Barriej

Can't answer for sabadell but santander don't charge unless you want a 24hr turn round on a bankers draft.
As to wise etc. Never had any charges as the transaction is treated as a standard debit not a currency transfer.
Basically wise etc are a currency retailer and you are buying a product from them. It's just the same as buying music online and downloading it to your phone...

UKMS

The cost of receiving a (Spanish) Euro draft into a Sabadell account may well depend on the type of account you hold, have a look at your table of charges/fees published for your account. For my Sabadell account there is no charge for a local draft in these circumstances. To transfer the funds out you would simply be making a euro to euro bank transfer so there will be no exchange rate to worry about and there should be no fees but again may depend on the account you hold. In my opinion the biggest concern you have is the exchange rate and fees and this is where you will win with Wise (or other similar service of your choice) and this is where you would likely be shafted by Sabadell. Once the Euros or in your Wise account you simply convert them to Sterling at a far better rate than Sabadell will offer. Once its in Sterling you push it out to your UK account. Might sound complicated but is easily done in seconds online or via the Wise app. I use it regularly several times a month in various currencies and never had issues and never can beat the rates.

spainrico

If you are confused why not talk to your bank?

ValTay0607

May have already posted this but would appreciate advice. having spoken to Sabadell, they seem to want to make it as difficult as possible, Currency dealing 'banks' seem to hold on too long to one's money before effecting a transfer so making it possible to miss a 'good' rate. Any other cost-effective options? TIA

UKMS

You will see many references to using Wise in other threads. From what you describe it would be as simple as pushing your money from Sabadell to your Euro account in Wise and then exchanging it at your leisure within Wise which takes seconds and then pushing it to your UK destination account. Similar concept with other banks such as Revolut (and others). Certainly in my frequent experience of both Wise and Revolut they don't hold the money at all if its coming EU to EU.

Rosemary

Yes, you have already been asking about this in your other thread so I will merge them to save people repeating themselves.

Rosemary

VEDShappy

I use Currency Fair, an exchange company like the others. Rates are comparable to others.
It is probably true of the others too, but with Currency Fair you can "set" the exchange rate that you want and the transaction will not take place until that rate is reached. An ideal tool for those who know what a "good" rate is and if it's likely any time soon.

Barriej

You can do the same with Wise, I have a 'pot' I move over a couple of times a year, so I do the same.
Wise will also setup a monthly transfer but you get that at a fixed rate so its not as good.

ValTay0607

Has anyone used a Sabadell issued Bankers Draft to pay into their UK bank account? TIA

Pulaski

If you're talking about a draft drawn in pound sterling then it will almost certainly be drawn on a bank in the UK, perhaps at Sabadell's London branch, but more likely drawn on Barclay's, NatWest, HSBC, or Lloyd's bank. In other words, you'll be depositing a British cheque, no different from a cheque given to you by a friend or relative drawn on their bank account in the UK.

If you're talking about depositing a euro draft, then you can expect a poor exchange rate, but shouldn't otherwise expect an issue.

UKMS

If it’s a large amount, depending on your bank, explore whether you can open a UK based currency account in Euros. You can pay it in and then exchange at your leisure when the rates suit.

VEDShappy

As previously advised

UKMS

Advised where ?

VEDShappy

https://britishexpats.com/forum/spai...operty-942974/

Rosemary

I merged your previous two threads as they were on the same subject. Please stop opening multiple threads on the same theme.

Rosemary