# Spanish or uk bank account?



## leelfc1911 (Apr 16, 2015)

Hi all. My partner and I are relocating to Spain early next year and would like some advise on our savings. 
What would people recommend, transferring all our savings into a spanish Bank account or leave it in our uk account and send it over as and when we need


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## amespana (Nov 10, 2009)

Definitely leave it in the UK.


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## leelfc1911 (Apr 16, 2015)

Thanks for the reply. 

Is there a risk putting it into a Spanish account?


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## Williams2 (Sep 15, 2013)

leelfc1911 said:


> Thanks for the reply.
> 
> Is there a risk putting it into a Spanish account?


Personally I found it beneficial to retain all my most treasured UK bank accounts
and credit cards. etc. None of them are fazed by a change of address to Spain.

Of course I use a Spanish bank account & credit cards in Spain and my UK bank
account and credit cards when visiting friends & family in the UK.
There's little or no risk in using Spanish accounts.

As for savings, its obvious the pound will remain strong against the Euro just as
it's equally obvious that UK interest rates will go up long before the ECB even
think about raising interest rates in Europe.

So leaving your money in a UK savings account, not only hedges you against any
further deterioration of the Euro against the British pound whenever the 3rd, 4th
and 5th Acts of the Greek Tragedy appears on the European Stage - but it will
also benefit from the long expected rise in UK interest rates, expected early
next year.


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## Rockpea (Sep 11, 2015)

I've read that it's a lot easier for Spanish utility companies etc to 'grab' money from bank accounts in Spain, even if it's not the one through which you have a direct debit with them. This is another reason we don't intend to have too much extra money sloshing around in our Spanish accounts!

Although, what I've described above might not even be true - I'm sure someone here will keep us straight on that  (and if you're fully up to date with bills and taxes etc then it shouldn't ever be an issue anyway I guess!)

Rp


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## snikpoh (Nov 19, 2007)

Rockpea said:


> I've read that it's a lot easier for Spanish utility companies etc to 'grab' money from bank accounts in Spain, even if it's not the one through which you have a direct debit with them. This is another reason we don't intend to have too much extra money sloshing around in our Spanish accounts!
> 
> Although, what I've described above might not even be true - I'm sure someone here will keep us straight on that  (and if you're fully up to date with bills and taxes etc then it shouldn't ever be an issue anyway I guess!)
> 
> Rp


On the reverse side, you can immediately reverse a debit (or most of them) here in Spain which you can't (or is more complicated) in UK.


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## Lynn R (Feb 21, 2014)

Rockpea said:


> I've read that it's a lot easier for Spanish utility companies etc to 'grab' money from bank accounts in Spain, even if it's not the one through which you have a direct debit with them. This is another reason we don't intend to have too much extra money sloshing around in our Spanish accounts!
> 
> Although, what I've described above might not even be true - I'm sure someone here will keep us straight on that  (and if you're fully up to date with bills and taxes etc then it shouldn't ever be an issue anyway I guess!)
> 
> Rp


I don't think it's true that they can take money from an account which you don't have a direct debit with them - sounds like an urban myth to me. In over 12 years of being a property owner I've never had any utility company take money from my account other than for a normal bill.

Only once have I had any kind of problem, when I cancelled my home insurance policy and moved it to another company, and despite my having given them the required notice period in writing, the first company still took the renewal premium from my account. As Snikpoh says, all I had to do was to advise my bank (within 10 workiing days of the unauthorised debit) and the money was back in my account within a couple of days.


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## Rockpea (Sep 11, 2015)

Thanks both - very reassuring to hear! I don't tend to believe everything I read, but as this is all so new I'm perhaps erring on the side of caution more than I usually would!! ;-)


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## Alcalaina (Aug 6, 2010)

You need both a Spanish and a UK account. We keep half our money in the UK and half in Spain. That way you are better protected against exchange rate fluctuations.

Only government agencies can take money from your account in Spain, and only if you owe them money (e.g. unpaid taxes, traffic fines etc) and they have failed to make contact with you by other means. Utility companies can't legally do this.


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## The Skipper (Nov 26, 2014)

Alcalaina said:


> You need both a Spanish and a UK account. We keep half our money in the UK and half in Spain. That way you are better protected against exchange rate fluctuations.
> 
> Only government agencies can take money from your account in Spain, and only if you owe them money (e.g. unpaid taxes, traffic fines etc) and they have failed to make contact with you by other means. Utility companies can't legally do this.


