# cheapest Spanish bank account?



## suiko

Another one from me 

I need a Spanish bank account for direct debits for bills. I don't think I need it to buy a house, though, if the house is paid for in pounds to a UK bank account? 

But anyway, I clearly have to open one. I know from my past life in Spain that they all apply some charges. As I will not really be using the account for anything but direct debits (I don't even need any cards), I would like to find the cheapest one available. Any ideas?

I guess an account in Gibraltar is not going to work with the direct debits?


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## AllHeart

I pay 2 euros a month for unlimited domestic transfers, withdrawals and deposits, including from a bank machine. I'm with Unicaja. Pretty cheap!!


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## suiko

That sounds reasonable. Is that a regular cuenta corriente?


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## Alcalaina

Most banks now offer current accounts where you don't pay any commission provided you have a certain amount going in each month, or maintain a minimum balance. Here's a comparison site with details.

https://www.bankimia.com/cuentas

Are you going to be resident though? I'm not sure if they are available for non-residents.


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## AllHeart

suiko said:


> That sounds reasonable. Is that a regular cuenta corriente?


I don't know what that means. But it's just their basic bank account. I don't need to have any minimum to get this deal.


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## suiko

No, non-resident. I would rather not maintain a minimum balance, but could do so if it means leaving a certain amount in the account. But not paying in a certain amount each month.


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## mickbcn

suiko said:


> Another one from me
> 
> I need a Spanish bank account for direct debits for bills. I don't think I need it to buy a house, though, if the house is paid for in pounds to a UK bank account?
> 
> But anyway, I clearly have to open one. I know from my past life in Spain that they all apply some charges. As I will not really be using the account for anything but direct debits (I don't even need any cards), I would like to find the cheapest one available. Any ideas?
> 
> I guess an account in Gibraltar is not going to work with the direct debits?


Try in Banc de Sabadell, "Cuenta Expansión)


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## suiko

Banc de Sabadell not good for me - it's in rural Andalucía


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## Alcalaina

suiko said:


> Banc de Sabadell not good for me - it's in rural Andalucía


They have branches all over Spain - and anyway, you can do everything online these days!


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## snikpoh

suiko said:


> Banc de Sabadell not good for me - it's in rural Andalucía


Are you just buying a holiday home then? I thought from your other posts that you were moving here full time.

Anyway, as a non-resident, you can't avoid paying charges - even if its just for the non-resident certificate which the bank needs every 2 years or so.

If you are here for more than 6 months each year (183+ days), then you are resident and will need to either have regular income into a Spanish bank or you'll need in excess of 6k€ of savings. With this amount the Sabadell Expansion account would seem ideal. It's FREE and even pays money back on utility direct debits.

You really don't need to have a branch near you - how do you think First Direct manages in UK??? The online portal from Sabadell is second to none (IMHO), is very easy to navigate and come in a number of languages.


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## suiko

Languages not a problem - I speak Spanish like English. Just thought it might be easier to have a bank with a local branch. Yeah, maybe old-fashioned, seeing as I bank online here! But I won't have internet in my Spanish house, at least initially.

No, just buying a place for future years, when I would like to live there part of the time at least. For the moment it will be for briefish visits, so definitely non-resident.

The Unicaja one mentioned before seems like a reasonable option. Really would just like to reduce the charges as much as poss. Seems like the Sabadell charges are quite a bit higher than the Unicaja?

How do people transfer cash cheaply from their British to their Spanish account?


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## snikpoh

suiko said:


> How do people transfer cash cheaply from their British to their Spanish account?




.... wait 'till the rates are reasonable and then use one of the peer-to-peer currency transfer companies like TransferWise or CurrencyFair.


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## suiko

"Wait till the rates are reasonable"... could be a very long wait, the way things are going! With madness set to prevail on Jun 23rd, I think the pound has a long way to fall.

I'm more inclined to cut my losses and exchange the money now. It's a hard one to call, but it does seem it could get a whole lot worse.


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## Williams2

suiko said:


> Another one from me
> 
> I need a Spanish bank account for direct debits for bills. I don't think I need it to buy a house, though, if the house is paid for in pounds to a UK bank account?
> 
> But anyway, I clearly have to open one. I know from my past life in Spain that they all apply some charges. As I will not really be using the account for anything but direct debits (I don't even need any cards), I would like to find the cheapest one available. Any ideas?
> 
> I guess an account in Gibraltar is not going to work with the direct debits?


Bank Sabadell's Expansion account will pay you cash ( in the form of 3 per cent interest on Utility bills ) credited to your
bank account every month, for your direct debit bills on utility items such as Electricity, Gas, Internet access and phone
charges but not Water, so long as they see at least 700 Euro's coming in each month.
Also the Banks website comes in English, French, Catalan, etc and the ATM machine will display information in
English based on your Debit Card.
There's no monthly fee or any other charges.

