Bank Charges - Page 2

The important thing for us is that we were told that UK pensions don't qualify and if true could affect a lot of us. Of course it could be that each branch has licence to set it's own rules but that couldn't happen could it???

Hi Cheryl

I'm a 64 year old with residencia and I have a Sabadell Expansion account, so I was not pleased to hear about the new 5 euros a month charge.

However, having looked into it extensively, I've decided to bite the bullet and stay with Sabadell for the time being. I have many direct debits and a credit card, not to mention companies like Transferwise who use my Spanish account number. The hassle of changing all that and the potential for things going wrong is just not worth it. When my UK state pension kicks in next year, I will have it paid direct to Sabadell and will expect them to drop the charges.

There is no mention of buying insurance from them in the t&cs I've read. You could get the Premium account but again the stipulations like having ten thousand euros invested with them is just not worth it to save 60e per annum. However, if this is the thin end of the wedge and Sabadell start cranking up the charges, they will lose my custom.

Finally, you are paying too much for house insurance. In my first year I used Sabadell to get a reduction in my bankers draft for house purchase, but I dropped them as soon as I could. I now have 210k buildings and 20k contents cover which costs 247e pa. Its with Liberty Seguros via broker Grand Alacant Insurances. Check them out, the guy there (Alfonso) is superb, a top professional in everything he does.

Good luck.

Hi Cheryl,

I'd say Caixa - your branch at least - don't seem to have considered the short termism of committing commercial suicide!  

Whilst Sabadell was the first to introduce new conditions for Resident accounts, resulting in charges for many of us who had been receiving free banking, other banks followed suit very quickly and some of them with much higher fees.

Unfortunately, it's been suggested in other threads that these changes are Brexit related when, actually, it's a commercial decision made by a banking industry that has been struggling to make sufficient profits in the post-2009 global recession of very, very low interest rates.

I'm sure there will be the odd, rogue bank employee, who doesn't understand or chooses to misinterpret the changes for UK customers - and perhaps you've experienced one of them - so I'm sure you're going to enjoy telling them that they've lost your business - and why...... 😉

Best wishes,

Kim

Hello Cheryl,

I am puzzled as to how many people still try to hang on to their old bank when there are better alternatives out there. I was one, as the fear of changing made us stay too, but we changed last March to Cajamar after realising since 2006 we have paid over 2000€ in fees to Sabadell bank. We are non residents and all the big banking names would have charged us for having an account but after weeks of research I discovered Cajamar. Online account but can use brach at a fee of 7€ that month(not continuous) if I perform a face to face transaction, (never needed).

I have written lots on our experience and answered many private messages so no lengthy one here, instead please do yourself a favour and read my reports in "bank charges". Once these banks have you settled with their present fees, or you agree to their demands to get the account for free, they will find alternative ways to get more charges in the future, so you will always be subject to "whats next"!

We havent paid a fee, had any imposed demands(insurances) used atms free, all direct debits paid, and comfortably used their app(english choice) since March, so saved over 100€ already compared to Sabadell.

Its your money and worth protecting from greedy banking institutions. Their website is available in english, do yourself a favour, couldn't recommend highly enough.

Regards

Pauline.

Morning Kim, it seems the Sabadell employee didn't have full knowledge of the insurance either. Having read through the blurb (not full T&Cs that I thought). At first reading, I thought they had explained it brilliantly

 "Buildings: If you turned your house upside down, it would be everything that doesn't fall out. Walls, floor, bathroom fittings, wardrobes, electrical appliances, built in fittings, ceiling lamps, walls (again)......"

"Contents: If you turned your house upside down, it would be everything that does fall out. Furniture, clothing, non- built in appliances, decoration, personal effects....."

So, much like UK insurance and not as I was advised.
Then I got to thinking that if my house was turned upside down and providing the roof held up, nothing would fall out!!!! 

I have requested full terms and conditions online.

Thanks Pauline, you are right about apathy, I am guilty as charged! When we first moved over I was just relieved to get anything ticked off the list. Our estate agent helped us open the Caixa account in Aragon before we chose the Costa Blanca and our solicitor helped us open the Sabadell account as they charged much less for the banker's draft when we purchased here.
We have a Cajamar in town so we will definitely go in to talk to them and I will also contact Alfonso to get an independent quote for both home and car insurance so the greedy banks have probably done me a favour as I will now get off my backside. Thanks also for reminding me of your previous post, there are so many about this subject I would have got waylaid somewhere or other.
I am quite annoyed with Sabadell as this account held our lump sum for reform of our house so although it is reducing, they would be charging me to look after my money which they use to make more money.

We have been with Caixa for 10years, we were in the bank last week enquiring about charges, I’m not sure which branch you went to but that is totally different to what we have been told in the Quesada branch  we previously paid 9€ per quarter 

Free banking for the following (residents) 

1, have a pension paid direct into the bank minimum 300€ pm (UK pension absolutely fine) 

2 we will no longer have debit cards but will be given a credit card, 

3 the account must be used a couple of times a month,

4. Direct Debits from the account,

5 if you wished to retain a debit card the charge would be 36€pa 

This is a basic account which suits us,

There was another free banking account which involved insurance and shares, sorry not relevant to our needs so didn’t go into that,

Hi Meath,

I’m with Bankinter and they charge 100 euro a year I’m non resident 😖

Back again, a tad more weary after trying to compare insurance quotes along with the cover provided. Buildings include 142 m2 main house, terrace 45 m2, almacen 18.5 m2 and swimming pool 40 m2

Linea Directa, Buildings 132,000 (when we took out the insurance the property was very basic) Contents 25,000, €355.

Sabadell, B/- 186.000, C/- 30.000, €430 (Amounts estimated by bank)

Caixa, B/- 157.500, C/- 20.000 €350 (Amounts estimated by bank)

Liberty Seguros (via Gran Alacant Insurances)  B/- 230.000, C/- 30.000, €345. I can add all risks to B/- for €48 and C/- €47. There are reductions available for increased excesses and the swimming pool and pump, walls, fences and gates will also be covered. No other quotes covered the pool in any way.

I live in a detached villa in the campo so I'm never likely to get quotes much lower than this but Alfonso has been fantastic. I asked him about the posts I have read both here and Talk Quesada that the Consortium payments have often paid out less than that claimed and he advised me that most of his clients have already been paid out in full so there may have been elements of under insurance or unknowingly claiming for uncovered losses. He has also offered various discounts to bring the premiums down even further. The information he has given has been detailed, he has answered all of my questions and I am confident that I will not be under-insured should something happen. I am also confident that he will be there to help in a crisis as I believe he also helped people during Septembers floods who weren't even insured through him.
He has also given me a competitive quote for car insurance which we will take up at renewal.

Now I will start comparing banks. I will look online (including all the helpful posts already on the forum) because it seems that everybody is treated differently depending on the  branch, their circumstances  and even the person spoken to so at least this way I will have facts to wave in front of them.

Alfonso definitely gets my vote and business and I can understand why he gets so many recommendations.

So I'm just wondering Cheryl or anybody for non residents is there any bank free 🙄 or at least which is the cheapest in that scenario thanks.