How Long Does an IBAN Transfer Take? (the destination matters)

Last Updated on August 7th, 2024

IBAN transfers are a vital solution should you find yourself needing to transfer money internationally.

If you have never made an international bank transfer before, it’s likely you will have many questions about how an IBAN transfer works, and how long it will take to process.

In this article, we’ll take an in-depth look at how IBAN transfers work, the time they take, and how to make the whole process as simple as possible.

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What is the average time it takes for an IBAN transfer to take?

The time taken for an IBAN transfer depends on variables such as the countries, banks, and time zones involved.

An international IBAN bank transfer typically takes between 1 to 5 working days. As a general rule, IBAN transfers within Europe are quicker than transfers across different time zones. The time taken also depends on bank verification processes.

Here are some helpful comparisons of average times between different countries:

UK to USA

1 to 3 working days.

It typically takes 1 to 3 working days to transfer money from a UK to a US bank account. The time taken varies because different US banks are often slower than others at clearing your funds.

UK to Spain

2-3 workings days.

Sending money to Spain from the UK usually takes 2-3 working days. The Spanish bank receiving the funds will need to do their own internal checks before they clear your money into the account.

UK to Australia

3-4 working days.

An IBAN money transfer to Australia by your bank takes around 3-4 working days for your money to arrive in Australia.

UK to Canada

2-3 working days.

It usually takes 2-3 working days for your Pounds to arrive in Canada using an IBAN transfer service.

How an IBAN transfer works

An IBAN transfer should be a straightforward process, and is conducted in just a few easy steps.

Firstly, you as the sender instruct your bank to start the international transfer process, and provide the recipient’s IBAN number.

For example, in Spain the IBAN has 24 characters, comprising our full account number preceded by 4 other characters. The first two are the country code (ES) followed by two check digits.

A Spanish IBAN number will something like this – ES91 2100 0418 4502 0005 1332.

Your bank will then clarify this account information and process the transfer request. The funds are then debited from your account and sent directly to the recipient’s specified bank.

When the funds are received, they credit the amount to the relevant account. The transfer is completed when the recipient’s bank credits the account balance and verifies the funds that have been sent.

The IBAN transfer process is recognised as they best way to carry our secure and accurate transactions between individual banks across international borders.

Various different currency coins scattered across a grey background.

What can cause delays with IBAN transfers?

There are several different factors which can potentially delay an IBAN transfer. The main reasons are as follows:

Currency Conversion

When the transfer is being made between different currencies, for example, Pounds to Euros, the transfer will require currency conversion.

The time your bank takes to convert the currency can cause a delay in the transaction time.

Working Days and Time Zones

Of course, we have to remember that all banks adhere to their local time zones and therefore working days.

If the IBAN transfer is sent at the weekend, or before a bank holiday in the time zone of either the senders or recipients bank, the transfer time is affected by the non working days.

Internal Payment Process

Both the sender’s bank and the recipient’s bank will most likely operate with different payment processes or internal procedures such as additional verification measures, which may again affect the transfer time.

Fraud Prevention Measures

For compliance reasons, all banks have to ensure they have strict security checks to avoid any fraudulent activities.

Should a transaction appear to be suspicious for any reason, it may undergo additional checks and verification, resulting in delays.

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What Happens if an IBAN Transfer can’t go through?

In our experience it is rare, but on occasion, an IBAN transfer can potentially have issues which can prevent it from being completed.

In the event that this should happen with your IBAN transfer, the funds are typically returned to the sender’s account.

Our top tip is to thoroughly check the details of the recipient’s IBAN, as one incorrect digit can lead to the transfer being rejected.

Quick Summary

An IBAN transfer will usually take around 1 to 5 working days. This varies depending on the country you’re sending money to and several other factors.
The process is straightforward and making sure to have the right recipient’s IBAN number is important.
It is rare for IBAN transfers not to go through.
An IBAN transfer is one of the best ways to send money abroad.

How Key Currency Can Help with Smoother IBAN Transfers

At Key Currency we are here to assist you to ensure a smoother IBAN transfer process.

As an FCA-regulated company, your money is always secure in client safeguarded accounts during the process.

We deal with international money transfers on a daily basis and are industry experts at helping you manage your transactions.