Also the Corte Ingles Credit card is a must for 4 per cent cash back in the form of a voucher for fuel and other items
bought at a Repsol, Petronor, etc filling stations.


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## snikpoh

Williams2 said:


> Bank Sabadell's Expansion account will pay you cash ( in the form of 3 per cent interest on Utility bills ) credited to your
> bank account every month, for your direct debit bills on utility items such as Electricity, Gas, Internet access and phone
> charges but not Water, so long as they see at least 700 Euro's coming in each month.
> Also the Banks website comes in English, French, Catalan, etc and the ATM machine will display information in
> English based on your Debit Card.
> There's no monthly fee or any other charges.
> 
> Also the Corte Ingles Credit card is a must for 4 per cent cash back in the form of a voucher for fuel and other items
> bought at a Repsol, Petronor, etc filling stations.


But, ISTR, this is only available for residents. The OP will be, and is, non-resident.


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## Williams2

snikpoh said:


> But, ISTR, this is only available for residents. The OP will be, and is, non-resident.


Of course but you never know - he or she might become a resident one day !!!


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## suiko

Williams2 said:


> Of course but you never know - he or she might become a resident one day !!!


Yes, but not for the foreseeable future, at which time I can change things round. For now I want a basic non-resident account with bare minimum costs.


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## emlyn

snikpoh said:


> But, ISTR, this is only available for residents. The OP will be, and is, non-resident.


The eligibility for this account with Sabadell is not whether you are resident or non resident but whether you can pay in the required sum every month which currently is approx £600 sterling.


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## snikpoh

emlyn said:


> The eligibility for this account with Sabadell is not whether you are resident or non resident but whether you can pay in the required sum every month which currently is approx £600 sterling.


... are you sure ? 


I know there are rules about how much you have to pay in (which is actually down to the managers discretion as I don't pay in that amount every month!) but I thought it was only for residents.

... but I could be wrong .


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## suiko

Don't want any account where I have to pay in each month. Having a certain balance is OK, though (as long it's not too much!)


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## emlyn

snikpoh said:


> ... are you sure ? I know there are rules about how much you have to pay in (which is actually down to the managers discretion as I don't pay in that amount every month!) but I thought it was only for residents. ... but I could be wrong .


I am non resident and yes I was allowed to open this account.


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## suiko

Just wondering if anyone had any more input on the question of the best "bare bones" account for non-residents...

Yeah, I'm optimistic...


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## 746786

I'm looking for the same information as Suiko above. Suiko, did you find a bank with lower charges for non-residents? We also need one.

I was told today that Sabadell has a non-resident account and they charge you 30 euros a quarter! Then 75 euros for the 2 yearly certificate! That's 315 euros every two years just so they can use your money to make more profits for themselves!

I'm starting to go off Spain....


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## 746786

*non-resident accounts and charges*

I found this link on non-resident account and associated charges. Not sure how current it is though:

Bank accounts for non-residents of Spain

EDIT: from 2013, so charges may well have changed by now


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## emlyn

Frank B said:


> I'm looking for the same information as Suiko above. Suiko, did you find a bank with lower charges for non-residents? We also need one.
> 
> I was told today that Sabadell has a non-resident account and they charge you 30 euros a quarter! Then 75 euros for the 2 yearly certificate! That's 315 euros every two years just so they can use your money to make more profits for themselves!
> 
> I'm starting to go off Spain....


Bank charges by Sabadell depends on how much you are prepared to pay in monthly,ask your local branch what is the minimum you need to pay in to avoid charges. Due to falls in the pound I had to review my arrangement.


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## 746786

Thanks Emlyn. I just need a non-resident account with the lowest charges to allow me to pay direct debits at the moment, not something I have to pay into monthly as we won't be living there for a while. I think the Sabadell account you're referring to is the residential, monthly minimum deposit account mentioned earlier in the thread


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## Exxtol

Frank B said:


> Thanks Emlyn. I just need a non-resident account with the lowest charges to allow me to pay direct debits at the moment, not something I have to pay into monthly as we won't be living there for a while. I think the Sabadell account you're referring to is the residential, monthly minimum deposit account mentioned earlier in the thread


I am looking for the exact same thing. I was told my a potential roommate today that some banks charge up to 40euros/month just to have an account! That's unheard of in the US. The most you'll see is about 9-10 euros/month and even that to me is ridiculous.

It looks like there is a backlog for applying for a NIE so I would rather just get a non-resident account also. But with the current crisis this is looking more and more bleak and/or difficult.


