# Spanish banks HELP?



## ORivas (Oct 12, 2009)

Hi all,
I just moved to Mallorca a few months ago and my monthly payments are still being put into my English (RBS) account - then I withdraw over here, losing precious money! I am thinking I should open a Spanish bank account and get the payments put directly into it ... or will I be charged a lot for this service I wonder ...?

Have asked around for recommendations and have been told the best banks are Santander (& if you have an English account with them you can withdraw money over here for free...) and then Credito Balear who do good deals on loans and mortgages etc and Banca March. They tell me these smaller, more local banks generally offer better deals then the big global brands (but I wonder if banking with one of the internationally recognised names might benefit me in other ways).

ANY ADVICE PLEASE PEOPLE….?!!


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## Alcalaina (Aug 6, 2010)

ORivas said:


> Hi all,
> I just moved to Mallorca a few months ago and my monthly payments are still being put into my English (RBS) account - then I withdraw over here, losing precious money! I am thinking I should open a Spanish bank account and get the payments put directly into it ... or will I be charged a lot for this service I wonder ...?
> 
> Have asked around for recommendations and have been told the best banks are Santander (& if you have an English account with them you can withdraw money over here for free...) and then Credito Balear who do good deals on loans and mortgages etc and Banca March. They tell me these smaller, more local banks generally offer better deals then the big global brands (but I wonder if banking with one of the internationally recognised names might benefit me in other ways).
> ...


Your best bet is to have a UK account and a Spanish account with a bank that doesn´t charge for transfers, like Santander. Lloyds is another example (formerly Halifax). Then you can keep an eye on the exchange rate and transfer money online when it suits you.

You can of course have an account at a local bank (Caja) as well, but some of these are a bit rocky at the moment because of the financial crisis (tocky in the Northern Rock sense!), so be careful.


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## celticlass (Nov 13, 2010)

Alcalaina said:


> Your best bet is to have a UK account and a Spanish account with a bank that doesn´t charge for transfers, like Santander. Lloyds is another example (formerly Halifax). Then you can keep an eye on the exchange rate and transfer money online when it suits you.
> 
> You can of course have an account at a local bank (Caja) as well, but some of these are a bit rocky at the moment because of the financial crisis (tocky in the Northern Rock sense!), so be careful.


 when did the Halifax become Lloyds ? ...I didn't know?


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## MacRov (Oct 26, 2010)

Halifax was part of HBOS which was taken over by lloyds when they all started to crumble if I remember correctly.


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## Stravinsky (Aug 12, 2007)

ORivas said:


> Hi all,
> I just moved to Mallorca a few months ago and my monthly payments are still being put into my English (RBS) account - then I withdraw over here, losing precious money! I am thinking I should open a Spanish bank account and get the payments put directly into it ... or will I be charged a lot for this service I wonder ...?
> 
> Have asked around for recommendations and have been told the best banks are Santander (& if you have an English account with them you can withdraw money over here for free...) and then Credito Balear who do good deals on loans and mortgages etc and Banca March. They tell me these smaller, more local banks generally offer better deals then the big global brands (but I wonder if banking with one of the internationally recognised names might benefit me in other ways).
> ...


Well having looked and used various methods over the years I find the best idea is to keep a UK bank account, open a Spanish bank account, and use someone like currencies direct to do a regular monthly transfer from UK to Spain. If done on d/d they dont charge a fee and the rates are as good as anyones


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## 90199 (Mar 21, 2010)

I have been using Nationwide, drawing up to £300 a day through the hole in the wall, it was all free and a good rate of exchange. However they now are going to charge, ¡Bast*rds!, so I too am considering other methods,

Hepa


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## djfwells (Sep 28, 2009)

ORivas said:


> Hi all,
> I just moved to Mallorca a few months ago and my monthly payments are still being put into my English (RBS) account - then I withdraw over here, losing precious money! I am thinking I should open a Spanish bank account and get the payments put directly into it ... or will I be charged a lot for this service I wonder ...?
> 
> Have asked around for recommendations and have been told the best banks are Santander (& if you have an English account with them you can withdraw money over here for free...) and then Credito Balear who do good deals on loans and mortgages etc and Banca March. They tell me these smaller, more local banks generally offer better deals then the big global brands (but I wonder if banking with one of the internationally recognised names might benefit me in other ways).
> ...


Please be aware that the 'withdrawing money for free' thing with Santander only applies in certain conditions.
A few of the larger Banks offer Sterling accounts aswell that pay a decent rate of interest (if you leave your cash with them for a qualifying period) and very competetive exchange rates and no costs when you exchange money from your sterling to Euro account with them. Bancaja is one such Bank, but I beleive that there are others.


