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 Post subject: Best Spanish Banks
PostPosted: Tue Jan 19, 2016 2:48 pm 
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Joined: Mon Feb 09, 2015 6:28 pm
Posts: 18
We went into local Caixa bank to open an a/c and the only one they offered cost a lot of money in charges.

We currently bank with Santander in UK and want to bring over enough to buy us a house, but some banks here charge a lot for transfers

Which are the best banks ?

Cheers


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 Post subject: Re: Best Spanish Banks
PostPosted: Tue Jan 19, 2016 4:12 pm 
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Joined: Thu Jun 14, 2012 7:30 am
Posts: 541
Hi
All banks charge here in Spain...there is no such thing as a ´´free´´ bank account :( .....and they charge even more if you are not resident here :twisted: ....typically for residents the charges are between 15€ to 20€ per 3 month charging period....for non-residents it can often be double that :oops: .....charges for interbank transfers for both residents and non-residents are usually very expensive....best using a company such as Transferwise to transfer funds between banks....the costs are much less...actually the more you use the bank the higher the charges...including charging for the use of your bank card to access your own money :shock:
As to ´´best´´ ....well been here 9 years and now on my third bank(started with La Caixa)....eventually. in my experience, they all fail in some way...and strangely enough the ability to speak English and solve any problems diminishes with the more the bank are at fault :x
So best of luck :cry:


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 Post subject: Re: Best Spanish Banks
PostPosted: Tue Jan 19, 2016 8:42 pm 
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Joined: Sun Jan 02, 2011 7:39 pm
Posts: 86
Hiya, a cheaper way around the one off amount to buy a house would be one bank transfer from your uk bank to your Lanzarote solicitor. That way it's your uk bank charge.

I've an account with Banco Sabadell. I have a free quarterly 'direct debit' they set up so I keep my Spanish account topped up every 3 months for no charge.

As already indicated there is a small charge Sabadell charge me for having the account, but that seems standard practice in Spain. They have a great online service and if I need to ring up from uk they speak great English


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 Post subject: Re: Best Spanish Banks
PostPosted: Wed Jan 20, 2016 11:57 pm 
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Joined: Mon Feb 09, 2015 6:28 pm
Posts: 18
Thanks for the replies.

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 Post subject: Re: Best Spanish Banks
PostPosted: Fri Jan 22, 2016 6:15 pm 
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Joined: Sun Aug 30, 2015 5:04 pm
Posts: 17
Pretty obvious advice, but make sure you use a specialist money broker rather than standard bank transfer. Standard bank transfer will be 3 or 4 %.

Transferwise is a flat rate of 0.5%. Other brokers, you can get 1/2 cent from mid market rate or a little less. Sounds similar but can actually make quite a difference.

I've transferred amounts from UK banks to Sabadell (and back) without charges on either end.


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