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## 746786

Exxtol said:


> I am looking for the exact same thing. I was told my a potential roommate today that some banks charge up to 40euros/month just to have an account! That's unheard of in the US. The most you'll see is about 9-10 euros/month and even that to me is ridiculous.
> 
> It looks like there is a backlog for applying for a NIE so I would rather just get a non-resident account also. But with the current crisis this is looking more and more bleak and/or difficult.


I agree. I loathe banks and their ilk. It's bad enough that they've created the global economic crisis.

That link I posted seems to have good info, although it needs to be updated from 2013. We speak only very limited Spanish too, so it makes navigating their websites and contracts all the more difficult.


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## 746786

*la caixa*

I found this thread on another forum, again from a few years ago. But they seemed to be recommending La Caixa for low charges on non-resident accounts.

https://www.eyeonspain.com/communit...account---any-advice-on-cheapest-options.aspx

One person also mentioned Barclays in Spain. Anyone know if there are any British banks in Spain that operate like British banks? i.e. no maintenance charges?


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## Exxtol

Frank B said:


> I agree. I loathe banks and their ilk. It's bad enough that they've created the global economic crisis.
> 
> That link I posted seems to have good info, although it needs to be updated from 2013. We speak only very limited Spanish too, so it makes navigating their websites and contracts all the more difficult.


I haven't looked at the page. I actually speak Spanish fluently. Let me know if there's anything you need translated through private msg. I'll take a look right now myself. Thanks!


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## 746786

*Barclays, La Caixa, Bancaja*

Thank you. Just sent you a PM.

Barclays was mentioned again on another forum from a few years back as not charging customers so-called maintenance fees (like the staff in Spanish banks go around watering and dusting the accounts to keep them healthy or something!). 

La Caixa and Bancaja were also mentioned as having low fees for non-residents. Any confirmation/ updates from people who use these banks would be appreciated.

Cheers


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## snikpoh

Frank B said:


> Thank you. Just sent you a PM.
> 
> Barclays was mentioned again on another forum from a few years back as not charging customers so-called maintenance fees (like the staff in Spanish banks go around watering and dusting the accounts to keep them healthy or something!).
> 
> La Caixa and Bancaja were also mentioned as having low fees for non-residents. Any confirmation/ updates from people who use these banks would be appreciated.
> 
> Cheers


Barclays doesn't exist in Spain any more.


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## 746786

Ok, thanks for letting us know. Anyone know if there are any UK banks in Spain now?


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## snikpoh

Frank B said:


> Ok, thanks for letting us know. Anyone know if there are any UK banks in Spain now?


I very much doubt it - but why does it matter?

Even Santander in Spain has little or no affiliation with Santander UK


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## 746786

All the (now ancient, 2014 being the last) threads I was reading on Barclays reported that they didn't charge people for having accounts. The Halifax and Lloyds were also mentioned. This was at the same time Spanish banks were charging. So, my assumption was that if there are still some UK banks operating in Spain, perhaps they still work that way, or have lower fees.

Any idea why Barclays et al pulled out of Spain?


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## Muddy

snikpoh said:


> I very much doubt it - but why does it matter?
> 
> Even Santander in Spain has little or no affiliation with Santander UK


I'll call them and find out, but from what you said I couldn't transfer funds between a Spanish Santander account and one I have here via internet or telephone banking? 

It would have made things a lot easier, but if they're not linked in that way then I'll just look at a different Spanish bank anyway!

What I would like to do is have the ability to instantly move sterling into euros and vice versa to try and manage fast moving currency moves and just be able to move my own cash around all by my self . It sounds something really simple for a bank to manage, but I'm guessing they'll not make it as quick and simple as I would like?
Probably because it would bypass them charging a fee!


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## Lynn R

Muddy said:


> I'll call them and find out, but from what you said I couldn't transfer funds between a Spanish Santander account and one I have here via internet or telephone banking?
> 
> It would have made things a lot easier, but if they're not linked in that way then I'll just look at a different Spanish bank anyway!
> 
> What I would like to do is have the ability to instantly move sterling into euros and vice versa to try and manage fast moving currency moves and just be able to move my own cash around all by my self . It sounds something really simple for a bank to manage, but I'm guessing they'll not make it as quick and simple as I would like?
> Probably because it would bypass them charging a fee!


I don't know about Santander, but I did get a letter from my UK bank (First Direct) a little while ago saying that it would now be possible to send overseas transfers via online banking (it couldn't be done before). I'm still going to use CurrencyFair because they offer a better exchange rate, though.


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## Alcalaina

Lynn R said:


> I don't know about Santander, but I did get a letter from my UK bank (First Direct) a little while ago saying that it would now be possible to send overseas transfers via online banking (it couldn't be done before). I'm still going to use CurrencyFair because they offer a better exchange rate, though.


