Posted: Tue Jun 2, 2020 6:54pm
There are several recent threads on Spanish bank accounts on the site, no doubt stimulated by many banks introducing or ramping up charges recently in response to the tough business environment. I think the only free accounts available now are internet banks.
I have a Sabadell Expansion a/c which, as a resident, I used to get for free as I was depositing a regular 700€/month, but they've recently introduced a 60€ p.a. charge. I thought about changing but after weighing up the pros and cons, I decided to stick with them. They're a quality bank, equivalent to something like Barclays in the UK, with generally good levels of service which I didn't want to lose. I have a free credit card with them, for example. Some banks will waive charges if you buy 'extras' like insurance, or deposit large amounts in savings accounts (paying miniscule interest) but you generally find it's not worth it.
One financial tip I'll give you is not to transfer money from the UK using your bank's exchange service or an fx company, they'll rip you off something rotten. Far and away the best internet money transfer service is Transferwise, they give you the interbank exchange rate of the moment and charge a very small commission, with the deal all laid out transparently up front before you go ahead. When you're transferring a large amount over, to buy a house for example, the difference can run into thousands of pounds.