# Open Spanish bank account or not?



## yo_soy (Feb 18, 2010)

I know there are lots of threads on banking in Spain, but I'd appreciate any up-to-date advice.

Okay, so I've recently found out that I'll be living and working in Spain (in Figueres) from October as part of my degree. What I need advice on is whether or not it's better for me to get paid into a Spanish bank account rather than a British one ( which would surely incur charges whenever I take cash out from an ATM)?

Also, what is the process for opening an account in Spain? Relatively painless? Same as over here give or take?

Thanks in advance for any advice.


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## xicoalc (Apr 20, 2010)

hi

i think its down to personal preference. Personally i would do it, i know you are only going to be here for a short time but with a cash card you are limited to X amount of pounds in a day. If your money is in a Spanish bank and ever you need to withdraw more you can pop into a branch. How long will you be out here?

As for the process, there are two types of accounts. Residency & Non Residency. The only difference is the taxes you get charged (they charge extra fees for non residents). Either way though, turn up at any bank with your passport, proof of where you are staying and if non resident you will need proof of your foreign address, and that will be it. (If resident take your residency papers and Padron). If you have NIE take that too.

If you not resident but staying for more than 6 months it is very easy to do this, a few forms and a trip to the police.

In the UK they seem to take weks to open an account, but in Spain you will be seem there and then, the account will be opened there and then and usually your bank card and pin number will be ready in the branch to collect in a day or two. Much faster! Also, online banking etc seems much quicker. If I use my UK bank card it can take up to a week for the transaction to show but in Spain it is instant - much better banking system.

Most banks in touristy areas have english speaking staff also. Solbank & Bancaja cater specifically for Brits and I use them both and find them very helpful.

Hope this helps!


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## xicoalc (Apr 20, 2010)

just another note, if your money is coming from the UK, the bank will charge you a fee to convert it into Euros if it is sent in £. Therefore see if your employer or whoever pays you can pay in euros, most banks dont charge for electronic deposits in euros.

If not, and if your money is regular speak to one of the many exchange companies who may be able to do you a deal to do a monthly transfer from your UK account to Spain.


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## Leper (May 12, 2010)

This ain't rocket science. You need a Spanish bank account. Just bring a passport and a confirmation letter from your employer. Then the whole process will take about 120 seconds.


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## gtivano21 (Jun 14, 2010)

If you will stay for a short time in Spain I think you will be better off to open a UK account with Nationwide or an other bank that do not charge you any commission, and withdraw up to €300 every day. If you will stay longer than you will be better off to open an account in Spain...be aware they charge for everything and they have very high commission on transfer...Barclays and LLoyd TSB would let you transfer money (limit amount) free of charge if you have an account with them in the UK. If you have to rent a place in Spain the landlord may ask you for your wage slip and maybe bank account.


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## 90199 (Mar 21, 2010)

Here is way you might consider, whilst in Wales open an account with Nationwide, arrange for your cash to be paid into that account. You can then draw 300€ daily from the ATM, here in Spain, no commission charges and top rate of exchange. I use the ATM at La Caixa bank they don't charge, I refuse their rate of exchange 1.17€ and allow Nationwide give me theirs, I got 1.20€ yesterday.


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## xicoalc (Apr 20, 2010)

anyone else notice how when you withdraw from a UK account at a spanish ATM the rate they offer is never as simple as 1.20 its always the other way round (or not how many euros you get for a pound but how many pounds you will pay for a euro). I think this is deliberate so you press yes! I always ask for it to be charged in EUR and do tend to get a better rate from my UK card. I don't use my UK one now that often so cant advsie on which is currently best.


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## Granollers (Dec 30, 2010)

*Using La Caixa visa debit in UK*

Hi, I have a la caixa bank account but have come back to the uk for Christmas. Can i withdraw money from the ATM in UK, using my la caixa debit card?


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## Stravinsky (Aug 12, 2007)

Granollers said:


> Hi, I have a la caixa bank account but have come back to the uk for Christmas. Can i withdraw money from the ATM in UK, using my la caixa debit card?



You're a bit late for Christmas 
I guess you'd have needed to check with your Spanish bank to see what availability there is here for cash withdrawal (If any).

Certainly I cant use my Spanish card here in the UK afaik

Maybe give them a ring at their UK offices
La Caixa
16 Waterloo Place
London, SW1Y 4AR
Phone: 020 79306962
Fax: 020 79306963


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## Alcalaina (Aug 6, 2010)

Is it a Visa debit card? In which case you should be able to use it anywhere in the world, surely? Otherwise you may be able to make a withdrawal over the counter.


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## mazlester (Oct 30, 2010)

Hi,

If you aren't going to to be in Spain permanently then why not go for an FairFX card it's a pre paid card. You get the spot rate (slightly more than the tourist rate) and you can load it up when the rate is good. You use it like a MasterCard so can either choose to use it like one or you can withdraw from ATMs although to withdraw money costs 1.50Euros but that's if you withdraw 10 or 1000Euros and that is the only cost. You load it from your bank's debit card and you can do it either on line or by mobile it takes an hour or so to show on your card.

We've used it for the past year and although we've now opened a Spanish bank account we shall continue to use it to exchange small amounts (I think the card has a 7000Euro limit). It's certainly something to think about if you like an easy life!

Hope this is of help to you?

Maria


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## Caz.I (Mar 21, 2009)

Granollers said:


> Hi, I have a la caixa bank account but have come back to the uk for Christmas. Can i withdraw money from the ATM in UK, using my la caixa debit card?


You definitely can if it is a Visa Electron debit card. I dont have any UK accounts any more so I always use my Spanish debit cards when I withdraw money over there. I was with La Caixa a long time ago, although I cant remember if I used my La Caixa card in the UK.