Me too. Sterling leaves UK account and euros arrive in Spanish account the same day, flat rate €3 fee and excellent exchange rates.


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## snikpoh

Muddy said:


> I'll call them and find out, but from what you said I couldn't transfer funds between a Spanish Santander account and one I have here via internet or telephone banking?
> 
> It would have made things a lot easier, but if they're not linked in that way then I'll just look at a different Spanish bank anyway!
> 
> What I would like to do is have the ability to instantly move sterling into euros and vice versa to try and manage fast moving currency moves and just be able to move my own cash around all by my self . It sounds something really simple for a bank to manage, but I'm guessing they'll not make it as quick and simple as I would like?
> Probably because it would bypass them charging a fee!


Firstly, Halifax Hispania was taken over by Lloyds who were then taken over by Sabadell.


Most UK ans Spanish banks have signed up to SEPA - in effect this means that transfers are extremely swift (in theory).

Of course Santander Uk can transfer funds to Santander Spain so so can most banks. 

I always use (and advise others to use) currency transfer companies like TransferWise or CufrrencyFair as that wil always be the cheapest way to do it.


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## danboy20

I would avoid Sabadell full stop....their charges for a basic account seem astronomical to me....even charging some ridiculous fee (around 2.50 €)for an internal transfer. Also, their staff don´t seem to know what they are doing. Classics from them were "you have to go to the same branch you opened the account, to upgrade it" "and you have to go to the same branch you opened to close it" In the end I closed mine, because they were so incompetent. 

I ended up with a Sabadell account, because they bought Lloyds, who bought Halifax....originally transfers were free between a British and Spanish halifax account. However, I think Sabadell thought this was a free ticket to treat their captive Halifax customers badly - as they know people don´t want to go to the hassle of changing their accounts! I guess many are elderly also, and don´t pay attention to the charges. 

I would actually recommend BBVA, as their infrastructure is quite modern (you can pay in money at cashpoint & pay bills) and if you can prove you have money coming in, you don´t pay much commission.


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## danboy20

Frank B said:


> I'm looking for the same information as Suiko above. Suiko, did you find a bank with lower charges for non-residents? We also need one.
> 
> I was told today that Sabadell has a non-resident account and they charge you 30 euros a quarter! Then 75 euros for the 2 yearly certificate! That's 315 euros every two years just so they can use your money to make more profits for themselves!
> 
> I'm starting to go off Spain....



Yes, they are the biggest rip off merchants going...and incompetent to boot.


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## danboy20

One further tip.....Whoever you decide to open an account with, make sure you pick any cards up from the branch....don´t take the risk with delivery to your home address in Spain, because that can become a saga of all it´s own, as the postal service is abysmal.


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## Lynn R

danboy20 said:


> I would avoid Sabadell full stop....their charges for a basic account seem astronomical to me....even charging some ridiculous fee (around 2.50 €)for an internal transfer. Also, their staff don´t seem to know what they are doing. Classics from them were "you have to go to the same branch you opened the account, to upgrade it" "and you have to go to the same branch you opened to close it" In the end I closed mine, because they were so incompetent.
> 
> I ended up with a Sabadell account, because they bought Lloyds, who bought Halifax....originally transfers were free between a British and Spanish halifax account. However, I think Sabadell thought this was a free ticket to treat their captive Halifax customers badly - as they know people don´t want to go to the hassle of changing their accounts! I guess many are elderly also, and don´t pay attention to the charges.
> 
> I would actually recommend BBVA, as their infrastructure is quite modern (you can pay in money at cashpoint & pay bills) and if you can prove you have money coming in, you don´t pay much commission.


We have Sabadell accounts (changed from Banco Popular who were awful) and find them really good. As long as at least €700 per month is paid into the account there are no charges to pay and I get a small amount of cash back relatiing to direct debits for utiities each month. The staff in our branch are the nicest and most efficient we've come across in any bank in Span.


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## Alcalaina

As I mentioned on another thread, it's good to have a local bank where you can actually go into the branch and talk to the manager. Managers still have some discretion here. Yesterday I persuaded mine to remove an unexpected admin charge. In the past I've negotiated better interest rates on savings (those were the days!) This just isn't possible with internet banking.


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## Exxtol

danboy20 said:


> One further tip.....Whoever you decide to open an account with, make sure you pick any cards up from the branch....don´t take the risk with delivery to your home address in Spain, because that can become a saga of all it´s own, as the postal service is abysmal.


Is the postal service really that bad? Even in the major cities? Can I not rely on receiving mail internationally??


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## danboy20

Exxtol said:


> Is the postal service really that bad? Even in the major cities? Can I not rely on receiving mail internationally??



