Cost of Intra-European Money Transfers Reduced

December 17th, 2009

If you bank in Spain, your bank is probably ripping you off regarding bank charges for transfers. This week, we transferred some money between a Euro bank account in Spain to another Euro bank account in the UK and our bank charged us €63 for the privilege of doing so.

However, a quick phone call later and €62 of that transfer fee had been refunded. Here’s how to do the same with your bank.

In September of this year the European Commission passed regulation 924/2009 which states that charges for transactions offered by your bank have to be the same whether the payment is national or cross-border.

In our case, our bank charges €1 for national transfers, yet persists in applying a percentage based charge for international transfers.

We simply had to remind them of this EC regulation, and hey presto, we had been refunded.

If your bank is less willing to cooperate, you can dob them in to the Spanish national authority and make a formal complaint by emailing The Bank of Spain.

If that fails, you can also and ask the Bank of Spain to mediate a resolution to the problem.

More information about EC Regulation 924/2009 can be found at the European Commission website and Wikipedia.

Story by Martin Dell, Kyero.

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