SueG

Right, I have opened the new Nationwide Flex Account, the E-savings account and Nationwide credit card (having seen the recommendations here)! Already have a Spanish account set up but I think it is only like a Building Society account here in England so the question is can I transfer monies from the flex account and e-savings direct to the account in Spain or am I asking for a miracle??!!

I know we can draw money for every day living from the cash machines but we are hoping to purchase a business and a car.

All sensible replies would be appreciated.

Sue
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BritBull

Ask the bank....

If not possible, use a third party to transfer the monies. Someone like Currencies Direct.

SueG

If we are in Spain we they still be able to do that for us without us going into a branch?

BritBull

If you mean setting it up via your UK branch whilst out of the UK, probably not, if they are anything like NatWest.
You need to be present in a UK branch to do anything which involves monies travelling out of mainland UK.
Pathetic I know but that's their policy.

A third party company will be able to arrange everything but it take a few weeks to set up and around 6 working days for the transfer.

susique

Banca March have a branch in London. You can transfer money from N/Wide flex direct to them and then get them to move it out to Spain via a phone call backed with a fax or letter. They have quite good rates of exchange.

Chiclanagir

But you have to keep a certain amount in the account in London.

Chiclanagir

Bloody currencies direct. Just started with them and money was due out of my UK account on 1st December and now on the 11th we still do not have any money in our Banca March account. Not impressed. Down to our last brass farthing.

BritBull

It takes 6 working days.
Today is really the 6th full day so should be in your account after midnight tonight.
Mine arrived this morning.
And no, I can't lend you any

YMF

Banca March make their money by asking you to keep a minimum amount in London, currency transfer companies sit on your money for a few days so gaining interest.
Some friends of ours transferred a large sum of money via one of the large transfer brokers about 2 weeks ago now, it still has not arrived, it appears to be lost in cyberspace.
For us Banca March London has always had very good exchange rates and been quick and reliable.
Hope you money arrives soon.
Yvonne

SueG

Thank you for all responses. Can anyone tell me the amount that is required to be kept in the Bank in London? Probably more than I want to transfer!!

Sue

jdr

Lloyds bank and Bancopopular work together, I transfered at a better rate than any of the brokers and the dosh was in the next day.

Flooziesoozie

There is no minimum to keep in London a/c, however to avoid bank charges you need a minimum of £500. There is also a fee when first opening account (I think this was about £35 when we opened but not sure how much now). We transfer money by this route and the time to xfer from UK to Spain is very fast, generally only a couple of days.
If you xfer it to a Banca March sterling account you can then choose the best time to convert to Sterling.
The staff at the London branch are Spanish but with excellent English.

Good luck

Chiclanagir

A friend got his on Friday!! When I spoke to Currencies Direct today they said may be tomorrow, may be Wednesday.

poollounger

I have a Nationwide Flex account, Internet account and e-savings.
I needed to send a some money to Spain last week , so bought the currency with HIFX, got 1.44 to the pound. Paid HIFX via the internet, filled in the onward form online and it was in my account three days later. No charges at the Spanish end either. I would think you could do the same, but would just need to check if the Spanish bank/building society has an IBAN code. This is like an international version of the sort code we use in Britain.

SueG

Thank you so much that was just the information I needed. Many thanks again.

Sue
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