tebo53

Hi, soon be changing my Sabadell non-residents savings account to the residents Expansión Account, which is free as long as I deposit ‘over 700 euros’ per month.

Question is: Do Sabadell insist on doing the monetary transfer, or is it ok for me to transfer my income at a regular monthly interval (using a web based company such as Transferwise to convert it to euros)?

My cash will be transferred from a Stirling account in the UK to which Sabadell would no doubt charge loads for the £ / euro exchange.

amideislas

Your UK bank is more likely to murder you on the exchange rate. Does your UK bank even know what a Euro is?

EMR

We use HSBC and on the last transaction a few weeks ago got over E1.20 /£1.
It certainly does pay to shop around.

tebo53

Thanks, but do Sabadell insist on doing the transfer, (and maybe charge an exchange fee,) if you have their free Expansion account or is it ok if I do it through a web company. I already use Transferwise to transfer to my Sabadell savings account

Westonman

Hi Tebo53
I have been with Sabadell since last November initially with a non residents account and regularly transferred euros to that account via Excel currencies having converted from sterling with no charge. When it came to paying a large sum of money for a house purchase the kind lady at the Vera office advised me to transfer in three amounts under 50,000 euro to avoid any charges from them.
On the day we signed the seller asked me to pay from my Sabadell account to their Uk bank and Sabadell wanted toi charge me 1,000 euros to do that so I told them I was closing the account and would not be paying in any further amounts. After a few minutes and a huddle of cashier/Lawyer/Manager they converted my account to a residents one and hey presto no charges!!
I now will pay in 700 euro a month as agreed and should receive no charges. I dont think they mind how they get it in all honesty.
Will still watch them closely as they managed to still debit my account that very day for 25 euros annual fee for my wifes debit card but not mine???
Presumably this charge went through just before the change of account, I await a reply to my email as to what they are playing at.
So no they dont insist on doing the transfer
Hope this helps

tebo53

Thanks very much Westonman. Just what I wanted to hear. It's just that I didn't want any hidden fee's!
Great stuff