Spanish banks & property purchase - Page 2

marydoyle1 wrote on Sat Apr 2, 2022 5:24pm:

Hi, I'm buying a property in Cabo Roig and our solicitor has given us Sabadell bank details to open an account. I already have a (Transfer)Wise account which is free to use so do I need to have a Spanish bank account to complete the property purchase?  I'd really appreciate other people view...

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...s and experience. Thanks

Mags03169 wrote on Tue Apr 5, 2022 3:18am:

Hi Mary, we’re in the process of buying & paid the deposit into lawyers account but told due to money laundering rules the balance must be by bankers draft. We bank with Sabadell and if we take home insurance ( which wasn’t much more than a quote from another insurance company) they will ...

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...wave slightly more than half the fee of 560 euros . Barclays in the UK used to charge £25 , so quite a difference between the two banks . Sabadell will also charge a fee of 0.35 % on receiving your funds from the UK unless you use a company like Transferwise  or other currency transfer company to move the funds.

PedroB wrote on Tue Apr 5, 2022 8:52am:

Hi. We purchased our house during lockdown last year. We don’t have a Spanish bank account. We gave POA to our lawyer and transferred the funds via wise to her. She also set up all our direct debits on to our wise account. 

Peter Rossa wrote on Sun Apr 3, 2022 11:35am:

My experience with a Sabadell bank account showed me they are a bunch of thieves, (I cancelled my house insurance well over a month  in advance, they confirmed it was cancelled, then went ahead and took the next years premium anyway which they never refunded). So I transferred everything, in...

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...cluding direct debits for water and electricity etc, over to my (Transfer)Wise account.

When I came to sell my house, I had no problem at all using my Wise account to sell and have the monies paid into. I really don't see why buying should be any difference, but I wouldn't be surprised if their are "arrangements" in place to create new accounts.

marydoyle1 wrote on Sat Apr 2, 2022 5:24pm:

Hi, I'm buying a property in Cabo Roig and our solicitor has given us Sabadell bank details to open an account. I already have a (Transfer)Wise account which is free to use so do I need to have a Spanish bank account to complete the property purchase?  I'd really appreciate other people view...

Read more...

...s and experience. Thanks

Teddymalchi wrote on Wed Apr 6, 2022 7:54pm:

Definitely Ive just purchased.Your house cost must go through your bank and they do a bank transfer to sellers bank.By the way Id question Sabadell??Im with Bankinter and they’re very reliable.Just make sure your solicitor itemises every payment company,that you will need to pay out,including b...

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...roadband,electricity,water,SUMA,community charge if there is one,A land registry,government tax,your banks fee for transfer,your solicitors cost,even your security alarm company if there is one,pool maintains certain person.Otherwise you will be hit from the side unaware of hidden costs.I was.New property purchase gov take higher percentage.Second hand it’s much less.Have u got your residency yet????

Teddymalchi wrote on Wed Apr 6, 2022 7:54pm:

Definitely Ive just purchased.Your house cost must go through your bank and they do a bank transfer to sellers bank.By the way Id question Sabadell??Im with Bankinter and they’re very reliable.Just make sure your solicitor itemises every payment company,that you will need to pay out,including b...

Read more...

...roadband,electricity,water,SUMA,community charge if there is one,A land registry,government tax,your banks fee for transfer,your solicitors cost,even your security alarm company if there is one,pool maintains certain person.Otherwise you will be hit from the side unaware of hidden costs.I was.New property purchase gov take higher percentage.Second hand it’s much less.Have u got your residency yet????

marydoyle1 wrote on Wed Apr 6, 2022 8:33pm:

Hi, I'm still waiting for my solicitor to get back to me about bank payments. I suspect we'll go with Sabadell initially as this seems to be the well beaten route. Residency? I'm not planning to move to spain, just for hols. Will I need a visa?

PedroB wrote on Wed Apr 6, 2022 8:15pm:

“ Your house cost must go through your bank”

So how did I purchase my house without a Spanish bank account?