With our competitive exchange rates, lower fees, and personalised service, we work with you from the initial point of contact to ensure your transfers are efficient and cost-effective.

Our industry expertise helps you navigate the complexities of currency conversion and streamline your international payments.

Get a free quote today with us and ensure your international IBAN transfer is smooth and seamless.

Graphic detailing the 4 simple steps to transferring money. Register, get an exchange rate, make your payment and your money is then sent out.

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Transfer Money to South Africa (everything you need to know)

Author, Mike Smith

Last Updated on August 27th, 2024

Are you looking to transfer money to South Africa?

Whether you’re sending money to a loved one, your own South African account, or transferring money for business, our guide below has everything you need to know!

Once you have the information, a money transfer to South Africa is super simple!

There is a problem with the currency feed, and the conversion form could not be loaded.

How to Transfer Money to South Africa

If you decide to use a currency broker, the process is easy and can be done in 4 simple steps.

1) Register as a client

New clients will need to register before sending money to South Africa.

Once you have registered, you won’t have to do so again.

To register with a currency broker, you will need to provide standard information for an identification check which includes:

Name
Address
Passport Number

2) Secure a Pound to South African Rand exchange rate

When you transfer money to South Africa from the UK, the relevant exchange rate is Pound to South African Rand or GBP to ZAR.

You will be provided with a quote for their latest rate.

To commit to a money transfer to South Africa you must confirm the exchange rate beforehand.

Once you agree on the rate, it is then locked in and will not change.

3) Send in your Pounds

Send your Pounds to the currency broker of your choice.

This can be done using a normal domestic bank transfer.

You will have received a confirmation email in step 2 with their details.

4) Your Pounds are converted to ZAR and transferred

Once your Pounds have been received, they will be converted into South African Rand at the rate already agreed upon in step 2.

Now converted, the ZAR will be sent directly to the South African bank account of your choice.

This can be your account or someone else’s.

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What is the best way to transfer money to South Africa?

One of the best ways to transfer money to South Africa is to use an international bank transfer. This is due to it being secure, fast, and usually cheaper than alternative methods.

To make an international bank transfer to South Africa you can use:

Your Bank

This is a familiar and convenient option for customers who are looking to make a one-off international money transfer abroad.

However, using your bank for a money transfer to South Africa will incur higher charges than the options below.

Cost comparisons can be found further down in our guide!

A Currency Broker (money transfer specialist)

If you’re looking to make a large money transfer to South Africa of around £2,000 or more, currency brokers may be your most suitable option.

As money transfer specialists, currency brokers typically charge much less in fees compared to online apps and high street banks.

Some do not charge a fee, like us at Key Currency.

Currency brokers are experts in international money transfers.

The service provided to customers is much more supportive with consistent personal contact and guidance.

Online Transfer Apps

For those looking to do a small transfer of money to South Africa, the various online transfer apps available are worth considering.

The impact of the GBP to ZAR exchange rate charges on your transfer is much less when sending small amounts.

Each online app will add its transfer fee for an international bank transfer to South Africa, but these usually are cheaper than banks.

Transfer Money to South Africa with no fees using Key Currency

Graphic showing the 4 steps to transfer money internationally with Key Currency.

How much will it cost to transfer money to South Africa?

The cost of transferring money to South Africa is a combination of transfer fees and exchange rates.

Transfer fees are what people focus on the most as they’re more visible when researching transferring money internationally.

However, for sending large amounts to South Africa, the exchange rate will be the higher charge of the two it is constantly moving.

Let’s look at the different services and what they charge in terms of Transfer Fees.

The UK’s high street banks will charge a transfer fee in the region of £5-£25 for transferring money to South Africa.

Some banks will also charge a recipient (receiving) fee too.

When this happens, customers who transfer between two personal accounts are charged twice for the same transfer.

Bank Transfer Fees (destinations outside EU)

Bank	Transfer Fee (if using online methods, manual fees are higher)
Lloyds	£20
RBS	£15
NatWest	£10
HSBC	£5-£17
Barclays	£11
Santander	£25

Currency broker & Online app Fees

For online transfer apps, some will have no fees for sending money to South Africa while others are currently charging in a range of £3-£6.

Similarly, Currency brokers will apply transfer fees in a similar range to the apps but only if a money transfer is under a certain limit, between £3,000-£5,000 usually.

