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Can I ask if anyone else is having problems with SABADELL Bank. We are being bombarded with requests for proof of income, WHEN WE HAVE ALREADY PROVIDED THIS INFORMATION. We have been to the bank and have telephoned them and they just say its a computer error and we should ignore it. Today after receiving a letter I get another email threatening to suspend my account. Can anyone suggest a Bank which does not keep annoying customers with this, its time we changed.
JenDave wrote on Wed Oct 30, 2024 4:53pm:
Can I ask if anyone else is having problems with SABADELL Bank. We are being bombarded with requests for proof of income, WHEN WE HAVE ALREADY PROVIDED THIS INFORMATION. We have been to the bank and have telephoned them and they just say its a computer error and we should ignore it. Today a...
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...fter receiving a letter I get another email threatening to suspend my account. Can anyone suggest a Bank which does not keep annoying customers with this, its time we changed.
All banks will request proof of income from time to time as its linked to money laundering. You won't find a bank that does not do this.
Steve
tebo53 wrote on Wed Oct 30, 2024 5:51pm:
All banks will request proof of income from time to time as its linked to money laundering. You won't find a bank that does not do this.
Steve
When we have already given them the information !!!!!
Posted: Wed Oct 30, 2024 6:51pm
Helpful member
JenDave wrote on Wed Oct 30, 2024 6:00pm:
When we have already given them the information !!!!!
It has to be updated every couple of years or so when you are a Non-Resident. Annoying, I know.
Pepper wrote on Wed Oct 30, 2024 6:51pm:
It has to be updated every couple of years or so when you are a Non-Resident. Annoying, I know.
We have only just given them the documents. The bank says it is a computer error and we should ignore it. How can we ignore it if they keep sending the request for something they already have.
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Posted: Wed Oct 30, 2024 8:01pm
Very helpful member
tebo53 wrote on Wed Oct 30, 2024 5:51pm:
All banks will request proof of income from time to time as its linked to money laundering. You won't find a bank that does not do this.
Steve
I have bank accounts in the UK with HSBC, Santander, Natwest and Lloyds. None of them have ever asked me for proof of income in respect of holding a current account. I was asked for it when opening my credit card with HSBC years ago but that was the only one (and since then they've increased my credit limit without me asking them!)
In Spain, I've been asked for it repeatedly. It is over zealous interpretation of the same financial framework.
I've never been asked for it by Wise (admittedly not a bank).
I've been asked for it repeatedly (down to the level of providing for example letting agency statements for my UK rental income) when it comes to my investment accounts.
The problem is, our collective governmental institutions (both EU and UK given financial service equivalence) have created a situation where none of them really know what they actually need to ask for so they all make it up as they go along and just end up annoying the end user.
George55 wrote on Wed Oct 30, 2024 8:01pm:
I have bank accounts in the UK with HSBC, Santander, Natwest and Lloyds. None of them have ever asked me for proof of income in respect of holding a current account. I was asked for it when opening my credit card with HSBC years ago but that was the only one (and since then they've increased my c...
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...redit limit without me asking them!)
In Spain, I've been asked for it repeatedly. It is over zealous interpretation of the same financial framework.
I've never been asked for it by Wise (admittedly not a bank).
I've been asked for it repeatedly (down to the level of providing for example letting agency statements for my UK rental income) when it comes to my investment accounts.
The problem is, our collective governmental institutions (both EU and UK given financial service equivalence) have created a situation where none of them really know what they actually need to ask for so they all make it up as they go along and just end up annoying the end user.
You don't get asked in UK because you are resident there. Residents don't get asked for it in Spain either. Try being a non resident in UK and you'll get asked the same thing if payments are made. All down to money laundering legislation.
I am resident in Spain and never get asked to show where my money comes from. I don't get asked in UK because if comes from UK pension payers to show the provenance. Same happens in the US for non residents.
That's the difference although being asked several times is OTT. Once used to be sufficient but maybe EU rules have changed.
Plus, Sabadell seems the worst for handling this.
Oh, and some people have reported that Wise is asking them for the information as well, perhaps to do with their application to become a recognised bank.
Posted: Wed Oct 30, 2024 8:20pm
Very helpful member
marcliff wrote on Wed Oct 30, 2024 8:17pm:
You don't get asked in UK because you are resident there. Residents don't get asked for it in Spain either. Try being a non resident in UK and you'll get asked the same thing if payments are made. All down to money laundering legislation.
I am resident in Spain and never get asked to show where my money comes from. I don't get asked in UK because if comes from UK pension payers to show the provenance. Same happens in the US for non residents....
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...
That's the difference although being asked several times is OTT. Once used to be sufficient but maybe EU rules have changed.
Plus, Sabadell seems the worst for handling this.
Oh, and some people have reported that Wise is asking them for the information as well, perhaps to do with their application to become a recognised bank.
I am resident in Spain not the UK. I had a Sabadell account, an N26 account and they all peeved me off with over-zealous interpretations of the KYC/AML legislations so I'm now with Wise.
The US is entirely different if anything because they tax a lot based on citizenship rather than residency (and hence generally catch you everywhere even if you leave).
If Wise irritate me with intrusive requests (when as I have said repeatedly everything is legitimately declared to the tax man), I already have at least one other FInTech I will move to.
It takes all of an hour to move my DDs across to a new provider so not much effort really. I have nothing to hide; but don't see why certain private information between me and the Spanish government/UK government should need to be provided to private for profit banks.
George55 wrote on Wed Oct 30, 2024 8:20pm:
I am resident in Spain not the UK. I had a Sabadell account, an N26 account and they all peeved me off with over-zealous interpretations of the KYC/AML legislations so I'm now with Wise.
The US is entirely different if anything because they tax a lot based on citizenship rather than residency (and hence generally catch you everywhere even if you leave)....
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...
If Wise irritate me with intrusive requests (when as I have said repeatedly everything is legitimately declared to the tax man), I already have at least one other FInTech I will move to.
It takes all of an hour to move my DDs across to a new provider so not much effort really. I have nothing to hide; but don't see why certain private information between me and the Spanish government/UK government should need to be provided to private for profit banks.
We are pensioners and live in the UK. The only thing we can provide as proof of income is the UK pension letters advising how much pension per week we will receive. I can't understand why the bank does not accept that. When we bought our property in Spain we had to provide proof of funds, which I understand, and the proof covered the cost of the property and the surplus we put in the bank.
George55 wrote on Wed Oct 30, 2024 8:20pm:
I am resident in Spain not the UK. I had a Sabadell account, an N26 account and they all peeved me off with over-zealous interpretations of the KYC/AML legislations so I'm now with Wise.
The US is entirely different if anything because they tax a lot based on citizenship rather than residency (and hence generally catch you everywhere even if you leave)....
Read more...
...
If Wise irritate me with intrusive requests (when as I have said repeatedly everything is legitimately declared to the tax man), I already have at least one other FInTech I will move to.
It takes all of an hour to move my DDs across to a new provider so not much effort really. I have nothing to hide; but don't see why certain private information between me and the Spanish government/UK government should need to be provided to private for profit banks.
I have been a permanent resident in Spain for just over 14 years. I have never been asked to provide proof of income from my Spanish bank in all that time. I did have to as a non resident before that when completing the non resident certificate but never since.
My pension is paid by the pension provider to show provenance but even if I transfer money in, which I have done on several occasions, they've never asked me to show where the money comes from. Can't understand it if your bank is asking for proof of income yet mine (now Caixa) doesn't.
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