Spanish bank accounts and charges

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This topic contains 4 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 4 months ago.

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  • #52082
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi
    We are in the process of purchasing a property in mallorca and need to open a Spanish bank account to transfer funds into.

    From reading the info on this site it appears that one can get stung fairly heavily with charges for banks receiving Euros from the UK.

    Trying to save myself loads of research….. which banks have other used? It would be really helpful to hear what price people paid with which bank. The three I am considering are Caja Madrid, Barclays and La Caixa.

    Thank you in advance for any helpful info.
    Susan

  • #64384
    Profile photo of Anonymous
    Anonymous
    Participant

    If you read the thread “RE Moneycorp” that may help you.

  • #64397
    Profile photo of Anonymous
    Anonymous
    Participant

    Claire
    Thank you for the response but I understood that Moneycorp just dealt with currency exchange and were not an actual bank. I need a bank account actually in Mallorca
    Thanks
    Susan

  • #64399
    Profile photo of Anonymous
    Anonymous
    Participant

    Susan,

    On balance I would probably go for La Caixa. They have the largest branch network in Spain, and I like their online-banking, which is also available in English (I bank with them and Bankinter, who I’m also happy with).

    Just the other day I checked out La Caixa’s terms for receiving transfers from abroad. Transfers for up to 50,000 Euros with all the correct details & IBAN number are free of commission. Any mistake in the details or no IBAN = 0.25% with a minimum of 6.20 Euros and no max. Any amount over 50,000 Euros = 0.70% with a minimum of 27 Euros. So if you need to transfer more than 50k Euros, do it in several transfers, all under 50k to avoid fees. I think these conditions are quite common with other banks too.

    But the most important point to make is this: when you open an account, always negotiate the conditions for transfer fees and bank-guaranteed cheque fees, regardless of the bank you choose. All bank branches have discretion over these fees, and can set them low if you negotiate this. Be blunt about it. Make it clear to bank managers that either they cap these fees at a low level, something like 30 Euros, or you will open your potentially lucrative account with one of their competitors. It’s that simple. And it works.

    Mark

  • #64401
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Susan,

    I wasn’t suggesting Moneycorp, as I know they are brokers. There was just “conversation” about banks on that thread.

    We used the Halifax. We have an a/c in Spain and one here. We have sent money to our lawyer in Spain, who also uses the HLFX, from the UK and we transfered our money from our bank guarantee back to the UK from Spain. We incurred no charges whatsoever. Also, the Halifax will translate up to 1,000 words from English to Spanish, free of charge. A useful bonus!

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