# Banking questions



## Megsmum (Sep 9, 2012)

Well the house has gone and we are now in rented in the UK. We now have to start thinking about where we are going to put our money.

Obviously we need an account for my NHS pension to be transferred into so we have a Spanish account that we use for everyday expenses, and where the funds for the house purchase will go into.

The rest of the money our plan was to, obviously split it around various accounts ensure guarantee levels etc.

Question

We will open an account when we arrive in Spain - so that we know which one will be local to us in Extremadura

BUT
If we do not have a UK address can we still keep the majority of our money in various UK bank accounts or do we have to have non resident accounts. I am a little confused as to what we need to do

Thanks in advance

x


----------



## NickZ (Jun 26, 2009)

You should talk to your UK bank. Usually it's easier to keep an account then to open a new one so if you already have an account it's likely easier.

OTOH if they won't let you keep your current UK account I think most UK banks offer Jersey island or similar offshore accounts. HSBC does. Outside of the slightly different website you might not even notice any difference. Surf over to their website and do some reading.


----------



## 90199 (Mar 21, 2010)

I do not have a UK address, I have two U.K. accounts, they are both aware that I have emigrated and are quite satisfied with my Canary Island address.

My U.K. pensions are paid into these accounts, and when the pound is on a high, I use a currency broker to transfer a lump sum to my Spanish account, by doing this I get a better rate of exchange and I do not pay commission, either in the U.K. or here. The transfer is usually completed within two days.


----------



## snikpoh (Nov 19, 2007)

Actually, the correct answer is that most banks/building societies will allow you to keep existing accounts open. In fact, I would suggest you do just that.

Whether you choose to keep the bulk of your money in low interest accounts is another thing altogether.

I chose to open an offshore account with Santander (formerly Alliance and Lecister - changing as we speak). They offer 1.5% gross.


If you take out ISA's now (before leaving UK) then this would be a good plan IMO. You won't be able to add to them but it is quite tax efficient.


----------



## Alcalaina (Aug 6, 2010)

Yes, keep your UK account(s) open and just give them your new address in Spain when you have it. There's no need to do anything else. 

We get our pensions paid into our UK account and then transfer money into the Spanish account when the exchange rate is good, using HIFX.


----------



## Alcalaina (Aug 6, 2010)

snikpoh said:


> If you take out ISA's now (before leaving UK) then this would be a good plan IMO. You won't be able to add to them but it is quite tax efficient.


Isn't that illegal? ISAs are for UK residents only!


----------



## Megsmum (Sep 9, 2012)

Thanks guys. That's really helpful x


----------



## gus-lopez (Jan 4, 2010)

Alcalaina said:


> Isn't that illegal? ISAs are for UK residents only!


No , you can actually open , or pay into existing ones until the day you leave. i didn't find that out until after I left. Once left you cannot add to them.
My accounts we just changed the address to Spain , as others have said. LLoyds, HSbc, TSb.


----------



## Guest (Dec 13, 2013)

Alcalaina said:


> Isn't that illegal? ISAs are for UK residents only!


No it's not illegal to retain an ISA account in the UK, even if your non resident.
So long as the ISA was opened while your were still a British resident and still a tax
payer in the UK and ( of course ) any money put into the ISA's was added before
being non resident UK.

Their is a Grey Area with ISA's and I've been told that:
The ISA becomes frozen ( that is you cannot add any more money into it ) from
the day you become non-resident UK and a fully fledged resident in Spain but
that doesn't stop you buying and selling shares within lets say your Self Select
Share Dealing ISA. So long as the money used is from the Capitol & profit that's
already in the ISA and any new profit you gained within the ISA, you can
use to reinvest in other shares within the ISA.
The bottom line is you cannot add any fresh money to your ISA while your
non resident UK.
Obviously if you should ever return to the UK and become resident their again
you can resume paying into your ISA ( up to the annual limit ) as you did
before.

