Transferring Euros back to the UK

MrsBSaver

I am trying to transfer some euros from my Sabadell account to the UK. Sabadell wants to charge me a large fee to transfer to a non resident euro account ( I will not be changing back to GBP). Apart from using a currency broker, is it possible for me to open a euro account with a Spanish bank in the UK such as Santander to avoid hefty fees? Or is there another way around this?

Daliah

Usual answer: Wise,  or Starling Bank if you are a UK resident, or Fineco Bank

Marchitiello

I have moved Euro in and out of Spain through Fineco UK multi currency bank account. As the account has actually an Italian IBAN account reference, the Spanish bank should not be able to charge you extra (EU SEPA transfer were designed to work as domestic Fast Payment transfers). Once the Money land into your Fineco Euro account you can convert it at very close to the spot rate and with no additional fees.. I have made direct comparisons with Starling, Wise and other similar option and the net amount converted was always higher then what the other services offered.

lvf

I get my salary from Ireland in Euro into the UK through Starling, however they should be able to transfer to any SEPA account which has a BIC/IBAN. In terms of charging a large fee, this is known as IBAN discrimination and goes directly against EU legislation:

"IBAN discrimination is where an employer or company, such as a utility company, refuses to accept your SEPA IBAN for euro payments or direct debits.

IBAN discrimination is not permitted under the SEPA."

Helpful advice (taken from Ireland but is relevant throughout the SEPA zone:

"If a company or employer in [SEPA country] says it will only accept a [resident] IBAN for a direct debit or credit transfer, we advise you to take the following steps:

• Advise them that they are obliged to accept IBANs from other SEPA countries (Article 9 of the SEPA Regulation).
• Send a formal written complaint if necessary.
• If you do not receive a satisfactory response to your complaint you can report the alleged breach to the relevant competent authority."

Daliah

Starling would be my favourite too, but you have to be a UK resident in order to apply for, or hold, a Starling account. From the information provided, it's not clear where  MrsBSaver is resident.

MrsBSaver

Just wanted to say a quick thank you to all of you that replied to my post.
I really didn't want to pay the extortionate fees Sabadell bank are trying to charge me for withdrawing my own money just because I'm british !

Daliah

MrsBSaver said:

Just wanted to say a quick thank you to all of you that replied to my post.
I really didn't want to pay the extortionate fees Sabadell bank are trying to charge me for withdrawing my own money just because I'm british !

They are not charging by nationality.

eDicky

Santander UK are not a Spanish bank, being a separate entity to their parent, and don't offer a euro account.

What do you mean by 'a non resident euro account'? Where are you resident? If you want to retain the funds in euros in a UK financial institution and avoid transfer fees have you considered the above suggestions?

PaulW922

Just get an account with Wise or Revolut - then you will have a Euro account number you can use anywhere

Daliah

I wouldn't go near Revolut, due to their shoddy/non-existent CS. 

paddytt

I have always found TransferWise (now Wise) to be excellent… 10 / 10