Brexit. New Bank Charges and Exchange Rates.
Since Brexit, the UK remains in the Single Euro Payments Area. SEPA is a system that facilitates cross-border transfers regarding standards and protocols, but it is important to note that it does not limit bank fees.
Now that the UK is out of the EU, European banks are free to set their own fees and exchange rates for transfers to and from the UK. It is apparent that Spanish Banks are doing just that.
However, there are ways to avoid these new bank charges and transfer fees to and from the UK.
Each bank seems to have its own system and charges. These are often set at “Head Office” level. Having discussed this with a couple of local branches it appears that there is some scope for negotiation at a local level. If possible, I recommend making an appointment with your branch and discussing a personal arrangement to suit your requirements. Some branches will be accommodating and may at least reduce annual fees.
When transferring funds, you could use a Foreign Currency Broker.
We have personally and successfully used THE FOREMOST CURRENCY GROUP for many years. They have full EU licencing and hold Euro accounts in Germany. This means that as transfers are within the EU, these new additional fees are negated or removed. So, not only can they potentially reduce bank charges, they will also provide vastly better exchange rates than a bank. This can make a huge difference in what finally lands in your bank account.
Whether you are transferring a large sum for a purchase or small “top up” for a Spanish account, we recommend contacting The Foremost Currency Group for professional advice depending on your personal situation.