SIPP's you can also use and retain in Spain and I know many expats, who
consolidated their various Pension pots ( for lets face it few people ever
find a lifetime job for the same company these days ) and put it all into
a Self Select Share Dealing SIPP Account. The only criteria is, please open
your SIPP account before moving to Spain, as it would be impossible to
open one once your Non Resident UK.
The Big Advantage with SIPP's is that you can still contribute up to 
£240 a month or £2880.00 a year with HMRC topping it up to the £3600.00
limit for a period of 5 years from the day you become non resident UK.
Of course you can contribute more for any tax years where you were
primarily resident UK.
Also if you should ever return to the UK and resume your residency their
again, you can contribute more into your SIPP as you did before.


----------



## Guest (Dec 13, 2013)

cambio said:


> BUT
> If we do not have a UK address can we still keep the majority of our money in various UK bank accounts or do we have to have non resident accounts. I am a little confused as to what we need to do


I shouldn't worry about that one - what most Expats do and even myself, is use
my parents address as my UK postal address for the sending of bank statements
UK credit cards, etc.
With me - I went one better before moving to Spain by registering for Council
Tax and going on the Electoral Roll at my Parents house before moving to
Spain, as I used it as a base for temporary / contract work before going abroad.
Obviously the UK Credit Reference Agencies ( Experian ) will have a footprint of my 
movement's which suits me fine for any Credit I might need in the UK, upon
my return, if I should ever need it.

Oh one final thing - Whenever changing your British Car to Spanish license plates,
forget all that nonsence about having to get a British Consul letter as proof of
UK residency before moving to Spain.
The Spanish Authorities will accept a print out of your Experian Credit Report, as
proof of UK Residency before moving to Spain. No quibble !!!!!


----------



## el pescador (Mar 14, 2013)

snikpoh said:


> Actually, the correct answer is that most banks/building societies will allow you to keep existing accounts open. In fact, I would suggest you do just that.
> 
> Whether you choose to keep the bulk of your money in low interest accounts is another thing altogether.
> 
> ...


they will allow foreign addresses and even you using a friends or families address.

i am about to go travelling for 10 months and will have no "fixed" abode.
My current address will be mine no more.


----------



## Allie-P (Feb 11, 2013)

We banked with Halifax, when living in the UK, and were told that our accounts would be closed, if we should move to Spain !!


----------



## CapnBilly (Jun 7, 2011)

snikpoh said:


> If you take out ISA's now (before leaving UK) then this would be a good plan IMO. You won't be able to add to them but it is quite tax efficient.


Although you can keep the ISA's, they are not tax efficient, because you still have to declare the interest for tax in Spain.


----------



## TSN.IMM (May 13, 2013)

Hi!

Don't want to hijack this thread but it's also about banking so I think better not create a new one. I am non-EU citizen intend to buy property in Spain. Can I open bank account in Spain when I come there on tourist visa looking for properties? If yes, any bank recommendation and what I need to bring with me to open account? 
And is it good idea to buy property from a Spanish bank account or better from a foreign bank account (tax, fees and paperwork... wise). 
Any experience will be welcome.


----------



## Kerry UK (May 7, 2013)

This reply is for the OP, but may be of interest to others.

You may recall that I have been looking into my banking options for when I move to Guardamar. I will be there this time tomorrow, for three weeks, and will be looking for a long term rental property while I am there. My immediate needs re bank accounts was for ways to transfer money for advance rent and deposits. I want I initially to open a Sabadell non resident account, but cannot do that until I am there.

The UK bank which I have been with for years is the Halifax, so I asked them about the options. They used to have a Spanish subsidiary, Banco Espana, but this has now been sold off. They have the usual tourist charges for using a debit card abroad, and for transfers to overseas banks they charge £19.50 per transaction if done in branch, or £9.50 online.

For the time being I have opened a Santander current account in the UK. Although it is not the same as a Spanish Santander account, it does have the advantage that withdrawals of Euros from Santander ATMs in Spain are free. So I have transferred funds to cover advance rent and deposit to my Santander account. When I have opened my Spanish bank account I will look into more permanent options.

Kerry


----------



## BBCWatcher (Dec 28, 2012)

If Halifax offers a euro account that's another option, or at least it should be no later than February 1, 2014. (Thank you, SEPA.) I'm assuming onshore Halifax, though I don't know if Halifax has offshore (C.I.) banking.