I can only say what it is like on the Costa Del Sol.....I had to order a card 3 times, before giving up and getting it delivered to the branch.

Similarly had something from ebay, that had to be ordered several times. There is always someone at home as well.

They don´t have exact postal codes like they do in the UK, so it seems easy for things to get lost. I also think it´s worse if you are part of a community, or apartment block.

I would not rely on it.


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## Lynn R

Exxtol said:


> Is the postal service really that bad? Even in the major cities? Can I not rely on receiving mail internationally??


I dono't live in a major city but in a large provincial town, and we have no problems at all with the postal system. Deliveries are made every day between Monday and Friday. Even with a round covering hundreds of homes our postal delivery lady knows us and stops us in the street if she has mail for us and hands it over there and then. We moved house recently and were delighted to find that her round had been changed and she now delivers to our new home. We are in an apartment block now (and don't even have our name on the postbox yet) but mail is still being received just fine. If there is a bulky parcel or something to be signed for and we are not at home, an advice slip is left in our postbox for us to collect it from the post office within 7 days. The post office closes at 2pm each day, though, and does not re-open in the afternoon - similar hours to banks.

Most of our mail comes from the UK and we don't have problems receiving or sending things, but mail sent from Spain to the UK tends to get there a bit faster than mail sent from the UK to Spain. 

I know many people complain about the quality of the postal service (especially those who live in rural locations) but it obviously varies according to area.


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## Alcalaina

Exxtol said:


> Is the postal service really that bad? Even in the major cities? Can I not rely on receiving mail internationally??


I'm not in a major city, but have never had any problems other than the occasional Christmas card arriving in January. My bank cards always arrive safely from the UK.

However goods posted from outside the EU sometimes get stuck in Madrid because the senders haven't completed the customs declarations properly. That can be an expensive nightmare.


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## danboy20

I also have had problems with packages delivered in several locations....in towns, and further inland. It seems to me that they simply don´t bother to deliver the package if you live in an apartment block; and Inland, it was a guy on a scooter, so he´s obviously not going to carry multiple parcels with him. 

This means they leave a note you need to take to the Correos (post office), where you often have large queues, and bank opening times. 

There is no doubt in my mind that their postal service is behind many other countries.


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## Muddy

Alcalaina said:


> However goods posted from outside the EU sometimes get stuck in Madrid because the senders haven't completed the customs declarations properly. That can be an expensive nightmare.


And I assume anyone sending goods from UK to Spain in future post brexit, excuse the pun, will need to fill in a customs declaration?


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## baldilocks

Exxtol said:


> Is the postal service really that bad? Even in the major cities? Can I not rely on receiving mail internationally??


No, in answer to your first question and Yes in answer to the second. The postal service here (a village) is excellent. Some couriers are bad and can't be bothered to deliver to the house, leaving items, instead, at the Coviran shop which is less than 50m from our house - sheer laziness.

A plus with the post office is they are open on Saturdays and even collect packages from the house.


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## Megsmum

Exxtol said:


> Is the postal service really that bad? Even in the major cities? Can I not rely on receiving mail internationally??


Spain is no difference to anywhere else in the world.. areas where service is good and areas where service is bad.

I live in one of the poorest regions in Spain, I have never had any issues with post at all. We have a post box in the village €66 per year, they take envelopes and parcels and we also spoke to the local gasolinera and bread shop they hold on to any other deliveries for us. I live 9 KM down a track from civilization , we have had, furniture, ovens, chickens and materials for animal housing delivered with no issues, sometimes we have to meet them to show them the way, before we came people said... no one will deliver to the campo... well they do here. All the comments you read on this forum are simply people's experiences from their particular location. If you asked 500 Brits about the postal service in the U.K. you'll get 500 different answers from good to


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## Alcalaina

Muddy said:


> And I assume anyone sending goods from UK to Spain in future post brexit, excuse the pun, will need to fill in a customs declaration?


Depends what sort of deal they finally end up with. If Britain leaves the Customs Union, that will almost certainly be the case.


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## Juan C

The manager of each branch has considerable latitude when it comes to charges, so ask for the best deal you can hope to get.

That means that one cannot really say which bank is cheaper only that may get a better deal from one branch of any bank than another branch of the same bank,

My son, a UK accountant, has an arrangement that he will only ever be charged 0.30 € for any transaction. That was the lowest the manager could impose for services where a charge had to be made.

Also. always ask what services will cost. Never assume they will be the same as in UK or anywhere else, or even one bank or branch to another. 

At least some banks (Sabadell / Solbank) charge 0.5% on the whole amount transferred to another bank, no matter how much they are transferring. Unless you have managed to negotiate a diferent rate

Examples: 100,000 euro = 500 euros 500,000 = 2,500 euros. 

