How to avoid bank fees and save money on your Spanish property transactions

Buying or selling a property in Spain is an exciting yet nerve-wracking experience, especially when it comes to the completion payment process.

Traditionally, this process has been fraught with delays, hefty bank fees, and the hassle of moving money through multiple accounts. That’s why we created PropertyPay – a solution that modernises property completion payments.

The pitfalls of traditional payment methods

Typically, buyers in Spain raise a banker’s draft for the property purchase. This usually comes with a fee of around 0.5%, which could cost thousands of euros depending on the amount raised.

Sellers are also hit by a fee for depositing the draft, usually between 0.5% and 1%, and it can take days for the payment to appear in their account.

The traditional alternative is to transfer money through an intermediary, such as a notary or lawyer. However, this also often comes with additional fees, and you may have to pay a bank charge if you deposit the proceeds in a Spanish account.

PropertyPay: a game-changer in the Spanish property market

In contrast, PropertyPay is free, secure and 100% digital, streamlining the Spanish property completion process and saving both buyers and sellers from unnecessary costs and delays.

With PropertyPay, there’s no need for bank visits, banker’s drafts or intermediary accounts. You can bypass the traditional, convoluted payment methods and send funds directly and securely from buyer to seller.

The property payment will only go through once the title deed is signed, giving you full control over your funds. If the sale falls through for whatever reason, the buyer’s money will remain in their account.

Moreover, if both the buyer and the seller have accounts with Currencies Direct Spain, the seller can access their funds instantly. Imagine selling your property and using the proceeds for a celebratory meal on the very same day!

Savings when transferring money overseas

Another significant advantage of using PropertyPay and Currencies Direct is the cost savings when transferring funds overseas.

Whether you’re sending money to Spain for a property purchase or repatriating the proceeds from a sale, using your bank could lead to additional fees and weaker exchange rates.

With Currencies Direct, you won’t pay any transfer or receiving fees, regardless of the amount. Plus, you can maximise your transfer by locking in an exchange rate up to a year in advance or signing up for regular market updates to wait for a more favourable rate.

Find out more about PropertyPay

PropertyPay is truly a game-changer in the Spanish property market, making transactions smoother, faster, and more cost effective. By eliminating traditional delays and fees, it brings a modern touch to the process, ensuring peace of mind for buyers and sellers alike.

If you want to find out more about PropertyPay, you can pop into your local Currencies Direct branch (we have more than 20 branches scattered across Spain) or email us at propertypay@currenciesdirect.com.