Deposits, Transfers and a Spanish Bank Account

Deposits on property are now 10% on signing a deposit contract. Should you not have the 10% available, then an alternative to enable you to secure the property is for an immediate payment of €3.000 handed over when signing the deposit contract. Within that contract it will state that the balance of the 10% of the asking price is then payable within two weeks. This gives you chance to get back to the UK and send more money out. However, it is far better to get all the 10% funds here in advance of your visit. We therefore ask that you bring with you either enough cash or open an account locally here in Spain, for the larger amount that you feel will be needed to enable you to complete the deposit and deposit contract. Ask us for our separate two page “Word” document entitled “Trip Out – Final Notes” which explains what you need for a successful trip out here, in more detail.

Properties are only generally held for 60 days, after giving over your deposit, so please ensure that you are in a position to complete the transaction within the time stated, before embarking on your house‑hunting visit.

An International Transfer can be made from most banks from Sterling into Euros and be transferred electronically for about £20 to £25.  They will transfer your deposit money directly into a bank account with a local bank in Spain.  You can also use a specialist FX (Foreign Exchange) Company to forward buy in Euros. The Spanish Bank will also make a charge this end, but both charges will give you peace of mind and save time and trouble in the long run.

We ask you not to bring any types of cheque with you, since no matter what your bank may tell you, when you bring a cheque over here, even in Euros, the Banks here will not accept it without it going back to the UK first.   This therefore adds extra commission charges and about 3 weeks before it gets into the Spanish system. We have tried and various methods and find the Direct Transfer by far the most efficient way and really the only way to make your transfer go smoothly.

In view of the above it will be best to open a Bank Account beforehand and this will make it easier for us to help you before you arrive.  We have an arrangement with “Banco Popular”, where it is possible, by e-mailing or faxing us a copy your passport, for them to open an account for you.  We in turn will mail you back your new Bank Account details, to facilitate your deposit transfer.  The money is then available for you when you need it, when you see a property you want to buy.  We will then introduce you to the bank in person when you visit.

UK phone number: 0844-837-8945
UK phone number: 0871-990-3-550
Spain Office: +34-96-299-8133
mailto:enquiries@peek-at-spain.com
© www.peek-at-spain.com
© Peek at Spain S.L.
06/03/2006