How do I avoid foreign bank receive costs?

Some foreign banks, especially those in Spain, charge a premium to receive funds from abroad. This can be as much as 3% of the amount to be transferred, which is considerable. There are several ways that receive costs can be avoided. If the funds are sent to a notaire account or a resident account in that country then there will be no receive charges, i.e. ask if you can send your funds directly to your foreign solicitor or estate agent account.

You may be able to negotiate with your bank to reduce these charges. But make sure you get written confirmation from them before you send out your funds.

Foreign Exchange UK .com have procedures to open bank accounts on your behalf in a foreign country whereby you receive no charges whatsoever. If you intend to make repeat transfers it makes sense to have this banking facility open.

Back to questions and answers >>

Buying Property Abroad?
Avoid currency fluctuations

Exchange & Community
Free international transfers for charities