Exchange Rates

With exchange rates constantly changing, there is no ‘fixed rate’ like there is with the transfer fees set above.

The exchange rate charge is usually a percentage of the amount you send.

Banks are known to have much higher percentages than other money transfer services available. The exchange rate charges are around 2-5% more if you use a bank for sending money to South Africa.

It is important to remember that the rates you see online are not customer rates. These are called interbank rates.

The way to compare and get the best GBP to ZAR rate is to have genuine quotes sent to you by each provider.

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Aerial photo of buildings next to the sea in Cape Town, South Africa, underneath the mountains.

How long does a money transfer to South Africa take?

An international bank transfer to South Africa from the UK will usually take between 3-5 business days.

The time it takes for your money transfer to arrive in South Africa depends on the method that you use.

If you choose to pay for a transfer via an online app with a credit or debit card, this transfer can happen on the same day.

However, you are often subject to higher fees and worse rates, and it isn’t as secure as an IBAN, especially with a larger currency transfer.

How much money can I send to South Africa?

With various limits on money being sent out of South Africa, fortunately, there are no limits to the amount of money you can transfer into South Africa.

Some banks and money transfer services may set their daily limits.

This is usually around £50,000-£100,000 but will depend on the transfer service you choose.

Dusk photo properties near the coast and in the mountains, in Cape Town, South Africa

What details are needed to send money to South Africa?

South African banks do not use the IBAN system, this is predominantly for EU and bordering countries.

For a money transfer to South Africa from the UK you will need:

Your details
Reason for the transfer
Recipient name (South African account)
Recipient account number
SWIFT Code or Routing Number

Our guide on everything you need to know about the SWIFT payment system will show you how to find the code and how it all works.

Photo of the Johannesburg skyline in South Africa

Quick Summary

You can use either your bank, currency broker, or an online money transfer app.
An international bank transfer is the best way to transfer money to South Africa.
It will take usually 3-5 business days.
There are no limits on the amount you can transfer into South Africa.

Let us help you with your money transfers

Our service is much more personal compared to banks and online apps.

We provide you with consistent updates on exchange rates to find you the best rate possible.

Trust is important to us, all of our employees can be found on our website, so you know who you’re dealing with.

And that’s not all…

As an FCA-regulated Authorised Payment Institution, when you transfer money to South Africa with us, the transaction will be conducted through safeguarded accounts, ensuring security.

With a 5-star rating on Trustpilot from over 2,500 customer reviews; don’t just take our word for it!

If you’re looking to transfer money from the UK to South Africa, get a completely free quote with us today.

Send Money to South Africa

Further Guidance & Tools

How to Send Money to the UK

How to Find the Best Money Transfer Service

Safest Ways to Transfer Money

Filed Under: Property Sales Abroad

Costs of Selling Your Spanish Property (A Guide for British Sellers)

Author, Andrew Gibson

Last Updated on August 7th, 2024

Deciding to sell your property in Spain is not something to be taken lightly!

However, to reap the benefits of the sale proceeds, it’s vital to bear in mind the fees and taxes you will have to pay once the sale is agreed.

In this article, we will take a closer look at the costs involved when selling a property in Spain.

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Article Contents:

Costs overview of selling a property in Spain
Spanish estate agent fees
What tax is involved when selling a property in Spain?
Lawyer fee costs when selling a property in Spain
What other costs should non-residents be aware of?

Costs overview of selling a property in Spain

Let’s look at what outgoings you can expect to pay from your sale proceeds. These include estate agent commissions, lawyers’ fees, and taxes.

This table gives you an overall summary of the costs of selling a property in Spain.

Below we will go into more detail about each expense to explain each one precisely.

Estate Agent Commission	Between 3-6% of property sale
Capital gains tax	Variable 19%, 21% or 23% of net profit
Income Tax Provision	3% non-residents only
Energy certificate	Between 100-500 Euros
Pluslavia tax	Between 3-3.7%
Spanish land registry fee	Between 400-700 Euros
Legal fees	Approximately 1% of property sale value

Spanish estate agent fees

When it comes to selling property in Spain, estate agent fees typically range from 3% to 6% of the sale price.

