La Caixa International Transfers & Exchange Rates
La Caixa is a bank based in Spain with a customer base of over 20 million. The bank is the third-largest lender in Spain and boasts over 6,300 branches across several countries.
With the expected merger between La Caixia and Bankia, a bank in Spain, the bank expects an increase its customer base. The growth in size demands excellent international money transfer services.
About La Caixa
CaixaBank is a leader in retail banking in Spain. The bank aims to be socially responsible by using a model based on quality and trust. The bank has a presence in over 16 countries. Some countries where the bank has a presence outside Europe include Algeria, Brazil, Australia, Canada, and the United States. However, these subsidiaries are mostly aimed at servicing Spanish companies in those countries.
In terms of international money transfer services, La Caixa facilitates remittances mostly to the European Economic Area, which consists of more than 28 countries. For other regions, clients can credit bank accounts using the SWIFT service.
La Caixa also offers a specialized program called HolaBank. It is intended for international clients who spend time in Spain. Clients can use this service to transfer to several countries in Europe.
The bank also offers a unique service for the transfer of money from the United Kingdom to Spain. This cross-border transfer requires a customer to own accounts in both countries. The service is called Open Line.
With over 6,000 branches and offices, customers who hold an account with CaixaBank can easily walk into a branch or use the online banking system to actualize a transfer. However, transfers are limited to crediting bank accounts.
La Caixa Fees and Exchange Rate
Fees and exchange rates form a core part of revenue generation for international funds transfer services. La Caixa also charges fees and makes money through margins in exchange rates.
Fees
Here are fees for international transfer and transfers across SEPA.
| Transfer Description | Limit | Fees | Min Amount (EUR) |
|---|---|---|---|
| SEPA transfers standard (in EUR) | 15,000 EUR | 0.4% | 3.95 EUR |
| SEPA transfer (EUR) through ATM or online | Up to 20,000 EUR | Free | |
| Over 20,000 EUR | 0.4% | 3.95 EUR | |
| SEPA transfers (EUR) Urgent | 15,000 EUR | 0.4% +1.99 EUR | 3.95 EUR |
| Transfers outside Europe (Standard) Foreign currency | Shared costs | 0.6% | 15 EUR |
| Sender Costs | 0.7% | 27 EUR |
Customers who have an account with La Caixa can send money to Spain from the United Kingdom (UK) using pound sterling through Open Line. These transfers are subject to the following fees.
Up to 12,500 EUR or its equivalent, customers pay a 0.4% fee. The minimum amount for transfer 15 EUR
Commissions rates and charges for foreign currency transactions are available at a bank branch upon request or through CaixaBanknow.
Customers have the option to decide who will be bearing the cost of the transfer. The options are:
Sender costs – The beneficiary will not pay any fees.
Shared costs – Both the sender and beneficiary have to pay a certain portion of the fees.
Exchange Rates
La Caixa bank also makes revenue by making margins between the buy and sell rates when customers transfer money. The bank will apply its rate change to a transaction if:
A client sends or receives funds in currencies other than the Euro.
The currency of the receiving account is different from what has been sent.
The rate change has not been agreed prior to sending or receipt of the transaction.
Customers can access the exchange rates offered by the bank via CaixaBanknow App or by walking to any branch.
In general, the bank makes a +2.5% exchange rate margin over the market rate.
How Do the La Caixa Bank Transfer Fees Compare to Using a Money Transfer Provider?
Major remittance companies do not charge any fees for transfers. La Caixa charges a percentage on the funds a customer wishes to transfer. Therefore, the higher the amount a customer sends, the higher the fees.
La Caixa Pros and Cons
CaixaBank, like many other banks, has its advantages and disadvantages when it comes to money remittance. Based on our analysis and the customer reviews, here are some of the pros and cons.
Pros
Cons
La Caixa Bank Swift Codes
| Bank | Country | City |
|---|---|---|
| La Caixa Succursale Maroc | Morocco | Casablanca |
| La Caixa Oddzial W Polsce | Poland | Warszawa |
| La Caixa Sucursala Romania | Romania | Bucharest |
How to Open an Account and Transfer Money With La Caixa?
Prospective account holders can open an account by visiting the branches. All you need is to present the relevant Know Your Customer(KYC) documents for the bank to complete due diligence.
Additionally, non-residents can open an account online. However, they need to visit a branch in three months to confirm their identity.
Using the branches and the digital platforms, customers can send and receive funds internationally.
Customer Service Details for Users of La Caixa Bank
Customers have expressed great dissatisfaction with the services offered by the La Caixa support team. At a reputable customer review site, users rate the bank poorly at 1.2 stars after 592 reviews. Actually, 93% of the respondents rate the service as poor.
Can I Use La Caixa for International Bank Transfers?
Yes, La Caixa facilitates international transfers across the globe. In Europe, remittances are governed by SEPA. Where they do not have a subsidiary, La Caixa credits the beneficiary account using SWIFT.
Summary
La Caixa offers a cocktail of services to facilitate international transfers. European transfers utilize SEPA. Transfers to the United Kingdom use the Open Line, which dictates users must have accounts in Spain and the UK. HolaBank also allows foreigners who spend a lot of time in Spain to send money abroad.
As La Caixa undergoes a merger with Bankia, there is an expected uptick in international money transfers due to increased channels for sending and receiving money.
