Banking and buying a property

i transfered my money with transferwise

then direct to solicitors,sellers ect,all fees are upfront so you know the costings

not sure about bank charges

Hello,

When we bought our apartment in Alicante City, 2017, we firstly had to obtain NIE.

Then,  we opened our bank account with Bankinter.  (Located just across from Central Mercado)  Estate agent was with us, she spoke Spanish and English. To be honest it would have been very difficult without her help.  We have a Euro account so transfer of money is not an issue for us really. But it was understood that yes we needed to open a Spanish bank account.  We do not have a mortgage.

As we were setting up a non resident account, in addition to the usual passports, NIEs, bank account details, we were required to give our tax certificates and salary details from home.   
As we didn’t have the tax certificates and salary information with us,  I had to get copies online as we waited.  Otherwise we could not have opened the account that day.  Their explanation was that it was to do with prevention of money laundering.

The Utilities need to be changed into your name and that required a Spanish account (Some people are now using online banks for this)  Of course this part of the transaction can wait until a later stage.  So I would say that yes you will need a Spanish account.

Wishing you every success on your purchase.  You will love Alicante.  We do.

Hope above helps a little

Regards

Maria

Hi cadyjay,

I think you need to ask your abogado (lawyer).  Their service should include changing the utilities into your name, so they should know whether each utility company would accept a direct debit set up from a non-Spanish bank.  

I would have thought it is possible because, on a recent thread about Sabadell bank fees, two forum members, who are non-residents, are using internet banks, e.g. N26, Monza, Revolut, to pay their utilities.

The other thing to check, if you're going to transfer all your purchase funds to your abogado, is that they are protected by being held in an escrow account.

Kind regards, 

Kim

Hello, 

It is not obligatory to have a Spanish bank account, although it is recommended. 

All taxes and expenses associated with the purchase of the flat must be paid in Spain, so opening a local bank account facilitates the process.

Best regards,

Maite

Hi

Thanks for this information. Do you the taxes and expenses etc be paid via an online banking service such as N26. N26 gives you a Spanish IBAN number. 

Thanks