How much can banks charge us for a transfer?
It is one of the operations most used by customers to make payments or to send money from one account to another
Bank transfers, one of the operations most used by customers
Along with direct debits, bank transfers are one of the operations most used by bank customers to make payments or to send money from one account to another. However, this operation is not always free. According to the quick guide on bank transfers published by the financial comparator HelpMyCash.com, Spanish consumers can expect to pay a minimum commission of up to 18 euros depending on the entity that we choose to carry out a national or SEPA transfer (within the Single Zone of Payments in Euros). For this reason, the choice of an account without commissions to issue a transfer can be decisive.
Are there accounts that allow free transfers?
According to the financial portal HelpMyCash.com, CatalunyaCaixa is one of the banking entities that charges its clients a higher commission for national transfers and SEPA, which reaches 0.60% on the amount to be transferred with a minimum of 18 euros. Next to the bank of Catalan origin, there would be Banco Sabadell (0.45% with a minimum of 4.50 euros), Banco Santander (0.40% with a minimum of 6 euros) and Cajamar (0.40% with a minimum of 4 euros). Regarding the rest of the main banks, Bankia , CaixaBank and Popular customers can pay a transfer fee of 0.30% on the total amount issued with a minimum of 3 euros and those of BBVA , 0.25% with a minimum of 2.25 euros.
If for personal or professional reasons we usually resort to bank transfers to send money and we do not want to pay for this operation , the financial portal HelpMyCash.com recommends opening an account without fees , even in one of the previous banks, that allows us to make money transfers without cost, and also does not require any linkage.
3 accounts with free transfers
BBVA Online Account: in addition to free national and SEPA transfers, this current account stands out for allowing its holders to make cash withdrawals without costs from approximately 6,000 automatic distributors located in numerous points of the Spanish geography. Also, and in the case of being a new customer of the entity, we can access a debit card completely free .
Current account of imaginBank: among the most relevant advantages of this 100% mobile account , the possibility of withdrawing cash from a wide network of CaixaBank ATMs distributed throughout Spain and in any terminal in the euro zone are of special interest , as well as obtaining a debit card with contactless technology . All this completely free. In addition, the current account sold by CaixaBank’s mobile brand allows its customers to access a complete program of discounts and experiences . At present, imaginBank has a valid offer for all those new customers who open the account and enter a minimum amount of 250 euros per month, which can get interesting gifts: a bluetooth headset , an activity wristband or a subscription to the television platform Netflix for 3 months .
Operational Current Account of Openbank: in addition to having the support and solvency of Banco Santander, this current account allows its holders to access numerous free financial services, as is the case of national and SEPA transfers, debit and credit cards or the reimbursement of cash from Banco Santander ATMs , among others.
And what about the cost of international transfers?
According to the study prepared by the financial comparator HelpMyCash.com, the cost of international cross-border transfers (outside the SEPA area) can reach a minimum cost of up to 40 euros. All this without taking into account the commissions derived from the exchange of currencies and the possible intervention of an intermediary bank.
Due to these high rates, more and more banking clients are opting for alternative tools to the bank to carry out international transfers, such as fintech companies for international transfers .
Regarding these companies, HelpMyCash.com states that these are web platforms independent of banks that allow us to send and receive money from one account to another in foreign currency and, at the same time, save us a considerable sum of money.
One of the most consolidated fintech international transfer companies of the moment is TransferWise, which has become a clear example of this type of tools so fast and effective in terms of transfers involving a currency exchange. The key to its success is none other than its 100% online operation, the reduced fees it applies for this operation and a currency exchange closer to that established by the market .