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## Alcalaina (Aug 6, 2010)

celticlass said:


> when did the Halifax become Lloyds ? ...I didn't know?


They were taken over a couple of years ago and the Halifax brand finally disappeared about a month ago. If you go to what used to be the Halifax Hispania website it is now Lloyds International. They have promised to keep all the services that HH offered, like free currency transfers. I'm hoping they keep their promises!


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## 90199 (Mar 21, 2010)

Alcalaina said:


> They were taken over a couple of years ago and the Halifax brand finally disappeared about a month ago. If you go to what used to be the Halifax Hispania website it is now Lloyds International. They have promised to keep all the services that HH offered, like free currency transfers. I'm hoping they keep their promises!


Last time boss lady looked at Halifax/Lloyds, the exchange rates were very poor,

Hepa


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## Alcalaina (Aug 6, 2010)

Hepa said:


> Last time boss lady looked at Halifax/Lloyds, the exchange rates were very poor,
> 
> Hepa


Was that quite recently - i.e. since the Lloyds takeover? I had a feeling that might happen.


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## 90199 (Mar 21, 2010)

Alcalaina said:


> Was that quite recently - i.e. since the Lloyds takeover? I had a feeling that might happen.


Two days ago, they were only offering €1.12 when it was in fact €1.17, quoted on the Visa web site,

Hepa


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## Alcalaina (Aug 6, 2010)

Hepa said:


> Two days ago, they were only offering €1.12 when it was in fact €1.17, quoted on the Visa web site,
> 
> Hepa


That's outrageous! Two years ago when it was still the Halifax, they used to charge about 2 points less than the official bank rate, but still well above the tourist rate and still worth doing because there was no commission charge. I will have to explore other alternatives.

Once again this forum proves its worth!


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## MacRov (Oct 26, 2010)

I currently Bank with Nationwide in the UK but as someone has mentioned on here they are introducing charges for use abroad. Think I'll have a look to see how much they're going to be first but will probably have to sort out some kind of spanish account for paying rent etc I imagine.

//edit...just checked and it's 2% of the transaction plus £1 for every cash withdrawal and 2% for point of purchase transactions.


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## 90199 (Mar 21, 2010)

MacRov said:


> I currently Bank with Nationwide in the UK but as someone has mentioned on here they are introducing charges for use abroad. Think I'll have a look to see how much they're going to be first but will probably have to sort out some kind of spanish account for paying rent etc I imagine.


Yes it was me, the charges are 2% commission and a standing charge of of £1.00 on each transaction, so for the £300 maximum it will cost £7.00,

Hepa


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## MacRov (Oct 26, 2010)

yeah just looked on their site, mine is only a cashcard+ anyway so cant be used for cash withdrawal abroad. Hmmm time to find a Spanish bank I think and transfer via internet.


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## Alcalaina (Aug 6, 2010)

Doesn't it make you love bankers even more!?? They've screwed us with pathetic interest rates on our savings, now they are screwing us with exchange rates. After all we did for them!


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## MacRov (Oct 26, 2010)

They're the worst kind of scum and are very quickly forgetting what has just happened and no doubt the investment banks will be back to big bonuses and such, they think they're doing us all a favour by playing with OUR money.


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## Stravinsky (Aug 12, 2007)

The reason Nationwide have started to charge is that when they looked at the statistics they found that a huge number of account holders were using their accounts just for money withdrawals abroad, and not actually saving with them or using the account as one normally would. They therefore took the logical decision to make the appropriate charge and as usual its the people who do use the account properly that suffer.

But as I said before (which seems to have been missed) you can use someone like Currencies Direct who dont charge a fee if it's done on a monthly d/d and (last I looked) the exchange rates were fine (if done on d/d)


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## 90199 (Mar 21, 2010)

Stravinsky said:


> The reason Nationwide have started to charge is that when they looked at the statistics they found that a huge number of account holders were using their accounts just for money withdrawals abroad, and not actually saving with them or using the account as one normally would. They therefore took the logical decision to make the appropriate charge and as usual its the people who do use the account properly that suffer.
> 
> But as I said before (which seems to have been missed) you can use someone like Currencies Direct who dont charge a fee if it's done on a monthly d/d and (last I looked) the exchange rates were fine (if done on d/d)


Trouble with that is that you are transferring money when the interest rates are low. I try to transfer when it is above €1.20,

Hepa


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## Alcalaina (Aug 6, 2010)

Hepa said:


> Trouble with that is that you are transferring money when the interest rates are low. I try to transfer when it is above €1.20,
> 
> Hepa


Me too - but we are the lucky ones I guess, we aren´t dependent on havng to move money every month regardless of the rate. I´m going to try the company recommended on the Tumbit site next time, I think.

