9:44 pm
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Default Re: Banca March

Originally Posted by mrcusa
Hi

We are buying a flat in Majorca, and on the last visit we opened an account with Banca March.

I transferred Euros 50,000 from Lloyds TSB and agreed that the charges be split between the two banks. Lloyds charged us £20 for the transfer, Banca March charged Euros 101.20!

I then had Banca March transfer Euros 50,000 for the deposit to the builders bank account, also in Majorca in the same town, and they charged us Euros 125 to do that!

Are they taking the piss, or is this normal?

When we get the flat, are the bank going to charge Euros 20 every time they pay the electricity bill I wonder?

Martin
I to have just opened a Bank account in Spain, i don't know too much about direct debits etc, but if you are transferring money to an individual (Builder) there is a specific way to do it which evades the costs, but it is quite legal.
The name for this transaction evades me just now, but your builder should know, because i believe he also gets charged accepting the way it has been done!
I cannot access the name of the transaction, however if you still need it, post another mail, i can get the info tomorrow.
There are also mmuch cheaper ways to transfer money form the Uk which are much cheaper that TSB.
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Old Aug 9th 2005, 9:51 pm
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Default Re: Banca March

Originally Posted by Technical
I to have just opened a Bank account in Spain, i don't know too much about direct debits etc, but if you are transferring money to an individual (Builder) there is a specific way to do it which evades the costs, but it is quite legal.
The name for this transaction evades me just now, but your builder should know, because i believe he also gets charged accepting the way it has been done!
I cannot access the name of the transaction, however if you still need it, post another mail, i can get the info tomorrow.
There are also mmuch cheaper ways to transfer money form the Uk which are much cheaper that TSB.
Yeah, what I was getting at though is, if I transfer some money online or ask my UK bank to transfer some money to another bank in the UK, it is free. £0.

I ask Banca March to transfer some money to another Spanish bank account and they charge me 125 euros.

I don't follow this at all. Maybe it is a Spanish thing, whereby you have to pay to transfer money from one account to another.

I know fo a fact that you can transfer £50,000 from Nationwide to Lloyds TSB and it costs nothing.

I think my original post was maybe not clear.

Martin
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Old Aug 9th 2005, 10:00 pm
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Default Re: Banca March

Originally Posted by mrcusa
Yeah, what I was getting at though is, if I transfer some money online or ask my UK bank to transfer some money to another bank in the UK, it is free. £0.

I ask Banca March to transfer some money to another Spanish bank account and they charge me 125 euros.

I don't follow this at all. Maybe it is a Spanish thing, whereby you have to pay to transfer money from one account to another.

I know fo a fact that you can transfer £50,000 from Nationwide to Lloyds TSB and it costs nothing.

I think my original post was maybe not clear.

Martin
I'll try and get the info for you tomorrow, though the charges are unaceptable,some of the banks are in groups and don't charge for transferring between each other, remember having this discussion whilst at the bank in Malaga last week!
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Old Aug 9th 2005, 10:12 pm
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Default Re: Banca March

Originally Posted by Technical
I'll try and get the info for you tomorrow, though the charges are unaceptable,some of the banks are in groups and don't charge for transferring between each other, remember having this discussion whilst at the bank in Malaga last week!

Thank you, I appreciate that!
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Old Aug 10th 2005, 8:35 am
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Smile Re: Banca March

Hi mrcusa,

The Spanish Bank charging system is very different from the UK and not surprisingly they are some of the most profitable in the world. Some of our banks say they offer free banking but at the same time make huge profits so they must be making money somewhere.

Spanish Banks charge upfront for every transaction. You have no doubt at this stage opened a non-resident account and I think they charge more and in more different ways for those.

There are better and cheaper ways to send money UK/ES than using a bank. I use a money broker who charges a flat fee of £10 for the exchange and the transfer of small amounts (£5000) and nothing for larger amounts and best of all gives a cracking rate of exchange. There are several of these.

At the other end you have been charged what is euphemistically called a "landing fee" which is why it is so high. Somewhere on your statement you will be able to work out how this was calculated. They charged us 0.3% first time then it dropped to 0.2% and then to nothing. From other threads on this site I learned that this is negotiable but before I could they dropped it anyway.

You should telephone straight away and say the charge is too high and unacceptable. See what they offer.

If nothing change your banking arrangements. Both Barclay'snd HOBS have branch networks in the most Brit popular areas. Through them you can transfer for nothing and their charges are more in line with the British levels.

There are other ways too so don't accept this charge ask for a refund. Also have a look at:-

http://www.costablanca-buyers-agent....ge/1306120.htm

This is where I got the best info from and by some freak accident found that the account opened for me in 24hr by my developer was regarded as the most expat user friendly of the Spanish Banks and they do seem to try hard. However I am going to keep a close eye on things and for the big transfer I am going to shop around the money brokers and negotiate zero fees with my branch.

Regards,

John

Originally Posted by mrcusa
Thank you, I appreciate that!
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Old Aug 10th 2005, 10:11 am
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Default Re: Banca March

Originally Posted by John & Kath
Hi mrcusa,

The Spanish Bank charging system is very different from the UK and not surprisingly they are some of the most profitable in the world. Some of our banks say they offer free banking but at the same time make huge profits so they must be making money somewhere.

Spanish Banks charge upfront for every transaction. You have no doubt at this stage opened a non-resident account and I think they charge more and in more different ways for those.

