Spanish Property Insight › Forums › Spanish Property Forums › Property Questions & Answers › Non Resident Spanish Bank Account Charges
- This topic has 9 replies, 9 voices, and was last updated 6 years, 3 months ago by Ptt.
November 20, 2016 at 4:47 pm #193621pickyParticipant
Hi, I know I’m a whinging Brit and everyone knows banking is not free in Spain, but does anyone out there know of a cheaper than the normal Spanish bank account for non residents. Currently have a Sabadell Key Account Plus which by the by does not do what it promises when you need it most, anyway they have just informed us are increasing their quarterly charges to 30 Euro’s per quarter. If this is coupled with the Non Resident Fees this makes it a very expensive annual account for just paying a few direct debits every month. So if anyone knows of a cheaper way of banking for Non Spanish Residents it would fantastic to hear from you?
November 20, 2016 at 7:47 pm #193623rojoybagoParticipant
why not use your UK account?? everybody does now; SEPLA system …………. change all DDM etc in a jiffy – you’ll get a decent x change rate
November 26, 2016 at 1:31 pm #193657PurplemurphParticipant
For the benefit of the OP and those like myself who had no idea about SEPA, here’s what rojobago is talking about: –
November 26, 2016 at 1:32 pm #193658AnonymousInactive
I have closed my Spanish account after my Caja Murcia branch changed its name and they transferred me to another bank but forgot to tell me, then when I called the branch, when my card was eaten at an ATM locally they told me that they had ‘lost’ the account. Three weeks later I discovered my money was in a bank called Caja Global, whom I had never heard of, with the nearest branch 90km away from my home. This was the third time I have been involved with bank mergers in 12 years, each one causing me disruption. I now have a £/€ account with Standard Bank Isle of Man- all done on line, no problems and everything is dealt with on line or by direct contact in Douglas…… Best move I ever made.
November 26, 2016 at 1:55 pm #193659besjParticipant
I am a Swedish citizen with residency in Sweden. After introduction of SEPA I could open a Euro currency bank account in my Swedish bank SEB where I could transfer all my direct debits for my Spanish apartment to. This has worked brilliantly for almost two years now. No costs at all besides the conversion cost from SEK to Euros (which I had earlier too when transfering to my Spanish bank account).
November 26, 2016 at 7:37 pm #193666mhParticipant
I bank with CaixaBank using their online HolaBank service for foreigners. They, of course, have fees and charges but I find that many of them disappear when I start asking questions, challenge the amounts and generally demand discounts and refunds. “If you don’t ask, you don’t get!” I am happy with the results.
November 28, 2016 at 2:14 pm #193670trotty110Participant
I’m another whinging pom and a Non-Resident as far as Spain is concerned but I can’t find anything along the lines of the original question. I currently have also have a Sabadel Key Account Plus current account in Spain with Solbank, who charge a fortune (compared to my UK account). I want one there that doesn’t charge (I can’t comply with the Santander 123 requirements) or something in the UK in Euros whereby Direct Debits are possible.
I have looked at all (?) possibilities including those mentioned in the earlier threads, but none do DDs in Euros and any SEPA payments mean a charge of between £10 and £20 each time.
I’m about to go over to finalise some tax payments etc and plan to bend a few ears in my branch, but doubt I will get anywhere as I have already had numerous attempts via email.
UK Banks contacted say the Financial Services Authority will not permit DDs due to the varying exchange rate, the Isle of Man Bank, Irish Banks and Citibank all seem to have restrictions on Personal Customer accounts.
Any other ideas please? If you know of a Bank offering what I want, please let me have contact details and account type/name
November 29, 2016 at 9:42 am #193677mariosParticipant
Do you fill this criteria other than Residency.
December 3, 2016 at 9:57 am #193771trotty110Participant
Solbank has already offered me this, and although I could do it there are two aspects that make it unsuitable. Firstly my salary (pension) is paid into a UK account to fulfil its requirements and secondly putting in £8000 a year into Spain makes UK living somewhat difficult. Moving this amount backwards and forwards so as to be a viable option would then entail transfer and exchange fees making it unacceptable.
December 4, 2016 at 12:33 am #193779PttParticipant
Caixa Hola account is ok. They charge but it’s not exhorbitant.They like you to keep a bit in there . I think they have a free account too but it requires a running balance of at least 2500 euros. These accounts are guaranteed by the Spanish compensation scheme like FSCA. The Sabadell account looks a rip off. There are other banks that will help you like BBVA – I think they give free account if you buy 2000 shares in the bank ! Bankia may help as also Caja Rural
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