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Barclays in Spain
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Mike O'Neill
Posted: 03 January 2013 18:10:54(UTC)
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Joined: 16/12/2011(UTC)
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I have a Spanish colleague who invests through Barclays Spain (following my recommendation). In May last year, she bought 400 shares in BP. I had 500 BP shares at that time and received over £100 in dividends. My colleague received just £3.62 (€4.42) into her account. When she asked Barclays Spain why so little, she was told “various commissions and charges from the UK and Spain”. I cannot believe that Barclays UK (assuming they act as brokers in this case), would have taken much, so what happened to the rest? Needless to say, we are looking at alternative banks. But if Barclays themselves behave like this, what chance does she have. Any suggestions would be welcome.
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hooligan
Posted: 06 January 2013 11:41:30(UTC)
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Joined: 02/10/2007(UTC)
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you might find that the low amount represents bank transfer charges of between 20 and 40 pounds (assuming you are taking the dividends in sterling and not euro, in which case there will be bid/off spreads and transaction costs also).
you might be better off holding the dividends in your brokerage account until they accumulate to a sufficiently large amount to not take such a large part of the dividends.
everyone should be aware that most banks charge transaction costs of around these amounts, despite the cost to them being negligible. the costs largely are a rip-off of the CHAPS and other payments systems and th ebanks share in these profits since they own the systems. (another back door rip-off).
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Nico
Posted: 06 January 2013 13:06:44(UTC)
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Joined: 03/01/2012(UTC)
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Living in Spain does not stop you having an account with a UK brokerage, thus avoiding currency transfer charges.
I too live in Spain and invest with TD Direct Investing in the UK, which also has the advantage of the account being in multiple currencies.
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