# Bank account



## joannadawns (Nov 28, 2017)

Hi everyone, has anyone used or have a cajamar Bank account. My solicitor is recommending them. I travel over in a few weeks viewing inland and need a bank to pay bills once I buy. thank you for any input :]


----------



## xabiaxica (Jun 23, 2009)

joannadawns said:


> Hi everyone, has anyone used or have a cajamar Bank account. My solicitor is recommending them. I travel over in a few weeks viewing inland and need a bank to pay bills once I buy. thank you for any input :]


I've been with Cajamar for quite some years now & have had no problems at all.

I do most of my banking online, & that's available in English if you need it.


----------



## Juan C (Sep 4, 2017)

I too have been with CajaMar for almost 20 years. No problems

But. As with any bank make a list of all the services you may require over the years and ask them what the fees are

Never think they will be the same as anywhere else or any other bank or even branch of the same bank

The manager has the authority to vary set fees so if you are not happy, negotiate 

In spain it is not unusual for banks to charge a fee for sums deposited into an account. I have an arrangement that such fees will only ever be 30 euro cents per transaction no matter how large the amount 

Also in spain, it is not unusual for a bank to charge a percentage on the whole amount when one makes a transfer, with no maximum amount. 

Good luck


----------



## xabiaxica (Jun 23, 2009)

Juan C said:


> I too have been with CajaMar for almost 20 years. No problems
> 
> But. As with any bank make a list of all the services you may require over the years and ask them what the fees are
> 
> ...


I'm not charged anything for deposits.

I can't remember exactly what other charges I pay, but they are minimal.

Do check what the non-resident account charges are though, assuming you won't be resident.


----------



## Juan C (Sep 4, 2017)

Please note. 

I did not say everyone was or would be charged. I said be aware that banks can make charges for a variety of services. If you do not check then you may be charged

I speak from experience of banking in Spain with a number of banks over a period in excess of 35 years

In the early days I was charged 0.5% for a transfer. It was a substantial sum. The fee was over 800 euros


----------



## Alcalaina (Aug 6, 2010)

Juan C said:


> Please note.
> 
> I did not say everyone was or would be charged. I said be aware that banks can make charges for a variety of services. If you do not check then you may be charged
> 
> ...


These days most people in the OP's situation use FX transfer services like CurrencyFair (€3 per transfer regardless of the amount), and I've never heard of any bank charging to accept funds from them.


----------



## joannadawns (Nov 28, 2017)

I'm using an FX company for money transfers and the two I've shortlisted don't charge, The main worry would be if the bank charges for the inputs from the FX which I will most likely do every 3 months or so, that way I can pick better transfer rates. ATM machines is also worrying whether they charge if you don't use their machine, these days in the UK your an idiot if you pay to withdraw money from an ATM Machine but my understanding is that Spain banks can and do charge, so having a bank that's well represented across Spain with ATM is important and also what charges are connected to the bank card... Thank you for the input. :]


----------



## Isobella (Oct 16, 2014)

Juan C said:


> Please note.
> 
> I did not say everyone was or would be charged. I said be aware that banks can make charges for a variety of services. If you do not check then you may be charged
> 
> ...


When we first banked in Spain it was with Nat West. Everything free including currency transfers at business rate. When the bank decided to pull out of Spain we went with Solbank (subsidiary of Sabadell). A few niggles, we were non resident and didn't keep an eye on it, found we were being charged 9 euro per quarter for "help and advice" services. Apparently we did not get the letter saying we had to opt out! Reverted back to Sabadell and for the first time I paid in a Spanish cheque for 4850 euro only to find out they charged 2%:mad2: They dropped it to 1% but I closed the account afterwards.

Not sure if it is wise to say where you bank on a forum.


----------



## Isobella (Oct 16, 2014)

Alcalaina said:


> These days most people in the OP's situation use FX transfer services like CurrencyFair (€3 per transfer regardless of the amount), and I've never heard of any bank charging to accept funds from them.


There was a woman in the news a few days ago who lost 485,000 with a currency firm after selling a property in Portugal.


----------



## joannadawns (Nov 28, 2017)

Really... Thought they were the safest option :[


----------



## Isobella (Oct 16, 2014)

Here it is 
https://www.dailymail.co.uk/news/ar...g-462-000-sale-Algarve-holiday-home-firm.html


----------



## joannadawns (Nov 28, 2017)

OMG... I suppose this could happen, maybe better to stay with the big guns from the UK and do a search and see what funds they have behind them, I thought money stayed in a clients account until its sent... You just never know... Looks like someone had their hand in the till :[


----------



## Lynn R (Feb 21, 2014)

When transferring larger sums with fx companies (pension lump sum or for property purchases) I have split them into a number of smaller transactions, waiting until the first lot of funds has been received before sending the next one, so as to minimise risk. I've gone for immediate transfers rather than lodging the funds with them hoping for a slightly better exchange rate, too, so the funds are with them for as little time as possible.


----------



## Juan C (Sep 4, 2017)

Isabel
It was Solbank that would not be persuaded not to charge me the £800 to transfer a sterling savings deposit of £160,000.