Tumbit - Currency in Spain

Some useful stuff here, as always.


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## 90199 (Mar 21, 2010)

Tumbit, thanks I have bookmarked it.

Lucky, no just stinking rich!

Hepa


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## Stravinsky (Aug 12, 2007)

Hepa said:


> Trouble with that is that you are transferring money when the interest rates are low. I try to transfer when it is above €1.20,
> 
> Hepa


Why do you assume that?
With currency it's swings and roundabouts, it's impossible to predict when it will be high or low, and it does balance out

The OP stated they receive a monthly payment and then transfer it ... if you have bills then you have to send it over on a timescale. The "Tumbit" alternative is just another currency exchange company, with which you can do exactly the same as HIFX, ITT, Currency Direct .. or any of them.

Why do we have to keep help advertising paying companies with Tumbit rather than rely on actual members experiences on here?


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## MacRov (Oct 26, 2010)

Well this is all new to me so in your experience Stravinsky what do think would be the best solution for me, my salary is paid monthly into my nationwide account but i'll most likely need to be paying d/debits in spain when we move for rent, bills etc.
Should I get an account with a major bank and have an account with them in the uk & spain ie Santander or keep my nationwide and get a spanish acc and transfer between the 2 ?
I imagine I'll need to set this up quite quickly once we arrive to start paying bills or can I setup a spanish account before I arrive ?

Thanks

John


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## djfwells (Sep 28, 2009)

Stravinsky said:


> Why do you assume that?
> With currency it's swings and roundabouts, it's impossible to predict when it will be high or low, and it does balance out
> 
> The OP stated they receive a monthly payment and then transfer it ... if you have bills then you have to send it over on a timescale. The "Tumbit" alternative is just another currency exchange company, with which you can do exactly the same as HIFX, ITT, Currency Direct .. or any of them.
> ...


You're right - the Tumbit site is 'just another alternative' - not claiming to be any better than many others. 
The message that the site is trying to put across is really just to Shop around for a good rate (always asking 'How many Euros will xxx Sterling buy me?' as this takes into account any fees, charges and commissions that may be hidden at the issuing side of the transaction) - And above all, not to assume that the high street banks will be offering a better rate for large or small tranactions - In many cases they themseleves subcontract FX transactions out to specialist 3rd party brokers and then add on their commission.


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## jojo (Sep 20, 2007)

djfwells said:


> You're right - the Tumbit site is 'just another alternative' - not claiming to be any better than many others.


thats just as well then! Recommendations from "unbiased" posters is what this forum is about

Jo xxx


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## Stravinsky (Aug 12, 2007)

djfwells said:


> You're right - the Tumbit site is 'just another alternative' - not claiming to be any better than many others.
> The message that the site is trying to put across is really just to Shop around for a good rate (always asking 'How many Euros will xxx Sterling buy me?' as this takes into account any fees, charges and commissions that may be hidden at the issuing side of the transaction) - And above all, not to assume that the high street banks will be offering a better rate for large or small tranactions - In many cases they themseleves subcontract FX transactions out to specialist 3rd party brokers and then add on their commission.


Thats my point. Recommendation. I have used Currency Direct and can recommend them. Others have used other company's and can recommend them. I have never heard of the company that has been advertsised, and it's not a personal recommendation yet 

@Macrov:

If you can't do it the way it's been suggested without fees (card etc) then my opinion is that it's best to open a Spanish bank account that doesnt charge to receive funds. No matter what anyone tells you, you WILL need a Spanish account when you get here for d/d etc.

I used to use SunPay, which was great because I could transfer whenever I wanted using their bank as a go between, but they charged €7 a transfer. Then they ceased trading as they had trouble with money laundering rules!

Now, I have a UK bank account and a Spanish Bank account.
I have a direct debit set up with currencies direct to move a certain amount at a certain time of the month £ to €. It leaves UK mid month and takes 3/4 days to credit to the Spanish Bank. The UK bank don't charge because as far as they are concerned its just a debit. The Spanish bank don't charge because they make no charge for incoming bank transfers. Currency direct don't make a charge, and they give reasonable rates of exchanges. The same kind of thing can be set up with HIFX or ITT Moneycorp afaik.