----------



## carmensan (Dec 18, 2013)

You can also open a spanish bank account as non-resident. A little bit higher monthly fee but absolutely worth


----------



## Williams2 (Sep 15, 2013)

Kerry UK said:


> This reply is for the OP, but may be of interest to others.
> 
> You may recall that I have been looking into my banking options for when I move to Guardamar. I will be there this time tomorrow, for three weeks, and will be looking for a long term rental property while I am there. My immediate needs re bank accounts was for ways to transfer money for advance rent and deposits. I want I initially to open a Sabadell non resident account, but cannot do that until I am there.
> Kerry


Kerry,
I managed to open a Spanish bank account with Banco Sabadell while still resident
and living in the UK, no problem. In fact they are keen on reaching out to
prospective British Expats moving to Spain.

Send me a PM for more info, if necessary.

Best of all they offered me their Expansion Account which as any British expat will
tell you - gives you 3 per cent cashback each month on all Utility bills paid by
Direct Debit. The only caveat is they need to see at least 700 Euro's a month
being paid into the Expansion Account ( whether salary, pension or credits )
For that you get Free Banking including online Banking, as well as the cashback
mentioned above.

I hear Bank Santander Spain offer a similar cash back account that gives 
7 per cent cash back on all petrol paid with your Santander Debit card, each
month.
Also don't forget to apply for a Corte Ingles Credit card upon moving to
Spain, as they offer 4 per cent cash back ( in the form of a voucher and
therefore non taxable ) on all Food and Fuel bought at Repsol and Petronor
Petrol filling stations.


----------



## Kerry UK (May 7, 2013)

Williams2 said:


> Kerry,
> I managed to open a Spanish bank account with Banco Sabadell while still resident
> and living in the UK, no problem. In fact they are keen on reaching out to
> prospective British Expats moving to Spain.
> ...


Thanks, that will be very useful to me once I as m resident. I saw a lady give in a Corte Ingles card today, when I was in one of their Alicante stores. I wondered what that was, and now I know, thank you.


----------



## Williams2 (Sep 15, 2013)

Kerry UK said:


> Thanks, that will be very useful to me once I as m resident. I saw a lady give in a Corte Ingles card today, when I was in one of their Alicante stores. I wondered what that was, and now I know, thank you.


Hi Kerry,
No problem but as I said before you don't have to be Resident in Spain to open
a Spanish Bank account.

As for the Cortes Ingles card, yes you will find many Savvy Spaniards and
Money Saving Expats reaching out for this card, to pay for petrol and other
goods from Repsol and Petronor filling stations.
Crazy thing is theirs no cash back using the card in their Department store
or Supermarket's like Hipercor or Supercor but of course you can use the
Corte Ingles Voucher ( comes once every 3 months ) at any of these places.

Of course Cortes Ingles, Hipercor, Supercor, Repsol and Petronor are owned
by the same group.


----------



## Pesky Wesky (May 10, 2009)

Williams2 said:


> Of course Cortes Ingles, Hipercor, Supercor, Repsol and Petronor are owned
> by the same group.


Are they?
What groups is that then?


----------



## Williams2 (Sep 15, 2013)

Pesky Wesky said:


> Are they?
> What groups is that then?


Quote from Wkipedia on El Cortes Ingles:

El Corte Inglés S.A. (English: The English Cut as in tailor's cut), headquartered in Madrid,[1] is the biggest department store group in Europe and ranks fourth worldwide.[2] El Corte Inglés is Spain's only remaining department store chain, as well as owner of several associated businesses, such as:

•	Hipercor - Hypermarkets
•	Tiendas de proximidad - Supermarkets
•	Repsol Opencor - petrol station convenience store
•	Sfera - Fashion chain
•	Optica 2000 - Vision and hearing
•	Bricor - Home and DIY chain
•	Viajes El Corte Ingles - Travel agency
•	Tecnologías de la Información y Comunicaciones
•	Centro de Seguros y Servicios (CESS)
•	Seguros El Corte Inglés - Seguros El Corte Inglés, Life, Pension and Reinsurance
•	Financiera El Corte Inglés


----------



## Pesky Wesky (May 10, 2009)

Williams2 said:


> Quote from Wkipedia on El Cortes Ingles:
> 
> El Corte Inglés S.A. (English: The English Cut as in tailor's cut), headquartered in Madrid,[1] is the biggest department store group in Europe and ranks fourth worldwide.[2] El Corte Inglés is Spain's only remaining department store chain, as well as owner of several associated businesses, such as:
> 
> ...


