Use ING Direct to receive payments in Spain
Thread poster: Dr. Andrew Frankland

Dr. Andrew Frankland  Identity Verified
Spain
Local time: 18:23
Member (2007)
English
+ ...
Mar 13, 2006

Dear All,

I've been freelancing in Spain for almost three years now and have recently discovered that money paid into my account with ING Direct (Cuenta Naranja) doesn't incur transfer fees. I used to use an acocunt with Caja Madrid and, seen as my main client is based in Germany, I was charged around 6 Euros in transfer fees for every invoice, even though both countries use the Euro. I've since started having the money transferred to my ING account and there are no fees, which saves me almost 300 Euros a year.

Apologies if this topic has already been discussed.


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Parrot  Identity Verified
Spain
Local time: 18:23
Member (2002)
Spanish to English
+ ...
No commissions with most commercial banks Mar 13, 2006

I don't know if the answer there is the distinction between a savings and a commercial bank, but I think you'd be in your rights to ask for an explanation from Caja Madrid.

As I recall, the Bank of Spain already ruled against this practice, and as far as I know, commercial banks observe this ruling.

Possibly helpful link (with complaints option):

http://www.bde.es/homee.htm


[Edited at 2006-03-13 11:41]


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Woodstock  Identity Verified
Germany
Local time: 18:23
German to English
+ ...
No transfer fees for EUR transactions within the EU Mar 13, 2006

This is my understanding of the EU regulations: No banks should charge fees for transfers in euro between EU countries. If this applies to all banks, yours has been taking you for a ride. Demand your money back. I really dislike German banks, they are all crooks, out to wipe the floor with you. Maybe they're the same in Spain? US banks are much more customer-friendly and helpful. My experience is that they bend over backward to be helpful. German banks often act as if they're doing you a favor by taking your money! Unbelievable: After all, who pays their salaries!?!

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Anjo Sterringa  Identity Verified
Spain
Local time: 18:23
Member (2003)
English to Dutch
+ ...
Charges vary Mar 13, 2006

With La Caixa I only pay EUR3 when I transfer money myself within the eurozone. Up to a bit more than a year ago it did cost me that amount to receive EURO transfers as well, but not anymore.

With Banco Popular I have also found out that these rates are negotiable. The maximum rate they can apply is 0.25% I think. It has to be the same rate they apply to national transfers. One year ago this was EUR 2.70. The amount Caja Madrid charges seems excessive.

We have an ING account as well, but I prefer having my bank office around the corner where I can speak to the manager if something's gone wrong or if I need advice.

http://europa.eu.int/rapid/pressReleasesAction.do?reference=MEMO/03/140&format=HTML&aged=1&language=ES&guiLanguage=fr
El Reglamento 2560/2001/CE sobre pagos transfronterizos en euros establece, a partir del 1 de julio de 2003, el principio de igualdad de tarifas entre una operación transfronteriza y una operación estrictamente nacional en el seno de la Unión Europea. Cuando se hace un pago en euros entre dos cuentas en euros, no hay razón para que el gasto de la transferencia sea diferente si dicho pago franquea una frontera. Actualmente en la zona euro las fronteras geográficas no son ya fronteras monetarias.


[Edited at 2006-03-13 11:33]


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Ralf Lemster  Identity Verified
Germany
Local time: 18:23
English to German
+ ...
(Re-)Read the EU regulation... Mar 13, 2006

Hi Woodstock,
Careful here - may I recommend to read the relevant EU document before jumping to conclusions?

Woodstock wrote:

This is my understanding of the EU regulations: No banks should charge fees for transfers in euro between EU countries. If this applies to all banks, yours has been taking you for a ride. Demand your money back.


The relevant rule is EU Regulation 2560/2001; in this context, particularly Article 3 of said Regulation:


Article 3

Charges for cross-border electronic payment transactions and credit transfers

1. With effect from 1 July 2002, charges levied by an institution in respect of cross-border electronic payment transactions in euro up to EUR 12500 shall be the same as the charges levied by the same institution in respect of corresponding payments in euro transacted within the Member State in which the establishment of that institution executing the cross-border electronic payment transaction is located.

2. With effect from 1 July 2003 at the latest, charges levied by an institution in respect of cross-border credit transfers in euro up to EUR 12500 shall be the same as the charges levied by the same institution in respect of corresponding credit transfers in euro transacted within the Member State in which the establishment of that institution executing the cross-border transfer is located.

3. With effect from 1 January 2006 the amount EUR 12500 shall be raised to EUR 50000.

If the bank charges nothing for domestic euro transfers, they cannot charge for cross-border payments. But the Regulation does not set charges to nil by default.

Also, note that application of these rules is subject to certain conditions regarding the instructions for such payments.

Best regards,
Ralf


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