It is likely that there may be no max charge.


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## The Skipper

suiko said:


> Another one from me
> 
> I need a Spanish bank account for direct debits for bills. I don't think I need it to buy a house, though, if the house is paid for in pounds to a UK bank account?
> 
> But anyway, I clearly have to open one. I know from my past life in Spain that they all apply some charges. As I will not really be using the account for anything but direct debits (I don't even need any cards), I would like to find the cheapest one available. Any ideas?
> 
> I guess an account in Gibraltar is not going to work with the direct debits?


Bankia "Cuenta On" is completely free - they will even give you €50 for signing up: https://www.bankia.es/microsites/li...plia-frase_anuncio1&campaign=1009&origen=4318


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## Alcalaina

The Skipper said:


> Bankia "Cuenta On" is completely free - they will even give you €50 for signing up: https://www.bankia.es/microsites/li...plia-frase_anuncio1&campaign=1009&origen=4318


Given Bankia's recent history I'm not surprised it is now paying customers to sign up! Personally I wouldn't touch them with a barge pole.


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## The Skipper

Alcalaina said:


> Given Bankia's recent history I'm not surprised it is now paying customers to sign up! Personally I wouldn't touch them with a barge pole.


Bankia is now probably the safest bank in Spain! It is the fourth largest with total assets of €190.2 billion and I think I am right in saying that the Spanish government is still the largest shareholder (having had to bail it out in the early days of the banking crisis).


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## Lynn R

Juan C said:


> At least some banks (Sabadell / Solbank) charge 0.5% on the whole amount transferred to another bank, no matter how much they are transferring. Unless you have managed to negotiate a diferent rate
> 
> Examples: 100,000 euro = 500 euros 500,000 = 2,500 euros.
> 
> It is likely that there may be no max charge.


With a Sabadell Expansion account, the only thing I have been charged for (and it was set out in the terms and conditions of the account) was the issue of a cheque bancario in relation to a property purchase. I have made a number of transfers to people's accounts with other banks and no charges were incurred for those, and I was not charged anything to deposit a cheque bancario from another bank in relation to the sale of my previous property. No "negotiations" with the manager or anybody else were necessary, they are just the terms and conditions of the Expansion account.

https://www.bancsabadell.com/cs/Sat...y-account-without-bank-fees/1191346505022/en/


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## Megsmum

Went to bank yesterday as we have to bring some money over ( thanks to Brexit less than we hoped, but them is the breaks). Asked about fees... she calculated, looked at us... €5. That's the joy, if there can be any joy, in banking here, they can be autonomous in thier decisions


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## snikpoh

Megsmum said:


> Went to bank yesterday as we have to bring some money over ( thanks to Brexit less than we hoped, but them is the breaks). Asked about fees... she calculated, looked at us... €5. That's the joy, if there can be any joy, in banking here, they can be autonomous in thier decisions


But why pay a fee at all?

I transfer using CurrencyFair or TransferWise and pay 3€. The bank then charges me NOTHING.

The rates I then get are far better than any bank will offer.


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## Megsmum

snikpoh said:


> But why pay a fee at all?
> 
> I transfer using CurrencyFair or TransferWise and pay 3€. The bank then charges me NOTHING.
> 
> The rates I then get are far better than any bank will offer.


We use foreign currency direct then they pay into the bank.... Caixa charge for the incoming monies

Who is you Bank? And do you have regular payments, we bring over yearly at the most


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## Lynn R

Megsmum said:


> We use foreign currency direct then they pay into the bank.... Caixa charge for the incoming monies
> 
> Who is you Bank? And do you have regular payments, we bring over yearly at the most


I never paid any fee when I transferred funds to my former Banco Popular account via CurrencyFair, nor do I when I now transfer them to my Sabadell account. That applies whether they are monthly pension transfers or larger one-off transfers. I thought transfers under €50,000 were supposed to be free under SEPA, although I think the banks can charge for amounts in excess of that.


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## Megsmum

Interesting, I'll ask...


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## Alcalaina

The Skipper said:


> Bankia is now probably the safest bank in Spain! It is the fourth largest with total assets of €190.2 billion and I think I am right in saying that the Spanish government is still the largest shareholder (having had to bail it out in the early days of the banking crisis).


It's only profitable now because the government bought up its bad debts. SInce then, there have been scandals over unlimited credit card expense accounts for the management, and a preference share scam where thousands of ordinary people lost their savings. 

It's a toxic brand, trying to rebuild its reputation.