Oh right,it's just that what you wrote before 


Williams2 said:


> Of course Cortes Ingles, Hipercor, Supercor, Repsol and Petronor are owned
> by the same group.


implied that Corte Inglés and Repsol and Petronor etc are all owned by the same group (!!) when you are really talking about the *shops* in the petrol stations.


----------



## snikpoh (Nov 19, 2007)

Be careful how you paraphrase; they don't own or manage Repsol. 

It says Repsol *Opencor*!

Strangely, I can't see Supercor mentioned but I'm sure that's one of theirs.


----------



## CapnBilly (Jun 7, 2011)

snikpoh said:


> Be careful how you paraphrase; they don't own or manage Repsol. It says Repsol Opencor! Strangely, I can't see Supercor mentioned but I'm sure that's one of theirs.


I thinks that correct. Where we live they've just rebranded Opencor as Supercor.


----------



## Williams2 (Sep 15, 2013)

Pesky Wesky said:


> Oh right,it's just that what you wrote before
> 
> implied that Corte Inglés and Repsol and Petronor etc are all owned by the same group (!!) when you are really talking about the *shops* in the petrol stations.


By God you Guys:
We are being picky & pedantic today, are we not !!!!

To many a Repsol petrol station or filling station is a Repsol station.

Anyway - where do you want your Brownie Point posted to, Lol :wave:


----------



## xabiaxica (Jun 23, 2009)

Williams2 said:


> By God you Guys:
> We are being picky & pedantic today, are we not !!!!
> 
> To many a Repsol petrol station or filling station is a Repsol station.
> ...


not nit picking nor being pedantic

Repsol is in no way owned by/part of the same group as El Corte Inglés - the information you wrote was simply inaccurate

Repsol does, however, allow them to have _shops_ on their premises, and accepts their charge/discount cards, among others

nothing to do with whether you call it a petrol station, filling station or gas station










where would you like to take delivery of your humble pie?


----------



## Williams2 (Sep 15, 2013)

xabiachica said:


> not nit picking nor being pedantic
> 
> Repsol is in no way owned by/part of the same group as El Corte Inglés - the information you wrote was simply inaccurate
> 
> ...


Here we go again - Do folks a favour by mentioning that Corte Ingles cards
are useful in Spain and what do get in return . . . . . .. . . . 


Moans and Groans about Repsol petrol station defernition.

As I said before I concede your point, nuff said - but if you want to carry on Scoring Brownie
Points off me go ahead - but it adds nothing to the original posters enquiry

Frankly I don't give a toss - we can go on scoring Brownie Points off each other all
day if you want !!!


----------



## xabiaxica (Jun 23, 2009)

oh yeah - they're useful OK

but when incorrect info is given it will always be corrected where possible

inaccurate or incorrect info helps no-one

& where did you concede the point??


never mind - don't answer that

:focus:

any more info about banks anyone? as opposed to discount cards & petrol companies


----------



## Williams2 (Sep 15, 2013)

xabiachica said:


> oh yeah - they're useful OK
> 
> but when incorrect info is given it will always be corrected where possible
> inaccurate or incorrect info helps no-one
> ...


Sorry but is their something you don't understand when I said . . . . .

As I said before I concede your point, nuff said 

In my last post - So I think this particular discussion is Closed, Don't You ???


----------



## Mrhappy5 (Sep 9, 2013)

Regarding Banco Sabadell, do they have widespread ATM's and do they charge for using them?


----------



## Williams2 (Sep 15, 2013)

Mrhappy5 said:


> Regarding Banco Sabadell, do they have widespread ATM's and do they charge for using them?


It depends on what type of account you take out with Banco Sabadell. With their
Expansion Account ( much like a British current account ) withdrawing money
from any of their ATM's is free of charge. They do seem pretty widespread,
although theirs plenty of choice out their in Spain, including regional banks.

Also if your Nationality is British or you tell the bank your main language is English.
Then the ATM menu's change to English upon using your card

I believe Banco Sabadell ( Correct me if I'm wrong. Oh Wise One !!! )
is trying to tap into the British Expat market when it acquired Lloyds Bank
International in April 2013.


----------

