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If you own a home in Spain you will probably have been struggling with the high bank fees, especially when you have to transfer money from the UK. In their latest newsletter the Spanish property news website Kyero have offered some invaluable tips that we wanted to share with you.
If you bank in Spain, your bank is probably ripping you off regarding bank charges for transfers. This week, we transferred some money between a Euro bank account in Spain to another Euro bank account in the UK and our bank charged us €63 Euros for the privilege of doing so.
However, a quick phone call later and €62 Euros of that transfer fee had been refunded. Here’s how to do the same with your bank.
In September of this year the European Commission passed regulation 924/2009 which states that charges for transactions offered by your bank have to be the same whether the payment is national or cross-border.
In our case, our bank charges €1 for national transfers, yet persists in applying a percentage based charge for international transfers.
We simply had to remind them of this EC regulation, and hey presto, we had been refunded.
If your bank is less willing to cooperate, you can dob them in to the Spanish national authority and make a formal complaint by emailing The Bank of Spain.
If that fails, you can also and ask the Bank of Spain to mediate a resolution to the problem.
Spain’s banks have a long history of dodgy charges – especially to foreign clients. Now the EC has actually done something useful to bring those practices to light and, hopefully, stop them.