 
Well, six months after cancelling my Telefonica landline contract they helped themselves to €514 from my Bankia account without any prior warning or notification. As soon as I spotted the debit I contacted the bank and they immediately reversed it. Upon contacting Telefonica they claimed that I had not returned their Trac phone equipment, even though I had a receipt to prove that I had, but there was no apology from them for behaving like bank robbers! The Phone Shop also made an unauthorised debit from my account for mobile phone insurance I had not requested and, again, the bank immediately reversed the transaction when I complained.


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## baldilocks (Mar 7, 2010)

Having both can be useful. Paying for goods at supermarkets etc is much easier if you have a Spanish bank account plus, in addition, you don't face any extra charges when the amount is taken from your UK account (e.g. foreign exchange and commission).

My OAP is paid direct to my Spanish account but I have a few small occupational pension which it is not worth the costs to have them paid to Spain so they go into a UK account and pay for goods I order from UK.


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## smitty5668 (Feb 25, 2015)

baldilocks said:


> Having both can be useful. Paying for goods at supermarkets etc is much easier if you have a Spanish bank account plus, in addition, you don't face any extra charges when the amount is taken from your UK account (e.g. foreign exchange and commission).
> 
> My OAP is paid direct to my Spanish account but I have a few small occupational pension which it is not worth the costs to have them paid to Spain so they go into a UK account and pay for goods I order from UK.


i would very much agree with this. very useful to have spanish debit card, particularly in auto pay gas stations.


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## Alcalaina (Aug 6, 2010)

The Skipper said:


> Well, six months after cancelling my Telefonica landline contract they helped themselves to €514 from my Bankia account without any prior warning or notification. As soon as I spotted the debit I contacted the bank and they immediately reversed it. Upon contacting Telefonica they claimed that I had not returned their Trac phone equipment, even though I had a receipt to prove that I had, but there was no apology from them for behaving like bank robbers! The Phone Shop also made an unauthorised debit from my account for mobile phone insurance I had not requested and, again, the bank immediately reversed the transaction when I complained.


Ouch! I hope you denounced them to the Telecomms ministry.
Denuncias - Oficina de Atención al Usuario de Telecomunicaciones

Is it possible to cancel direct debits and get the bank to remove all details when you terminate such a contract?


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## VFR (Dec 23, 2009)

Alcalaina said:


> Ouch! I hope you denounced them to the Telecomms ministry.
> Denuncias - Oficina de Atención al Usuario de Telecomunicaciones
> 
> Is it possible to cancel direct debits and get the bank to remove all details when you terminate such a contract?


Can only speak for where I bank ........

Yes they will cancel a DD and will block any further attempts to take funds, you will of course need to tell them why though.

For the OP.
Keep your UK account open and make sure you sign up for internet banking as well & for sure open a Spanish account when you are here.
But !
Avoid DD if at all possible by withdrawing funds to pay in cash & you can have a billing account with Telefonica rather than a DD.


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## Lynn R (Feb 21, 2014)

VFR said:


> Can only speak for where I bank ........
> 
> Yes they will cancel a DD and will block any further attempts to take funds, you will of course need to tell them why though.
> 
> ...


I've never had problems with any DDs other than the one instance I mentioned above, which was easily resolved. If I had to go and queue in the bank or Correos every time I had to pay a bill, I'd lose the will to live. Life is too short.


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## snikpoh (Nov 19, 2007)

VFR said:


> But !
> Avoid DD if at all possible by withdrawing funds to pay in cash & you can have a billing account with Telefonica rather than a DD.


In my opinion and experience, I've never had a problem with Spanish DD's (unlike in UK).


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## Francesca J (Sep 17, 2015)

*Reputable Spanish Bank*

Hello,

My husband and I are relocating to Spain from the U.S., come end of September; and we'd like advise on which reputable Spanish bank we should consider:

1) Directly wiring euros to that bank

2) Directly wiring U.S. dollars to that bank 

Or, do we need separate banks to do this? 



Thank you kindly,

Francesca


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## baldilocks (Mar 7, 2010)

Francesca J said:


> Hello,
> 
> My husband and I are relocating to Spain from the U.S., come end of September; and we'd like advise on which reputable Spanish bank we should consider:
> 
> ...