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## xicoalc (Apr 20, 2010)

Caz.I said:


> You definitely can if it is a Visa Electron debit card. I dont have any UK accounts any more so I always use my Spanish debit cards when I withdraw money over there. I was with La Caixa a long time ago, although I cant remember if I used my La Caixa card in the UK.


Thats absolutely right. If your card carries the Visa, Electron, Maestro, Mastercard logos then you can use them worldwide. Do check with your bank prior to departure though about charges. My OH banks with cam and used his card in London and got charged an arm and a leg for using an ATM, however he paid nothing to make purchases in shops.

Also good to let the bank know when you are going away because like the UK, some banks in Spain now stop cards if they suspect fraud - so find out if you nee to notify them.


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## JeanP (Sep 11, 2010)

Correct, as long as your debit card holds either the Maestro or Visa logo you can use it anywhere in the world (provided the atm machine supports to which the logos will be displayed).
Never heard about FairFX, sounds pretty interesting and handy.


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## mazlester (Oct 30, 2010)

Hi Jean,

Like I said we've used it for a year now and it's really good as you can buy Euros when the rate is good, we exchanged a few weeks ago at 1.20Euros when the tourist rate was only 1.17E. The Euros just stay in the account until you need them, sort of a savings account for when you need them. You can also get a card for teenagers and load it with what you want and you still have control over it as it's loaded via your account. I think the rate is currently at 1.15E and the Post Office is giving 1.14Euros. I'm going to wait until it rises again, fingers crossed it does!

If you are interested go to the website as it has a FAQ page. No I'm not on commission, I just don't like people missing out on a good thing!

Maria


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## Alcalaina (Aug 6, 2010)

mazlester said:


> Hi Jean,
> 
> Like I said we've used it for a year now and it's really good as you can buy Euros when the rate is good, we exchanged a few weeks ago at 1.20Euros when the tourist rate was only 1.17E. The Euros just stay in the account until you need them, sort of a savings account for when you need them. You can also get a card for teenagers and load it with what you want and you still have control over it as it's loaded via your account. I think the rate is currently at 1.15E and the Post Office is giving 1.14Euros. I'm going to wait until it rises again, fingers crossed it does!
> 
> ...


I've just had a look, it does look good. We had been using Halifax "free" transfer between our UK and Spanish Halifax accounts and since being taken over by Lloyds, the exchange rate has gone right down - today it is 1.11! So I am looking for an alternative and this could be it.


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## mazlester (Oct 30, 2010)

Hi All,

I recently wrote about the FairFX card, well it's now selling 1.18 Euros to the £! BARGAIN!

Maria


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## Alcalaina (Aug 6, 2010)

mazlester said:


> Hi All,
> 
> I recently wrote about the FairFX card, well it's now selling 1.18 Euros to the £! BARGAIN!
> 
> Maria


I was looking at this last week, and it occurred to me that once you have loaded up the card, they are earning interest on your money! 

And what happens if they go bust? It isn't covered by the financial protection scheme that protects your money while it's in the bank.

So I've had second thoughts ...


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## mazlester (Oct 30, 2010)

Hello,

What we intend to do when we're finally living in Spain is to load the card up when the rate is good and seeing as it only takes maximum a couple of hours to appear on the balance. We will immediately withdraw it all out so that it's not lying around earning interest in somebody else's account! Until then we don't need too much to get by on our visits and if we have any left over we deposit into our Spanish bank account!

I thought it would be covered as it has this on it's website:

"The Card is issued by Newcastle Building Society ("NBS") pursuant to licence by MasterCard International Inc. NBS is authorised and regulated by the Financial Services Authority as an issuer of e-money (registration no. 156058). ""If the firm is authorised (which it is) by the Financial Services Authority (FSA) you will have access to the Financial Ombudsman Service and to the FSCS."

I suppose the answer is not to load it with too much and be quick in taking it out!

Maria


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## mazlester (Oct 30, 2010)

Alcalaina said:


> I was looking at this last week, and it occurred to me that once you have loaded up the card, they are earning interest on your money!
> 
> And what happens if they go bust? It isn't covered by the financial protection scheme that protects your money while it's in the bank.
> 
> So I've had second thoughts ...


Hi Again,

Your post got me wondering and i went onto Martin Lewis 's Web site and found this:

*What happens if the Prepaid card company goes bust?*

"All prepaid cards listed are backed by a bank or building society. If the prepaid card company goes bust then the bank or building society that issues the cards will be liable for your cash.

However if the bank or building Society who provides the card goes bust your cash is NOT protected. While with some institutions the money can be ring fenced in separate accounts (though it may be with the bank themselves) there is always a very minor risk as the money is not counted as a deposit thus not covered by the Financial Services Compensation Scheme.

So as a precaution do consider it only a card to have enough cash on for immediate spending requirements rather than as a place to store your cash. "

So I went on the Newcastle Building Society Website and found this:

"Newcastle Intermediary Lending Services is an important part of the Newcastle Building Society, the largest Building Society in the North East and one of the strongest mutuals in the UK.

We are directly authorised by the FSA and are committed to the intermediary market.

Our aim is to provide a solution for each client with a 'right first time' philosophy, so that applications can be processed to completion in the shortest possible time, providing you with a timely, high quality service."

It's settled my mind about the safety of my money which is good to know!

Maria


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## Alcalaina (Aug 6, 2010)

mazlester said:


> Hi Again,
> 
> Your post got me wondering and i went onto Martin Lewis 's Web site and found this:
> 
> ...


That is good to know! I just went to the Fair FX site to see if I could do a bank transfer, seeing that their rates are so good, but unfortunately they only offer this to UK residents at the moment.


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