Yes, you take the rate of exchange on the day the d/d is set up. But we're not talking tens of thousands I'm guessing, and on a transfer of, say, £1200 on current r/ex movements we're not going to break the bank. Some months it's up a few points, sometimes it's down. On occasion I have needed to make an extra transfer, and when I have called them they have treated it in the same way as a d/d, not making a charge.

The alternative is to go to the currency companies and just call every month when you want to transfer. I'm not sure what the other companies do, but with Currencies direct the r/ex will be slightly worse and iirc they make a charge for the transfer

I'm guessing though that you will have bills to pay in Spain, and I found that having a regular payment into the bank every month, timed nicely to fit in with bill payments, is the best method for me. I've been doing it for just over 2 years now and have no real complaints


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## jojo (Sep 20, 2007)

djfwells said:


> The message that the site is trying to put across is really just to Shop around for a good rate (always asking 'How many Euros will xxx Sterling buy me?' as this takes into account any fees, charges and commissions that may be hidden at the issuing side of the transaction) - And above all, not to assume that the high street banks will be offering a better rate for large or small tranactions - In many cases they themseleves subcontract FX transactions out to specialist 3rd party brokers and then add on their commission.


The message of this forum is that you should shop around. Recommendations on here should be from personal experience. It seems daft to then "recommend" that people go and look at yet another site with advertisers telling you that they're the best for everything. At the end of the day, biased opinions from adverts are not valid recommendations, and it seems to me thats what you're suggesting???

Financial matters are always swings and roundabouts, so its down to the individual to find a recommendation that relates to them - not be directed to biased adverts!

Jo xxx


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## Alcalaina (Aug 6, 2010)

Stravinsky said:


> Why do you assume that?
> With currency it's swings and roundabouts, it's impossible to predict when it will be high or low, and it does balance out
> 
> The OP stated they receive a monthly payment and then transfer it ... if you have bills then you have to send it over on a timescale. The "Tumbit" alternative is just another currency exchange company, with which you can do exactly the same as HIFX, ITT, Currency Direct .. or any of them.
> ...


I understand what Hepa means; if you do your transfers "manually" you can choose a day when the interest rate is good, whereas with a monthly direct debit you are stuck with the rate on the date set up in advance. 

We have a Tumbit person on the forum who regularly passes on good advice. It's an excellent site, free to users, and I've learnt to trust it.


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## jojo (Sep 20, 2007)

Alcalaina said:


> We have a Tumbit person on the forum who regularly passes on good advice. It's an excellent site, free to users, and I've learnt to trust it.



There is a place for all types of sites, but this site is about recommendations which IMO is infinitely more trustworthy that a site full of adverts. The worst sites are those who pretend to be unbiased, posters use it to advertise in an underhand way! and posters who are "networking" and advertise for "friends" who in turn advertise for them an so on!! 
I cant say I've ever looked in any depth at tumbit?? and I've managed thus far!!....... But then I guess if a "tumbit" person offers advise on here then theres no point in looking at tumbit LOL

Jo xxx


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## 90199 (Mar 21, 2010)

Alcalaina said:


> I understand what Hepa means; if you do your transfers "manually" you can choose a day when the interest rate is good, whereas with a monthly direct debit you are stuck with the rate on the date set up in advance.



That sums it up. I have been transferring manually when the rate is good, when the rate is low I live off the monies already transferred. 

Hepa


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## gus-lopez (Jan 4, 2010)

Also worth checking with your bank. I use Hsbc if I only want amounts up to 2k for which the charge is 9 pounds. The rates are normally the same as wholesale & the advantage is , after the first one, the money arrives within minutes & is cleared for use.


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## MacRov (Oct 26, 2010)

Of course I'd be wanting the best rate I can get but I'm also going to have to have it as a regular monthly tranfer for bills etc so I'm just going to have to tske the hit sometimes I think with the exchange rate. So, as for a Spanish bank any recommendations or does anyone use a local 1 in the Murcia area they can recommend ?

Cheers

John


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## jojo (Sep 20, 2007)

MacRov said:


> Of course I'd be wanting the best rate I can get but I'm also going to have to have it as a regular monthly tranfer for bills etc so I'm just going to have to tske the hit sometimes I think with the exchange rate. So, as for a Spanish bank any recommendations or does anyone use a local 1 in the Murcia area they can recommend ?
> 
> Cheers
> 
> John



I use Solbank, now known as " Banco de Sabadell" they seem as good as any, they have english speaking staff and are very friendly and helpful

Jo xxx


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## Stravinsky (Aug 12, 2007)

Alcalaina said:


> I understand what Hepa means; if you do your transfers "manually" you can choose a day when the interest rate is good, whereas with a monthly direct debit you are stuck with the rate on the date set up in advance.
> 
> We have a Tumbit person on the forum who regularly passes on good advice. It's an excellent site, free to users, and I've learnt to trust it.