> On 4 July 2012, Rodrigo Rato, along with 30 other former members of the board of directors of Bankia, were charged with accounting irregularities. Bloomberg Businessweek listed Rato as the worst CEO in 2012. In 2011, Bankia announced profits of €309 million; after Rato resigned, the figure was amended to €3 billion in losses. In October 2014, it became known that between 24 October 2010 to 28 November 2011, Rato made 519 purchases with a secret corporate credit card, spending a total of €99,041. Among these purchases he spent in one day were €3,547 in alcoholic beverages and €1,000 in shoes, along with 16 withdrawals of more than €1,000, most of them during the last months of his presidential term.


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## Alcalaina

Megsmum said:


> We use foreign currency direct then they pay into the bank.... Caixa charge for the incoming monies
> 
> Who is you Bank? And do you have regular payments, we bring over yearly at the most


I use CurrencyFair too, for infrequent and irregular transfers, and Caixa don't charge for the deposits.


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## snikpoh

Megsmum said:


> We use foreign currency direct then they pay into the bank.... Caixa charge for the incoming monies
> 
> Who is you Bank? And do you have regular payments, we bring over yearly at the most


I use Sabadell.

Your comment is interesting as others with Caixa aren't being charged (when using CurrencyFair).

Perhaps bin Foreign Currency Direct and use a 'better' company like TransferWise or CurrencyFair.


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## Patico

Have had an account with La Caixa for several years and have regular transfers from various sources being deposited and have never been charged any fee for this.


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## Megsmum

snikpoh said:


> I use Sabadell.
> 
> Your comment is interesting as others with Caixa aren't being charged (when using CurrencyFair).
> 
> Perhaps bin Foreign Currency Direct and use a 'better' company like TransferWise or CurrencyFair.


Mm but doesn't make sense.... when we first transferred money for house purchase we were advised by our lawyer here to negotiate the deposit fee. When we went in a few days ago, they did not ask who we were transferring from? However thinkning about it they thought it was coming from England to Spain. The company we use charges £15. they transfer the money to a bank in Madrid the into ours in euros. 

Could it be a regional thing?


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## Lynn R

Megsmum said:


> Mm but doesn't make sense.... when we first transferred money for house purchase we were advised by our lawyer here to negotiate the deposit fee. When we went in a few days ago, they did not ask who we were transferring from? However thinkning about it they thought it was coming from England to Spain. The company we use charges £15. they transfer the money to a bank in Madrid the into ours in euros.
> 
> Could it be a regional thing?


When you were transferring funds to purchase a house, most likely it was over the €50k limit under which the banks should not charge for receiving funds. I don't think that has anything to do with which currency exchange company you are using.

I would definitely look at using a different company to transfer your funds, though. Fifiteen pounds per transfer seems a lot, compared to the flat fee of €3 per transfer which CurrencyFair charges, or the o.5% charge Transferwise makes.


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## The Skipper

Alcalaina said:


> It's only profitable now because the government bought up its bad debts. SInce then, there have been scandals over unlimited credit card expense accounts for the management, and a preference share scam where thousands of ordinary people lost their savings.
> 
> It's a toxic brand, trying to rebuild its reputation.


That´s all old news. Rato and the rest of the crooks have long gone and Bankia is now a perfectly respectable bank. Would you take the same view about Lloyds in the UK?


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## Alcalaina

The Skipper said:


> That´s all old news. Rato and the rest of the crooks have long gone and Bankia is now a perfectly respectable bank. Would you take the same view about Lloyds in the UK?


You're quite right, I'm sure. But I'm afraid once a brand turns toxic, the image sticks for many years. I still steer clear of Barclays because of their collaboration with the apartheid regime in South Africa (which I'm sure you are too young to remember!)


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## emlyn

No ,the account I referred to is non resident,whether you incur charges depends on how much you can put in monthly,speak to your local Sabadell branch.


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## emlyn

Frank B said:


> Thanks Emlyn. I just need a non-resident account with the lowest charges to allow me to pay direct debits at the moment, not something I have to pay into monthly as we won't be living there for a while. I think the Sabadell account you're referring to is the residential, monthly minimum deposit account mentioned earlier in the thread


No,the account I referred to is non resident,whether you incur charges is dependent on how much you put in.Speak to your local Sabadell branch to see what they can do for you.


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## The Skipper

Alcalaina said:


> (which I'm sure you are too young to remember!)


Unfortunately not!


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## Muddy

Alcalaina said:


> You're quite right, I'm sure. But I'm afraid once a brand turns toxic, the image sticks for many years. I still steer clear of Barclays because of their collaboration with the apartheid regime in South Africa (which I'm sure you are too young to remember!)


I seem to remember more negative stories about Barclays than other banks on average, so when CC applications arrive they always gets filed in the little grey round filing cabinet on the floor!

