# Transferring savings



## donz (May 5, 2010)

Guys, I am hoping to have some substantial savings left when I move to Spain & I need to know the best way of bringing them with me (or not!)

I will be using some of it to build up our business so I will need some if not all

What is the max limit you can transfer by bank before questions start getting asked etc? Should I do it in bits & bobs, bring some with me in cash or what?


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## Guest (Sep 7, 2010)

Assuming you´d need to convert into euros before coming here I would look at using one of the money transfer companies


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## mrypg9 (Apr 26, 2008)

I don't think there is a limit. I use an offshore account, well two, one for sterling and one for euros. 
Offshore accounts are easy to use and very convenient - but don't use Lloyds.....they are useless. All UK banks have offshore branches.
I keep a small amount in my Spanish bank. As has been posted earlier, if you have any problem with Spanish authorities of any kind, your account can be frozen and your assets sequestrated.
I did have to prove where my money came from when I deposited it but I don't remember a limit and it was a fair amount - we've lived off it for the past five years!


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## donz (May 5, 2010)

might be hard to 'prove' where it all comes from - some has been from a house sale a while back where my ex bought me out some is savings in general etc etc but it's all in the bank


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## mrypg9 (Apr 26, 2008)

donz said:


> might be hard to 'prove' where it all comes from - some has been from a house sale a while back where my ex bought me out some is savings in general etc etc but it's all in the bank


When I opened the offshore accounts and transferred the large sums I had to send photocopies of documents showing where the original money had come from, which was sales of properties and a lump sum from a realised investment. So it was easy to do - your accountant will do it for you. I also had to give proof of incomes going into the accounts, again easy.
Offshore banking is easy and convenient if you choose the right bank.
I didn't.


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## Rofa (Dec 3, 2009)

mrypg9 said:


> Offshore banking is easy and convenient if you choose the right bank.
> I didn't.


And can also help your heirs avoid/evade death duties to some extent - if that is what you wish to do.


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## mrypg9 (Apr 26, 2008)

Rofa said:


> And can also help your heirs avoid/evade death duties to some extent - if that is what you wish to do.



I didn't know that
But it's not relevant in my case as I am a very selfish parent
All properties have been sold and invested in financial products, all to be spent before we depart this mortal coil.....
My son has no need of any comparable pittance I might leave - if it's all gone and I'm still here I shall pack a suitcase and sit on his doorstep
I opened the offshore accounts as both my Czech banks were incompetent (although less so than Lloyds Offshore) and charged exorbitant fees for every single 'service' including paying in cheques.
I find it convenient for channeling UK income as and when needed to my Spanish euro account.


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## Rofa (Dec 3, 2009)

mrypg9 said:


> I didn't know that
> But it's not relevant in my case as I am a very selfish parent
> All properties have been sold and invested in financial products, all to be spent before we depart this mortal coil.....
> My son has no need of any comparable pittance I might leave - if it's all gone and I'm still here I shalsud thitcase and sit on his doorstep
> ...


Ah a SKIer - Spend the kids inheritance


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## mrypg9 (Apr 26, 2008)

Rofa said:


> Ah a SKIer - Spend the kids inheritance


Yep!! I hope to get through as much as possible. My son can inherit my library and extensive collection of classical music CDs. Much better for him than filthy lucre
I don't believe in inherited wealth, saps initiative imo. A little help with education and start-up, maybe, but after that it's yer own two feet.


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## Jaxx (Apr 21, 2010)

donz said:


> Guys, I am hoping to have some substantial savings left when I move to Spain & I need to know the best way of bringing them with me (or not!)
> 
> I will be using some of it to build up our business so I will need some if not all
> 
> What is the max limit you can transfer by bank before questions start getting asked etc? Should I do it in bits & bobs, bring some with me in cash or what?


Hi there, some interesting information i found out this week whilst opening a bank account in Spain. If you transfer an amount higher than 50 000 euros then the bank will charge you for accepting it, i believe it is about 300 euros. So people who are buying a property should transfer in lower amounts than this.
All the best in your adventure.lane:


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## mrypg9 (Apr 26, 2008)

Jaxx said:


> Hi there, some interesting information i found out this week whilst opening a bank account in Spain. If you transfer an amount higher than 50 000 euros then the bank will charge you for accepting it, i believe it is about 300 euros. So people who are buying a property should transfer in lower amounts than this.
> All the best in your adventure.lane:


Not all banks.....


