# Spanish bank account



## dodfaescotland (Dec 28, 2018)

Hi, planning to move to Spain next year and already started to merge my UK bank account, is it better to open an account in Euros or leave in Sterling?


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## DonMarco (Nov 20, 2016)

dodfaescotland said:


> Hi, planning to move to Spain next year and already started to merge my UK bank account, is it better to open an account in Euros or leave in Sterling?


I would say both. How else are you going to transfer money Spain? Whatever you do, keep one UK Bank account open as you won't be able to open a new one if non resident. I think the only problem is when to make transfers?

Brexit is really hurting the Pound at the moment but it could move higher again depending on the outcome.


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## snikpoh (Nov 19, 2007)

DonMarco said:


> I would say both. How else are you going to transfer money Spain? Whatever you do, keep one UK Bank account open as you won't be able to open a new one if non resident. I think the only problem is when to make transfers?
> 
> Brexit is really hurting the Pound at the moment but it could move higher again depending on the outcome.


I would certainly keep as many UK bank accounts open as is sensible for you.

You CAN open new accounts once a Spanish resident but it's not simple. (new law couple of years ago for a basic account).

You don't need your UK account to be in euros - keep it in sterling. Use a transfer company (like TransferWise) to move money.

No one knows the true and full effect of brexit yet, so we'll just have to wait and see.


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## dodfaescotland (Dec 28, 2018)

*Bank account*

Thanks for the replies, I am in the process of merging my Santander account so sounds as though that should work ok and will look in to a transfer company as well.


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## Barriej (Jul 23, 2012)

dodfaescotland said:


> Thanks for the replies, I am in the process of merging my Santander account so sounds as though that should work ok and will look in to a transfer company as well.


Be careful with Santander as the UK and Spanish arms are different companies and they don't/won't talk to each other. 
I will be opening a Santander Spanish non resident account when we are over at the end of Jan simply because there is a branch near where we hope to buy a property and we have Uk accounts so taking cash out is easy.

Unless there is a cheap way I can't find, we were told Santander charge £25.00 for currency movements from the UK to Spain (even to your own account) against £4.00 for up to £50k to any bank via HSBC.

As suggested use one of the currency companies, you will get a better rate.


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## mrypg9 (Apr 26, 2008)

I opened an offshore account in euros and sterling when I left the UK fourteen years ago and moved to Prague. Contrary to uninformed opinion, offshore accounts aren’t solely for crooks and plutocrats. To open mine I merely needed to deposit €100, $100 or €100.
I have a Spanish bank account but top it up to the barest necessary amount to be able to pay utility bills and suchlike.
I’ve heard too many horror stories of people’s accounts being raided by Haciendo, Trafico or other such sometimes for fines etc. that have been wrongly applied. A friend had an account frozen because of a dispute over a property tax issue.
I have debit and credit cards in euros and sterling from my offshore account and now use that account much more than the Spanish one. I try to keep a very low balance in that just in case...I was fined in error once, only €99 but don’t wish to repeat the experience.


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## Gazeebo (Jan 23, 2015)

I recently opened a Spanish bank account with no problems and I'm not a resident at the moment. I had to open it to pay the utility bills on the rented villa.


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## High flyer (Jun 22, 2018)

Barriej said:


> Be careful with Santander as the UK and Spanish arms are different companies and they don't/won't talk to each other.
> I will be opening a Santander Spanish non resident account when we are over at the end of Jan simply because there is a branch near where we hope to buy a property and we have Uk accounts so taking cash out is easy.
> 
> Unless there is a cheap way I can't find, we were told Santander charge £25.00 for currency movements from the UK to Spain (even to your own account) against £4.00 for up to £50k to any bank via HSBC.
> ...


And if you use a currency specialist such as smart they will convert your sterling into euros and then no charge by your Spanish bank to receive the funds. Assuming of course you still have a UK bank account! Transfer wise will send free also, they seem to offer a slightly better rate but there’s a small fee charged.


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## nova2018 (Jan 2, 2019)

DonMarco said:


> I would say both. How else are you going to transfer money Spain? Whatever you do, keep one UK Bank account open as you won't be able to open a new one if non resident. I think the only problem is when to make transfers?
> 
> Brexit is really hurting the Pound at the moment but it could move higher again depending on the outcome.


I would say both for the very same reason. Especially concerning transfers.


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## nova2018 (Jan 2, 2019)

High flyer said:


> And if you use a currency specialist such as smart they will convert your sterling into euros and then no charge by your Spanish bank to receive the funds. Assuming of course you still have a UK bank account! Transfer wise will send free also, they seem to offer a slightly better rate but there’s a small fee charged.


That caught me off guard when I first heard about it, because I thought that having both a Santander account in both England and Spain would really help. But not really in the end.


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## High flyer (Jun 22, 2018)

nova2018 said:


> That caught me off guard when I first heard about it, because I thought that having both a Santander account in both England and Spain would really help. But not really in the end.


Don’t really understand that, despite the fact they are different operations, and don’t cooperate with each other, using your U.K. bank card issued by Santander in a Santander atm in Spain works to your advantage. You get the interbank rate on the euros you withdraw and no charges whatsoever! And use a currency specialist for large movements to your Banco Santander Account. Just means keeping some cash in your U.K. account that’s all.


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## nova2018 (Jan 2, 2019)

High flyer said:


> Don’t really understand that, despite the fact they are different operations, and don’t cooperate with each other, using your U.K. bank card issued by Santander in a Santander atm in Spain works to your advantage. You get the interbank rate on the euros you withdraw and no charges whatsoever! And use a currency specialist for large movements to your Banco Santander Account. Just means keeping some cash in your U.K. account that’s all.


I'm not exactly sure why I didn't go with a Spanish Santander bank account in the end, because it was a few years ago. Maybe I should have, because I remember it being an absolute nightmare to try and get an online account with Sabadell my current Spanish bank and now I have no way of checking how much I do or don't have in my account, because they haven't bothered to send me any monthly statements, even though I've asked for some. When I do return to Spain in a few months, I think I'll switch to Santander.

Thanks for letting me know!


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## High flyer (Jun 22, 2018)

nova2018 said:


> I'm not exactly sure why I didn't go with a Spanish Santander bank account in the end, because it was a few years ago. Maybe I should have, because I remember it being an absolute nightmare to try and get an online account with Sabadell my current Spanish bank and now I have no way of checking how much I do or don't have in my account, because they haven't bothered to send me any monthly statements, even though I've asked for some. When I do return to Spain in a few months, I think I'll switch to Santander.
> 
> Thanks for letting me know!


You are welcome. On a personal level can’t fault Banco Santander , great online and as I said, really good rate at the atm


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## snikpoh (Nov 19, 2007)

High flyer said:


> You are welcome. On a personal level can’t fault Banco Santander , great online and as I said, really good rate at the atm


... but can be very expensive to operate unless you have sufficient income etc.


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## High flyer (Jun 22, 2018)

snikpoh said:


> ... but can be very expensive to operate unless you have sufficient income etc.


Don’t understand expensive, it’s the same money used in a better way. All about budgeting and using it to your best advantage really.


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