Yes .... but it's not a personal recommendation which is the whole idea of this part of forums, the currency company you have in effect diverted people to is in effect an advert.

Lets not divert people away from this site, and lets now stop discussing Tumbit


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## Alcalaina (Aug 6, 2010)

Stravinsky said:


> Yes .... but it's not a personal recommendation which is the whole idea of this part of forums, the currency company you have in effect diverted people to is in effect an advert.


Well, forgive me but I thought it was about sharing useful information, and that includes sources of useful information.


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## Stravinsky (Aug 12, 2007)

Alcalaina said:


> Well, forgive me but I thought it was about sharing useful information, and that includes sources of useful information.


It is, but the information there is advertising based, and apart from that it is in the most part available by just asking here. Blogs by the "advertisers" etc etc. Here, you get a spread of recommendations from actual experience not just the ones that the site owners have decided to go in partnership with. 

Again, lets return to subject please.


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## MacRov (Oct 26, 2010)

jojo said:


> I use Solbank, now known as " Banco de Sabadell" they seem as good as any, they have english speaking staff and are very friendly and helpful
> 
> Jo xxx


Thanks for that Jo, would I be able to setup an acc with them before moving to Spain or is it for residents only ?

Cheers


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## Stravinsky (Aug 12, 2007)

MacRov said:


> Thanks for that Jo, would I be able to setup an acc with them before moving to Spain or is it for residents only ?
> 
> Cheers


You can have a non residents account with them before you move here, best to ask the question as to how to do it www.solbank.es
You can choose English
We had ours here for a year before we moved, just needed an NIE number and passport


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## jojo (Sep 20, 2007)

MacRov said:


> Thanks for that Jo, would I be able to setup an acc with them before moving to Spain or is it for residents only ?
> 
> Cheers



Its a while since I set up my account, but initially I opened a non residents account on a house hunting visit, which I changed when I moved over here. There is also a branch in London I believe. I dont know if it can be done over the internet or indeed if they still operate the non residents account!????

Jo xx


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## MacRov (Oct 26, 2010)

Cool, I've fired off an email to them asking what would be the best solution.


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## MacRov (Oct 26, 2010)

Have had a reply from Solbank (BancSabadell) and they seem quite easy to deal with but have to go into a branch to open an account, they say it only takes 10minutes...we'll see 
Thanks Jojo, that's something off the list at least.

John


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## jojo (Sep 20, 2007)

MacRov said:


> Have had a reply from Solbank (BancSabadell) and they seem quite easy to deal with but have to go into a branch to open an account, they say it only takes 10minutes...we'll see
> Thanks Jojo, that's something off the list at least.
> 
> John



It was quite painless when I opened mine lol!

Jo xxx


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## gus-lopez (Jan 4, 2010)

MacRov said:


> Have had a reply from Solbank (BancSabadell) and they seem quite easy to deal with but have to go into a branch to open an account, they say it only takes 10minutes...we'll see
> Thanks Jojo, that's something off the list at least.
> 
> John


It probably will only take 10mins , or less...................... when you get to the counter !


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## MacRov (Oct 26, 2010)

hmm, you saying it might be quite a battle to get to the counter 
We're moving in August n I imagine it'll be even busier then....joys


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## mattferrier (Oct 18, 2010)

MacRov said:


> Have had a reply from Solbank (BancSabadell) and they seem quite easy to deal with but have to go into a branch to open an account, they say it only takes 10minutes...we'll see
> Thanks Jojo, that's something off the list at least.
> 
> John


i opened up an account with them last week and i went away for some lunch and came back 30 mins later and it was all done. i dropped in 4 days later to see if my card had turned up and it was there waiting for me. i was a bank manager prior to coming here and have worked in banking since 2001 and i am truely shocked at how easy it was!
all they needed was my passport and tenancy agreement
i put aside a few hours for it and ended up having to kill time as had a flight to catch later that day and after a couple of hours shopping was bored stiff!


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## MacRov (Oct 26, 2010)

Cheers matt glad it seems to go simple enough.


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## rumpuss (Oct 23, 2011)

If you are on a pension the pensions people seem to get a very good rate - our last payment was 1.16 .


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