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## Rofa (Dec 3, 2009)

Jaxx said:


> Hi there, some interesting information i found out this week whilst opening a bank account in Spain. If you transfer an amount higher than 50 000 euros then the bank will charge you for accepting it, i believe it is about 300 euros. So people who are buying a property should transfer in lower amounts than this.
> All the best in your adventure.lane:


I happen to bank with, amongst others, the Halifax - no great fan (their current overdraft arrangements are a disgusting rip-off) - but their offshore and UK on line facilities do work and if you use their Spanish banking facilities then transfers from the UK are free.


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## donz (May 5, 2010)

ok so I am maybe a little confused, I also bank with the Halifax in the UK among others. So if I were to transfer a heap of cash over from Halifax UK to Spain Halifax is that it, or do I get charged/questioned/grilled?

It's annoying that you have to go through hoops just to keep your own hard earned savings!


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## Alcalaina (Aug 6, 2010)

Rofa said:


> I happen to bank with, amongst others, the Halifax - no great fan (their current overdraft arrangements are a disgusting rip-off) - but their offshore and UK on line facilities do work and if you use their Spanish banking facilities then transfers from the UK are free.


Yes, I use the "Banco Halifaxo" for this and its very convenient. The customer service is excellent and I even managed to negotiate a higher interest rate on our savings account than they one they were advertising! They are being absorbed into Lloyds unfortunately - I´m not a big fan of theirs so might have to move one day, if I´ve got anything left to move.


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## Alcalaina (Aug 6, 2010)

donz said:


> ok so I am maybe a little confused, I also bank with the Halifax in the UK among others. So if I were to transfer a heap of cash over from Halifax UK to Spain Halifax is that it, or do I get charged/questioned/grilled?
> 
> It's annoying that you have to go through hoops just to keep your own hard earned savings!


I think there is a limit if you do it online (£10,000?) but you could do it in batches. I transferred £30k over the phone two years ago, no problem and no charge.

The interest rate might not be as high as some as the specialist exchange firms like HIFX though.


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## donz (May 5, 2010)

thanks for that - it's all a bit of a minefield!


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## mrypg9 (Apr 26, 2008)

Rofa said:


> I happen to bank with, amongst others, the Halifax - no great fan (their current overdraft arrangements are a disgusting rip-off) - but their offshore and UK on line facilities do work and if you use their Spanish banking facilities then transfers from the UK are free.


I'm going to have to stop banking with Lloyds Offshore as soon as I resolve my current dispute with them.
So...you recommend Halifax? Is that the same as HalifaxHBOS?
Are they Halifax in Spain or is there a Spanish subsidiary?
Do they have a Gibraltar branch?


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## Rofa (Dec 3, 2009)

mrypg9 said:


> I'm going to have to stop banking with Lloyds Offshore as soon as I resolve my current dispute with them.
> So...you recommend Halifax? Is that the same as HalifaxHBOS?
> Are they Halifax in Spain or is there a Spanish subsidiary?
> Do they have a Gibraltar branch?


I am not recommending them - I use them and have had no problems. Lloyds, Halifax and HBOS are part of the same group - Wikipedia is the easiest source. I do not use the Halifax Spain operation (I believe it is a wholly owned subsid)- you have to be either a UK or Spanish resident and at the moment I am neither. However I did get a "e-mail shot" from UK Halifax promoting Halifax Spain and in particular the zero cost for fund transfers (a few years back it was free to any Spanish bank - but this was just one of the things they changed)- Don't know about Gib - but if they have it will be on the website I guess.


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## Alcalaina (Aug 6, 2010)

mrypg9 said:


> I'm going to have to stop banking with Lloyds Offshore as soon as I resolve my current dispute with them.
> So...you recommend Halifax? Is that the same as HalifaxHBOS?
> Are they Halifax in Spain or is there a Spanish subsidiary?
> Do they have a Gibraltar branch?


Banco Halifax Hispania have a branch in Sotogrande. They are now owned by Lloyds, but have promised to retain their own identity (don't they all!) However that might be a showstopper for you if you are in dispute with Lloyds.


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## DesktopCommando (Aug 26, 2010)

with halifax online there is an option to see what the % rate of conversion is and its pants compared to other transfer companies like moneycorp, I'd shop around, its not the charges for the service its the exchange rate you want to be as good as possible.


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