There are better and cheaper ways to send money UK/ES than using a bank. I use a money broker who charges a flat fee of £10 for the exchange and the transfer of small amounts (£5000) and nothing for larger amounts and best of all gives a cracking rate of exchange. There are several of these.

At the other end you have been charged what is euphemistically called a "landing fee" which is why it is so high. Somewhere on your statement you will be able to work out how this was calculated. They charged us 0.3% first time then it dropped to 0.2% and then to nothing. From other threads on this site I learned that this is negotiable but before I could they dropped it anyway.

You should telephone straight away and say the charge is too high and unacceptable. See what they offer.

If nothing change your banking arrangements. Both Barclay'snd HOBS have branch networks in the most Brit popular areas. Through them you can transfer for nothing and their charges are more in line with the British levels.

There are other ways too so don't accept this charge ask for a refund. Also have a look at:-

http://www.costablanca-buyers-agent....ge/1306120.htm

This is where I got the best info from and by some freak accident found that the account opened for me in 24hr by my developer was regarded as the most expat user friendly of the Spanish Banks and they do seem to try hard. However I am going to keep a close eye on things and for the big transfer I am going to shop around the money brokers and negotiate zero fees with my branch.

Regards,

John

I transferred 60,000 euros from Nat West in UK to La Caixa bank in Ayamonte and La Caixa charged me 310 euros landing fee plus 200 euros for a bankers draft. Nice work if you can get it, in future I will take cash across in a bag.
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Old Aug 10th 2005, 12:09 pm
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Default Re: Banca March

Originally Posted by John & Kath
Hi mrcusa,

The Spanish Bank charging system is very different from the UK and not surprisingly they are some of the most profitable in the world. Some of our banks say they offer free banking but at the same time make huge profits so they must be making money somewhere.

Spanish Banks charge upfront for every transaction. You have no doubt at this stage opened a non-resident account and I think they charge more and in more different ways for those.

There are better and cheaper ways to send money UK/ES than using a bank. I use a money broker who charges a flat fee of £10 for the exchange and the transfer of small amounts (£5000) and nothing for larger amounts and best of all gives a cracking rate of exchange. There are several of these.

At the other end you have been charged what is euphemistically called a "landing fee" which is why it is so high. Somewhere on your statement you will be able to work out how this was calculated. They charged us 0.3% first time then it dropped to 0.2% and then to nothing. From other threads on this site I learned that this is negotiable but before I could they dropped it anyway.

You should telephone straight away and say the charge is too high and unacceptable. See what they offer.

If nothing change your banking arrangements. Both Barclay'snd HOBS have branch networks in the most Brit popular areas. Through them you can transfer for nothing and their charges are more in line with the British levels.

There are other ways too so don't accept this charge ask for a refund. Also have a look at:-

http://www.costablanca-buyers-agent....ge/1306120.htm

This is where I got the best info from and by some freak accident found that the account opened for me in 24hr by my developer was regarded as the most expat user friendly of the Spanish Banks and they do seem to try hard. However I am going to keep a close eye on things and for the big transfer I am going to shop around the money brokers and negotiate zero fees with my branch.

Regards,

John

Hi John

Thanks very much for that info.

I don't speak any Spanish, but I will send an email to Banca March today and ask for an explanation.

If the charges stay, then I will open an account with Barclays.

Martin
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Old Aug 10th 2005, 8:42 pm
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Default Re: Banca March

Originally Posted by mrcusa
Hi

We are buying a flat in Majorca, and on the last visit we opened an account with Banca March.

I transferred Euros 50,000 from Lloyds TSB and agreed that the charges be split between the two banks. Lloyds charged us £20 for the transfer, Banca March charged Euros 101.20!

I then had Banca March transfer Euros 50,000 for the deposit to the builders bank account, also in Majorca in the same town, and they charged us Euros 125 to do that!

Are they taking the piss, or is this normal?

When we get the flat, are the bank going to charge Euros 20 every time they pay the electricity bill I wonder?

Martin
HI MARTIN,
I said I would come back to you with the name for a transaction that does not attract interest, its called a 'Reintegro' by all accounts this is the method used for private transfers.
I have talked to my bank in Spain to-day and they do not charge fro direct debits, i'm with banco CAJAMAR, they say there may be cahrges if you send money to another bank and then onto the town hall etc.
Also Cajamar do not charge for recieveing funds from the UK, they company I used for doing this was 'Currencies direct, there rates are much lower than UK banks and again they do not charge fees on ammounts over £5,000, even including the transfer rates for lesser ammounts, it's better that UK banks can offer.
I hope this has been some help
Glenn
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Old Aug 10th 2005, 10:38 pm
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Default Re: Banca March

Originally Posted by Technical
HI MARTIN,
I said I would come back to you with the name for a transaction that does not attract interest, its called a 'Reintegro' by all accounts this is the method used for private transfers.
I have talked to my bank in Spain to-day and they do not charge fro direct debits, i'm with banco CAJAMAR, they say there may be cahrges if you send money to another bank and then onto the town hall etc.
Also Cajamar do not charge for recieveing funds from the UK, they company I used for doing this was 'Currencies direct, there rates are much lower than UK banks and again they do not charge fees on ammounts over £5,000, even including the transfer rates for lesser ammounts, it's better that UK banks can offer.
I hope this has been some help
Glenn
Thanks Glenn

I have written to Banca March now using this information.

We will see what they say.

Martin
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