Bank Money Transfer from UK Accounts to CaixaBank
The best alternatives for sending funds from the UK to a CaixaBank account in Spain, a currency broker will save you time & money on the transaction.
About CaixaBank (La Caixa)
CaixaBank (formerly La Caixa) is one of Europe’s leading savings bank and Spain’s third largest financial institution, with a network of over 5,800 branches, more than 9,500 ATM’s, a workforce in excess of 31,900 employees and more than 13 million customers. The CaixaBank Group manages a total bank turnover of over 411,522 million euro, with total customer resources in excess of 238,404 million euro.
Euro Transfer to/from CaixaBank in Spain
Making a transfer to or from the euro using a bank service could potentially lose you thousands of pounds due to the poor FX margin rate offered. Private currency brokers offer a much more competitive rate of exchange. Example: Currency broker TorFX are one of the UK’s leading and largest foreign currency exchange specialists assisting private individuals and businesses with their foreign currency transfers to and from most countries worldwide. TorFX v traditional bank exchange rates:
|Company Name||FX Rate||GBP to EUR||FREE Quote|
|Typical Bank Rates||*1.9 to 6.2%||€1.05 to €1.098 info||Enquire|
UK pound sterling (GBP) to euro (EUR) currency rates are updated daily at 09:00 GMT. Data source – ECB
*Note: A lower FX Rate will give a better exchange rate when transferring money to/from euro. Specialist foreign exchange companies including the ones listed below can save you money and time on the transaction.
UK bank to CaixaBank account v Currency Brokers
1: Bank money transfer information: General Guidelines – High street banks also charge a commission fee when sending money abroad into another currency – Private brokers offer commission free currency transfers typically over a value of £5000 or €5599.235 euro. Bank transfer commission fees range from £15 to £30 depending on the bank.
2: Unless you pay a premium, high street banks will take from 3 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction between 1 to 3 days.
Sending Money Abroad with CaixaBank
To transfer funds abroad from your CaixaBank account, you have to give the beneficiary’s IBAN and BIC to the bank. There are two types of transfers:
1: Euro Transfers: transfers exclusively in euros for amounts less than or equal to EUR 50,000 within the European Union, including the precise bank details of the beneficiaries (i.e. BIC and IBAN).
2: International Transfers: any transfers within or to countries outside the European Union (other currencies, no IBAN, etc.)
International transfer requests may be submitted by fax as long as you have signed a request at your local CaixaBank branch.