Barclays are not the only bad bank, plenty of others are corrupt, but it is about trust, or the lack of it!

Barclays banker pleads guilty to part in £16m money laundering network | Financial Reporter
https://www.usatoday.com/story/money/2015/05/20/billions-in-bank-fx-settlements/27638443/

BBC News - Timeline: Libor-fixing scandal

I also found some info on ethical banking. e.g. If you don't like the idea of your bank investing in arms or coal industry etc!
https://www.choose.co.uk/guide/ethical-banking-explained.html


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## Gregorians

snikpoh said:


> Most UK ans Spanish banks have signed up to SEPA - in effect this means that transfers are extremely swift (in theory).


I'm glad someone has mentioned SEPA, as I only heard about it the other day.

I'm aware that for signing up for things like phone or internet contracts, you need to set up a direct debit. Ordinarily, the most straightforward thing would be to point this to an account with a Spanish bank.

However, if I have a EUR-denominated account with HSBC (which is part of the SEPA scheme), would that also work?


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## The Skipper

Alcalaina said:


> You're quite right, I'm sure. But I'm afraid once a brand turns toxic, the image sticks for many years. I still steer clear of Barclays because of their collaboration with the apartheid regime in South Africa (which I'm sure you are too young to remember!)


I closed my Barclays accounts in the UK and Spain about eight years ago after a major row with them about charges and exchange rates. They rejected my official complaint so I dumped them. Imagine my surprise when I received a letter in the post today telling me that, following an internal audit, Barclays had discovered that they owe my GBP 640 following the discovery of international transaction discrepancies!


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## Muddy

The Skipper said:


> I closed my Barclays accounts in the UK and Spain about eight years ago after a major row with them about charges and exchange rates. They rejected my official complaint so I dumped them. Imagine my surprise when I received a letter in the post today telling me that, following an internal audit, Barclays had discovered that they owe my GBP 640 following the discovery of international transaction discrepancies!


Did they pay you the accumulated interest over that 8 years?

Not the same thing but I had a savings account opened for me when I was still in shorts at school! By chance I tried to work out the interest I was getting but couldn't get it right, never that great at math lol. As it turns out I was right and the bank was wrong and had stole about half of the interest on my savings account over something like 9 years!
Took me weeks on and off going back as I had paid almost every week, but they did pay up in the end when I put it all in front of them.


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## The Skipper

Muddy said:


> Did they pay you the accumulated interest over that 8 years?
> 
> Not the same thing but I had a savings account opened for me when I was still in shorts at school! By chance I tried to work out the interest I was getting but couldn't get it right, never that great at math lol. As it turns out I was right and the bank was wrong and had stole about half of the interest on my savings account over something like 9 years!
> Took me weeks on and off going back as I had paid almost every week, but they did pay up in the end when I put it all in front of them.


Yes, the accumulated interest was included in the calculation of the interest. They detailed the calculation in their letter but I can´t say that I totally understood it!


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## Muddy

The Skipper said:


> Yes, the accumulated interest was included in the calculation of the interest. They detailed the calculation in their letter but I can´t say that I totally understood it!


Glad to hear they paid up all the compounded interest.
I didn't find it easy to work out interest over such a long period, but, as the bank stole so much it stood out once I was convinced I wasn't mistaken.
If I need to do anything now I use a spreadsheet, I'm no expert but eventually I can get reasonably complex stuff worked out, as as long as you use lots of variables, adjustments are very easy once it's done.


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## chrisnation

suiko said:


> No, non-resident. I would rather not maintain a minimum balance, but could do so if it means leaving a certain amount in the account. But not paying in a certain amount each month.


In my experience banks seem happy to receive a credit and regard it as satisfying their rule, even if it is then transferred out (to wherever it came from) a day later. 

I have a sum bouncing back and forth, on a mothly standing order, between Lloyds and Santander UK, to qualify for Santander's interest payment.


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## chrisnation

suiko said:


> "Wait till the rates are reasonable"... could be a very long wait, the way things are going! With madness set to prevail on Jun 23rd, I think the pound has a long way to fall.
> 
> I'm more inclined to cut my losses and exchange the money now. It's a hard one to call, but it does seem it could get a whole lot worse.


Please could you pick my Lotto numbers for me?


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## chrisnation

How do people transfer cash cheaply from their British to their Spanish account?

I have had very good service and excellent rates from Global Currency Exchange Network. No charges.


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## The Skipper

chrisnation said:


> How do people transfer cash cheaply from their British to their Spanish account?
> 
> I have had very good service and excellent rates from Global Currency Exchange Network. No charges.


I have used Transferwise (https://transferwise.com/es/) for the past few years and their rates are always competitive. Some other members also recommend Currency Fair.


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