SABADELL BANK

There have been a fair few threads on this already. EU rules say that anyone with a non resident account should show proof of where funds are coming from. Designed to catch the money launderers and dodgy dealings but is bringing in the average Mr and Mrs Bloggs into the picture. 

Easy enough to do. At the beginning of each year you get a statement on how much your state pension will be per week. A copy of that letter will suffice. 

Might I suggest that, as a non resident, you switch to one of the many online banking systems with an EU IBAN which will save you Spanish bank charges. Companies like Wise will let you pay direct debits but won't charge the fees a Spanish bank does. Easy to set up and maintain but not to be used as a full bank account as it is not protected under banking rules. You can also get a card from them to enable you to make withdrawals in Spain.

Do wise ask for these details too or just the Spanish banks ? 

Wise is not classed as a bank, it is classed as a money services provider therefore does not come under EU banking rules as yet. Banks provide loans, mortgages, savings and interest accounts among other things. Wise simply specialises in holding and converting foreign currencies and making transfers.

So no, it doesn't have to provide those details nor is it protected by the Financial Services Compensation scheme.  A receiving bank can ask Wise for the provenance of the funds it receives, though.

Hi they won’t accept bank’s statements, I called in before we left in November, with digital copies of bank statements. I enquired what was acceptable. The Pension letter that you received earlier this year is acceptable to the bank as proof of income.
As I won’t be back in Spain within the 60/90 days given to supply the documents, I emailed my details to my branch, attaching a pdf.of the pension letter. I asked for confirmation of receipt of my email and received one the same day.

Have a look here 

Sabadell bank asking for details of income

Hope this helps

Regards 

Anne

THANKS ALL  FOR THIS HELPFUL INFO.

Hi 

I've used Wise for many years and the only time they have queried my source of income was when I inherited a significant sum from my parents. I simply confirmed that it came from my father's estate via his solicitor and the money was then cleared within an hour or two.

Cheers

Steve

I have just been through this process with Banco Sabadell and they accepted the letter from the UK pensions department showing your pension for the year. Like Anne I was in the UK at the time and I also e mailed them copies of the letters to both my wife and myself. The banks are becoming very intrusive now using the excuse it is to prevent money laundering.

Best of luck

Mark

"The banks are becoming very intrusive now using the excuse it is to prevent money laundering"

I've been with Sabadell for around 12 years and had to prove my income sources only once in that time. I'm very pleased with the services I've received from Sabadell and have never thought them as intrusive. 

Steve 

I concur. V