IBAN/SWIFT code for the CAIXA is: CXECCVCV
They do not charge commission for converting euros to escudos. They do charge commission to convert escudos to euros.
It will take 2 days to transfer cash/cheques via HSBC to CAIXA. If I was using another UK Bank and came into the CAIXA with one of their cheques, the process would take 45 days. To make a cash transfer cash from another UK Bank i.e. Lloyds TSB, Lloyds would have to send a SWIFT TRANSFER (document), which could take 1 day to process.
In order to transfer money you must have an account at CAIXA.
CAIXA take commission of 500esc for receiving each transfer. You would need to check with HSBC or Lloyds etc if there is any commission at their end.
June: I have now been told by someone else in the CAIXA that the HSBC bank is not the transfer bank for the UK, but USA, so there may still be a charge!
It would take 4 days for CAIXA to process another UK Banks cash transfer. CAIXA charge for sending money to the UK: If sending less than 1666.666esc (1,511euros) they charge 2,000esc for each cash transfer.
Sending more than this, the calculation is based on: £ Amount x 3% / 1000 = ……
If you want to make a payment to the UK or are sending less than 100,000esc out of the CV then you don’t need to justify it with CAIXA. However you do need to show why you want to send out more than this.
There may be some flexibility with the lending rate but this depends what you can negotiate and on your personal finances. Perhaps this is the same with other banks.
I would still look at using the Banks in the UK for mortgages if buying property in CV.
If you want to buy an apartment and are using CAIXA for your mortgage you must have an account with CAIXA and provide them with all the official/legal documents (which you should have had checked by your solicitor or lawyer before hand!).
Check out the interest you can earn on a lump sum with CAIXA if you leave money in an account with them for between 30-90 (you must arrange to set this up. it could generate another 2% interest. There are different rates for longer periods.
You can also find the forms on the CAIXA website:
You can also send money via your CAIXA account by fax from the UK. ‘ Please pay……….from my account etc’.
If you have a savings account you can have the interest in the denomination in which you want i.e. dollar/escudos/euros. The interest rates vary depending on the length of time you have the savings in the account.
There is no charge for changing euros to escudos at the Caixa, only euros to escudos to euros. I do notknow what the charges are per transaction!
Update: if you deposit the amount into your account in euros you can then withdraw it in escudos without being charged.
Whatever rates are quoted above, they may have changed since this was written, so please make your own enquiries.
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