Unless you have a US bank that has branches in Spain (be careful - just because they have the same name, they may not operate together as people who have tried it with the Santander banks in Uk and in Spain have found out), whatever you send from the US in dollars will be credited in Euros unless it is to a dollar account but you may take an additional hit when you try to use any money in that account. We have a Euro account in UK but it has no card with it, so I have to write a Euro-cheque to use any of those Euros - the banks here don't like them, charge a lot and take a lot of time to process them. A Spanish bank account is your best/only choice and, if you need to show proof of your financial well-being to the Spanish authorities, it HAS to be in a Spanish bank account.

As for which bank to use, it depends in part where you will be living. There are several networks but not all networks are as well populated in every location. The networked banks are important. For example I can draw money from another bank on the same network as mine and it only costs me 80 centimos, if I use a bank on another network it can cost me €15-20.


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## Francesca J (Sep 17, 2015)

*Reputable Spanish Bank*

Thanks for this information, Baldilocks. I will look into Santander since it appears to be quite a large bank within Spain and offers many services. At this point, we have not nailed down a precise home location. It could be Malaga or up north - San Sebastian.

Thanks very much,

Francesca


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## snikpoh (Nov 19, 2007)

Francesca J said:


> Thanks for this information, Baldilocks. I will look into Santander since it appears to be quite a large bank within Spain and offers many services. At this point, we have not nailed down a precise home location. It could be Malaga or up north - San Sebastian.
> 
> Thanks very much,
> 
> Francesca


Be careful of charges - Santander can be expensive. Some banks (my preference is Sabadell) offer entirely free banking and even money back on utility bills if you meet their requirements.

If you take money from ATM's on some networks (Sabadell again for example) then there are no charges.


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## Francesca J (Sep 17, 2015)

*Reputable Spanish Bank*

Thanks so much for this (Snikpoh). Being that Santander is such a large bank, I should have guessed that their fees would be much higher. 

Your response was precisely what I was looking for. One can do all the online research on these Spanish banks, but it is the personal contact and experience directly from the bank customers that are most helpful to new expats such as myself. 

I will give a call to Sabadell in the morning. :fingers crossed:


Cheers,
Francesca


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## Williams2 (Sep 15, 2013)

I have only one gripe with Spanish banks and that's there unwillingness to include your name
and address on any of your monthly bank statements. That's the online, printable Bank
Statements that is.

Athough this is no big deal under normal circumstances, there are the inevitable occasions where
you need to open a new Savings Account or some Offshore account and you have to produce
the usual Notarised copy of your Passport ( for id ) your Utility bill for proof of address and
the past 3 months of your Bank Statements to prove how well or otherwise, you manage
your monthly finances.

I'm not sure how many Expats have encountered the issue of getting name and addressed
copies of their Bank Statements but I've heard of a number of Expats who's banks either
insist or by default are only able to produce and print off their Bank Statements online. 
Without the desired name and address embossed on their Bank Statements.


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## snikpoh (Nov 19, 2007)

Williams2 said:


> I have only one gripe with Spanish banks and that's there unwillingness to include your name
> and address on any of your monthly bank statements. That's the online, printable Bank
> Statements that is.
> 
> ...



I found the same issue with online banks in UK.

If you ask the bank (face-to-face) they can produce what you need (in my experience).


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## baldilocks (Mar 7, 2010)

Williams2 said:


> I have only one gripe with Spanish banks and that's there unwillingness to include your name
> and address on any of your monthly bank statements. That's the online, printable Bank
> Statements that is.
> 
> ...


I have just tried it with our bank and it prints the full IBAN number of the account which should be all you need to show that it is a statement relating to you and your account.


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## Francesca J (Sep 17, 2015)

Thanks for directing me to this part of the thread, William2. All this information will certainly better prepare me with the right questions and expectations from the bank I choose in Spain. There is so much to consider when making such an important decision on this particular component of relocation. 

Kindest regards.


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## Rockpea (Sep 11, 2015)

Francesca J said:


> Your response was precisely what I was looking for. One can do all the online research on these Spanish banks, but it is the personal contact and experience directly from the bank customers that are most helpful to new expats such as myself.
> 
> I will give a call to Sabadell in the morning. :fingers crossed:


We opened an account with Sabadell last week in Los Alcazares and couldn't have been more impressed with the service we received  I have a named account manager who I can email directly and she's provong to be very helpful (and friendly!)


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