The exact commission percentage may differ. We recommend that you speak with your selected agent about the commission structure before signing any agreements. This will help you make the best decision.

Speak to as many real estate agents as you can before agreeing to a rate.

Remember that agents will most certainly want your business, so you are in a strong position to negotiate a good fee for your Spanish property sale.

An experienced agent will help you navigate the market, and be adept at attracting potential buyers.

They possess in-depth knowledge of the local market, pricing trends, and effective marketing strategies.

A competent real estate company will provide accurate property valuations, offer expert guidance, and negotiate favourable terms on your behalf.

With a wide network of potential buyers and access to various marketing channels, they will increase the exposure of your property in Spain.

A trustworthy agent will ensure transparency, handle legal documentation, and navigate the complexities of Spanish real estate regulations.

The ability to negotiate a favourable sale on your behalf is of course the end goal, and therefore it’s advisable to find the right agent who not only understands your needs but shares your enthusiasm for your Spanish property sale.

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What tax is involved when selling a property in Spain?

Let’s get straight to the point, one of the main things to consider when selling a Spanish property is the tax implications.

When dealing with expenses in a foreign country, you must be armed with all the information you need to know.

As an individual selling a property in Spain, there are two main taxes to take into consideration.

The first is Capital Gains Tax, a term you are most probably unfamiliar with.

Capital Gains Tax is, quite simply, the tax you must pay on the total profit you make from your property sale in Spain.

The Capital Gains Tax in Spain is calculated by subtracting the purchase price from the sale price.

Your residency status also affects the amount of Capital Gains Tax you are required to pay when selling your property in Spain.

Non-residents from EU/EEA countries pay 19% Capital Gains Tax, whereas non-residents from other countries pay 24%.

Very occasionally, your property may be sold at a loss, and in this case, there would be no Capital Gains as Non-Resident taxes to pay.

However, as non-resident taxpayers, you will be required to submit Form 210 within the established legal period and must communicate in detail through this form the losses obtained from the transfer of the property, plus provide the documentation that supports these losses.

By submitting this form you can request the return of 3% that the buyer has paid at the signing of contracts at the notary from the Spanish Tax Agency.

photo of spanish white properties on a hillside on a cloudy day.

Secondly, you are obliged to the Municipal Surplus Value Tax, which is called ‘Plusvalia’.

The Plusvalia, also known as land value tax is the tax applied to the increase of the value of the urban land once a property is transferred, sold, inherited, or received by donation.

Plusvalia tax is paid by the seller in the vast majority of cases.

This rate can vary for many different factors, including the length of time you have owned the property.

Depending on the municipality, the maximum rates are 3.7% for a period between 1 and 5 years, 3.5% for a period of up to 10 years, 3.2% for a period of up to 15 years, and 3£ for a period of up to 20 years.

The Plusvalia is a tax imposed by the local council, and it’s based on the increase in the cadastral value of the land since the time that you purchased your property.

Why does Plusvalia exist?

This tax tries to capture part of the increasing value of the location in which the property is located.

Whatever price you paid for your property originally, and regardless of how long you have owned it, as the years have passed, the local government in your area of Spain will have been implementing serval improvements in the surrounding areas.

These can include new infrastructures, schools, and healthcare investments for example.

The measure is intended to revalue the area, so you can now sell the property at a higher price due to that new environment.

Plusvalia tries to capture part of that to increase profits due to the improvements made by the town hall.

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Lawyer fee costs when selling a property in Spain

Spanish property law can be extremely complex, and this can be especially daunting if you are not fluent in the language.

It is, therefore, essential to ensure you retain the services of a professional property lawyer.

Though the fees may be expensive you will most certainly find that they can advise and guide you through the process with efficiency and ease.

Lawyer fees in Spain can vary depending on various factors such as the complexity of the transaction, the region you are in, and the lawyer’s experience, but an average figure is usually 1% of the sale cost.

Here’s a top tip: take the time to shop around, do your research, and compare prices to find a reliable professional who won’t drain your funds.

The golden rule is to always ask a lawyer in Spain for his registration number (número de colegiado).

Personal references are always a good idea in our opinion, perhaps ask your real estate agent for their recommendations, they are to be able to offer some sound advice.

Something to remember. Lawyer’s fees are 100% tax-deductible!

