Bankia is one of the largest banks in Spain in terms of the volume of assets. The bank has over 8.2 million customers with a footprint of 2,250 offices throughout Spain. Bankia utilizes the multi-channel universal banking model. This model serves both companies and individuals. So how does Bankia facilitate international money transfer? We explore the partnerships forged by Bankia and the solutions it offers for money remittance abroad.
To facilitate international remittances, Bankia has struck a partnership with Paypal. PayPal is a well-renowned financial company with over 254 million active accounts. Users can easily send and receive money to all these account holders. With PayPal, Bankia customers can access businesses and users in over 200 countries and territories globally. They will also have the ability to receive money in over 100 currencies and withdraw cash in 56 currencies.
Bankia customers can easily link their accounts or cards. Using the online banking service or the mobile app, Bankia customers can send money internationally.
Spain is an active member of the SEPA (Single Euro Payment Area). Therefore, transfers between the European Economic Area are governed by this regulation. It allows customers to securely credit bank accounts in Europe.
Customers should expect a banking behemoth with the impending completion of the merger between Bankia and La Caixa Bank. The merger will ensure more footprint for the bank with increased branches and offices in Europe and abroad.
Bankia also provides remittance services for Spanish businesses involved in export and import to and from abroad. There are tailor-made services specific to these businesses. The Bank offers simple and documentary remittances depending on the type of businesses.
Bankia charges a percentage of the amount transferred. However, there is a minimum charge for all international transactions. The charges are similar between Bankia and all other European banks. The costs of a transfer is higher if the transaction is urgent (special delivery)
Bankia does not provide a schedule of the fees customers would incur for international transfers. The bank states that customers will get to know the rates and fees while transacting. The fees depend on:
Amount of money to be sent.
The process used in transferring the money (Standard or Urgent)
Bankia offers exporters and importers products that ensure minimal risk due to exchange rate fluctuations. Clients can contract different kinds of exchange rate hedges. This controls the final price to be received or paid.
Bankia only refers to fees charged as a percentage of the total funds sent. It is not clear what percentage the bank charges for international transfers. However, some money remittance companies offer free funds transfer from Spain. The likes of XE do not charge any fees and the rate changes are reasonable.
Traditionally, banks do not do so well when it comes to international transfers. The Bankia Bank has portrayed some standout advantages. However, they still have some shortcomings when it comes to cross-border remittances.
|Bankia Sa Vienna Branch||Austria||Vienna|
|Bankia Sa Irish Branch||Ireland||Dublin|
|Bankia Sa Sucursal Em Portugal||Portugal||Lisbon|
|Bankia Banca Privada Sa||Spain||Madrid|
|Bankia Bolsa Sociedad De Valores Sa||Spain||Madrid|
|Bankia Sa Miami Agency||Usa||Miami Fl|
Prospective clients can visit Bankia branches to open an account. You will need to provide relevant identification documents. The bank will conduct due diligence before the complete setup of the account.
Once your app is activated, customers can activate their online banking application or mobile app using the activation code supplied.
Using the branches and the digital platforms, customers can remit money globally. With the digital platforms, the client can link the app with a PayPal account. With the PayPal account linked, the customer can send and receive money from other PayPal users worldwide.
On Trustpilot, people have expressed their frustration with the service at Bankia. 266 customers have reviewed the bank. 93% out of these customers rate the bank’s service as ‘bad’.
The reviews for the app are, however, highly optimistic. The app is rated 4.5 stars, with over 195,000 reviews considered.
Within the European economic zone, Bankia sends and receives transfers easily. For countries outside the European Union, the bank has partnered with PayPal to facilitate international remittance. From the PayPal account, the user can credit bank accounts in many banks globally.
There is an impending merger between Bankia and La Caixa. As soon as all regulatory requirements are ratified, La Bankia customers will transit to La Caixa Bank. This offers a tantalizing array of possibilities for the customers intending to send and receive money from abroad.
The fact that there is a partnership between PayPal and Bankia means that individuals and businesses will seamlessly remit money abroad. Exporters and importers' remittance requirements are also catered for.