CaixaBank: Exchange Rates & International Transfer

The bank which was formerly La Caixa, was founded in 2007. It is one of Europe’s leading savings bank and is presently Spain’s third largest financial institution. Caixa Bank has more than 5,600 branches, over 9,500 ATM’s, maintains a workforce in excess of 31,900 employees and has a depositor base of 13 million customers and growing. The Group manages a total bank turnover of more than EUR 411,522 Million and has total customer resources that exceed EUR 238,404 Million.

caixa bank building

It has won many awards and received numerous accolades in the industry. Among these include 2015 Best Bank in Spain from Euromoney, 2016 Best Bank in Europe from Forrester, 2016 Best Digital Retail Bank in Spain and Western Europe from Global Finance and 2014 and 2016 World’s Most Innovative Bank from Accenture.

Transferring money abroad using the bank

Whether it’s for business, investment or personal need, value, safety and timely delivery should be your primary concerns when sending money abroad. If you are planning to transfer money from the UK to a bank in Spain, your UK Pound Sterling will be converted to Euro, the same is true if you were to send to french currency.

la caixa logo

For many people the bank is the first choice for a money transfer transaction. And why not? Banks are respectable institutions; some have been around for more than a hundred years, and there are contingencies in place to protect the depositors.

However, using a bank to transfer money from one country to another will entail higher cost and more charges.

Regardless of which bank you use to transfer money, you will never get the most competitive foreign exchange conversion rates. It will also not be the fastest way to transfer money.

If you had payments to make in another country; for example, monthly amortization for property you bought in Spain, you will be charged penalties for late payments if the money transfer was not credited within the prescribed period.

In the foreign exchange market, you should try to minimize the risk by getting the best and most competitive rates. Timely delivery of payments should be made in order to avoid penalties.

Instead of using a bank, you should consider contracting the services of an FX currency broker.

Transfer Money from UK Accounts to CaixaBank With Broker

If you want to transfer money from your UK account to a CaixaBank in Spain, your best option would be to transact through an FX currency broker and not through a bank.

broker office

It may be surprising to know that the bank is not always the best option. But if you want to maximize the value of your UK Pound Sterling then a FX currency broker will present you more advantages.

For one, the rates offered by an FX currency broker are more competitive. A bank can never offer better rates because it is subject to industry regulations and has to factor in overhead in all of its transactions.

On average, an FX currency broker offers rates that are 4% lower than those of a high street bank.

Second, an FX currency broker can transfer money faster than a bank. Again, because of strict protocols, it would take longer for money to be deposited in the account of the receiving bank. The waiting schedule may cover anywhere from 2 to 7 days.

With an FX currency broker, the money can potentially be deposited in 1 to 3 days.

Euro Transfer to CaixaBank in Spain

Using a bank to initiate a money transfer of Euro to and from a CaixaBank in Spain will be costly in more ways than one.

The exchange rate will be much higher even if you are dealing with a reputable bank such as CaixaBank. When exchanging currencies, you have to find the lowest or most competitive rate in order to reduce your risk.

Also by transacting through a bank, you will incur service charges and other fees which will further increase total costs.

A better option would be to use the services of a currency broker such as TorFX.

TorFX is one of the UK’s largest and leading foreign exchange currency brokers. They have a wealth of experience assisting private individuals and businesses with their foreign exchange transfers to and from different countries across the globe.

Compare the foreign exchange rates of TorFX versus traditional banks:

Company Name FX Rate GBP to EUR FREE QUOTE
TorFX *0.7% EUR 1.175 info Enquire
CaixaBank *3.8% EUR 1.137 info Enquire
Typical Bank Rules *1.9 to 6.2% EUR 1.109 to 1.16 info Enquire

UK Pound Sterling (GBP) to Euro (EUR) currency rates are updates daily at 0900 GMT. Data Source – ECB

*Note: A lower FX Rate will give you a better exchange rate when transferring money to/from the Euro. By using the specialist foreign exchange companies such as those listed above, you will be able to save money and time on the transaction.

UK Bank Money Transfer to CaixaBank Account versus Currency Brokers

1. Bank money transfer information: General Guidelines – High street banks will also charge a commission fee when you send money abroad and it is converted into another currency. Private brokers offer commission free currency transfers typically for transactions over GBP 5,000 or EUR 5912.682. Bank transfer commission fees will range from GBP15 to GBP30 depending on the bank.

2. Unless you opt to pay for a premium, transacting through high street banks will take 3 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies can complete the transaction typically between 1 to 3 days.

Sending Money Abroad with CaixaBank

If you want to transfer funds abroad from your CaixaBank account, you have to provide the beneficiary’s IBAN and BIC to the bank.

There are 2 types of transfers:

1. Euro Transfers – These are money transfers that are exclusively denominated in Euros for amounts that are less than or equal to EUR50,000 within the European Union. You will be asked to provide the precise bank details of the beneficiaries which are the BIC and IBAN.

2. International Transfers – These are money transfers that are made within or to countries outside the European Union. With this type of transfer, you will not be asked to give the BIC and IBAN.

You may submit your international transfer requests via fax as long as you have made and signed the request at your local CaixaBank branch.