There was no way they would charge less than the 0.5% on the total amount, no matter how the money was transferred and to whatever bank anywhere. Believe me I tried every possibility, but they would not help me.


----------



## Barriej (Jul 23, 2012)

joannadawns said:


> I'm using an FX company for money transfers and the two I've shortlisted don't charge, The main worry would be if the bank charges for the inputs from the FX which I will most likely do every 3 months or so, that way I can pick better transfer rates. ATM machines is also worrying whether they charge if you don't use their machine, these days in the UK your an idiot if you pay to withdraw money from an ATM Machine but my understanding is that Spain banks can and do charge, so having a bank that's well represented across Spain with ATM is important and also what charges are connected to the bank card... Thank you for the input. :]


With reference to banks charging for large transfers. We used XE and they transferred the bulk of our flat purchase in lots all totalling €25000 as they said Spanish banks make a charge for any transfer over this amount. I trusted them and there was no charge.

I have a Santander 123 free non residents account and there are NO charges (although the bank manager said there should be, he waived them as long as I paid x amount in and have my bills taken out)


----------



## Muddy (Jan 14, 2010)

I've been trying to find out from my bank in Spain my lawyer has just setup what charges imposed for transferring funds in, so far I have three different answers from the bank, one in writing which doesn't match the detailed answers I just got over the phone which went between .2 and .4% if national or not!
I asked a very specific question via my lawyer also, but still differing answers.

The bank latest answer is no charges, no commission, but it will take two days, so I will get whatever the banks rate is in two days time.
Does anyone have a good or bad money transfer story with Sabadell, any fees? And how did they do with the exchange rate when compared to the best exchange rate available at time of transfer?
This is a non resident account.

I've arranged to get a call from the bank manager to get the answers straight once & for all. (I hope)

I'm also looking at opening a euro account in UK & transfer funds into that euro account.
Annoying that my current bank won't or can't do that so means going to another UK bank.

Looking more like I need to use money transfer company, never used one before, to make sure I get best rate possible.
Can anyone suggest one they have used in conjunction with Sabadell?


----------



## andyviola (Aug 11, 2018)

Opened sabadell. No fees when transferred 2k into that from uk bank..agent came with us to bank and asked and says they also free for large transfers ..lets.hope translation faithful lol.
They are geared up for brits...contracts in English and lots of pages on website about transfers.


----------



## Muddy (Jan 14, 2010)

andyviola said:


> Opened sabadell. No fees when transferred 2k into that from uk bank..agent came with us to bank and asked and says they also free for large transfers ..lets.hope translation faithful lol.
> They are geared up for brits...contracts in English and lots of pages on website about transfers.


 Hi andyviola
Well hope all goes well if and when you make a large transfer. 

I don't feel confident with Sabadell because every time I've called them I get different info. E.g. transfers, .2% then .4%, or .2 if national, then today no fee and no commission, just the difference on the exchange rate they post on their site.
I hope I get the call from the manager to verify what I was last told.
This information mix they're giving me doesn't inspire confidence, and I with sterling bouncing around I would like to get cash moved into euros, but I'll probably just move it to a euro account in the UK and not wait for an answer from the bank here in Spain.


----------



## Simon22 (May 22, 2015)

Sabadell only do what is written, if you get a verbal quote it is not worth anything. The exchange rate has the commission built in, so it is lower than a currency transfer company. Ask them for a written quote for sending x amount, how much will be in your account, then compare with a few others.


----------



## Muddy (Jan 14, 2010)

Simon22 said:


> Sabadell only do what is written, if you get a verbal quote it is not worth anything. The exchange rate has the commission built in, so it is lower than a currency transfer company. Ask them for a written quote for sending x amount, how much will be in your account, then compare with a few others.


 Well I didn't get a call from the bank, and I called yet again to ask for the bank to call me, and while I was at it I asked once again what would I be charged.
This time around I was told .4%

You're right, will have to be a written quote because it's impossible to trust any bank what they say over the phone.

I'll ask for a quote via email if I can, but an answer I got back already didn't refer to my very specific question via my lawyer. I'm non resident and transfer from my UK account in sterling or euros to my Spanish account. How hard can that be, how many times can you ask the same question and not get a straight answer.
The first paragraph starts off "Nationals originating in and outside of Banco Sabadell"

Banks need to be forced to make this all much more transparent and stop ripping people off.
Their is no maximum charge on transfers with Sabadell, probably most others also, it's no more than robbery and for doing very little.

In addition, looking at all the money transfer companies, they all seem to be in reality charging .7% to 1% when you look at the real exchange rate compared to what they actually give you.

*The big question. Has anyone avoided these charges by transferring funds to your lawyers ring-fenced account, then they transfer it to your Spanish account?*
That's if you can trust your lawyer!


----------



## Juan C (Sep 4, 2017)

Muddy. I am sure you are aware that the 0.4% will be on the whole amount with no maximum upper limit.

I will just repeat that my son negotiated with the manager of our branch of CajaMar that the maximum charge they would make for any transactions, in or out, would be 0.30 euro cents. So 30 cents only, no matter how much.


----------