The fees you pay them to sell your Spanish property are fully deductible from the Capital Gains Tax, meaning you pay less tax when hiring a reputable firm to handle your sale.

When selling your property in Spain, you as the seller are not obliged to pay the notary fees, but you most certainly will have other expenses to consider such as the in-depth searches that need to be done on the property.

The only instance where you, as a seller, are required to pay notary fees will be if the transaction falls through.

Euro coins stacked on top of each other in a close-up photo.

What other costs should non-residents be aware of?

If you are a non-resident selling a property in Spain, there are some additional costs that you need to bear in mind and budget for.

One such expense is the Spanish land registry fee, which ensures that the sale is recorded officially. The cost is calculated by the property’s purchase price, and it’s a vital aspect of ensuring that the ownership is transferred correctly.

Land registry fees are fixed by Spanish regulations and depend directly on the price of the property, although they are usually between 400 and 700 Euros.

You may well also incur fees that are related to the tax office, for example, the issuing of a tax certificate.

We strongly advise that you consult with a local tax expert.

These are known as a ‘gestoria’ who can guide you through the taxation related to your property sale in Spain, ensuring you avoid any unwelcome surprises during the sales process.

As we have detailed in this article, selling a property in Spain certainly comes with some costs, but preparing in advance and seeking expert advice can make the process seamless.

Knowing costs and tax implications before you list your property for sale in Spain means that you are already ahead of the game and prepared for what lies ahead.

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Quick Summary

Estate agent commission is usually between 3% to 6% of the property sale price.
Taxes on a Spanish property sale include two: Capital Gains Tax and Pluslavia Tax.
Hiring a Lawyer is important for property sales in Spain, it can save you money on taxes paid and the fee is around 1% of the sale price.
Other costs include Land registry fees, tax certificates, and property searches during the sale process.

Use Key Currency to easily transfer funds for your Spanish property sale

Now that the costs of selling a property in Spain are covered, the other essential aspect of selling your Spanish property is how to manage the money transfers.

If you are unfamiliar with complicated currency conversions, such as Euro to Pound, Key Currency can guide you through this process and eliminate hefty bank fees along the way.

Our team of experts will ensure you receive the very best exchange rate for the proceeds of your Spanish property sale.

As specialists in international bank transfers, we work with you to make it easy and cost-effective to move your funds from the sale.

With competitive exchange rates and transparent fees, Key Currency consistently takes away the worry of how to manage the transfer of your sale funds. We’ve helped thousands of people transfer the proceeds of their property sale in Spain to the UK.

We are committed to providing a service of the highest integrity and safety.

Key Currency is an FCA-regulated Authorised Payment Institution and as such, all money transfers are conducted through safeguarded client accounts.

Get a free quote today and maximise the funds of your property sale in Spain!

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Want to Read More?

How Long Does an IBAN Transfer Take? (the destination matters)

What is the average time it takes for an IBAN transfer to take?

UK to USA

UK to Spain

UK to Australia

UK to Canada

How an IBAN transfer works

What can cause delays with IBAN transfers?

Currency Conversion

Working Days and Time Zones

Internal Payment Process

Fraud Prevention Measures

What Happens if an IBAN Transfer can’t go through?

Quick Summary

How Key Currency Can Help with Smoother IBAN Transfers

You May Also Like Reading…

How to Transfer Money to South Africa

1) Register as a client

2) Secure a Pound to South African Rand exchange rate

3) Send in your Pounds

4) Your Pounds are converted to ZAR and transferred

What is the best way to transfer money to South Africa?

Your Bank

A Currency Broker (money transfer specialist)

Online Transfer Apps

How much will it cost to transfer money to South Africa?

Bank Transfer Fees (destinations outside EU)

Currency broker & Online app Fees

Exchange Rates

How long does a money transfer to South Africa take?

How much money can I send to South Africa?

What details are needed to send money to South Africa?

Quick Summary

Let us help you with your money transfers

Costs overview of selling a property in Spain

Spanish estate agent fees

What tax is involved when selling a property in Spain?

Why does Plusvalia exist?

Lawyer fee costs when selling a property in Spain

What other costs should non-residents be aware of?

Quick Summary

Use Key Currency to easily transfer funds for your Spanish property sale

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