Bank recommendations .. - Page 2

Hi 

I feel the need to be more precise than Kimmy regarding cash withdrawals. The daily limit is £1500, monthly is £4000 which is surely enough for most people. 

I think what Kimmy alludes to is that if you withdraw more than £200 per month in cash, then charges will apply at 50p per withdrawal plus 1.75% of the amount over £200. Below 200 is free.

To avoid these charges as much as possible, simply pay using your card wherever you go. I do this all the time, and use cash almost exclusively for tips!

Cheers 

Steve 

That's really helpful, Steve, thanks for the update.  I really need to wean my husband off cash!

Kind regards,

Kim

Sounds similar to Revolut which I use already.

I’m more looking for a bank that allows for direct debit payments etc.. caixa milk you for charges all the time so looking for a more competitive option

maybe BBVA is that option 

Doesn't Revolut let you pay your Spanish DDs via your account with them?  Wise does.

Kind regards,

Kim

Hi 

I pay my direct debits from my Wise account, both GBP and EUR. 

Not sure what you mean by etc!? 

Cheers 

Steve 

I’ll take a closer look at Revolut then. Maybe DD’s are ok from them.  Thanks for all the help 👍🏼

Just my 2 cents worth:

There are many options as already described above, just be aware of the following as this may not be what you are used too ;-)

In Spain, banks truly try to charge you for anything you do and this includes taking money out of an ATM if the ATM is not from your actual bank.
(so, taking out money from a Sabadell ATM with a card that isn't a Sabadell card is possible but apart from what your bank may charge, the actual action of using the ATM will be charged. And some 'non bank' ATMs, often in tourist centers, may pretend to be free but make sure as they often charge an arm and a leg.

Some banks, like Sabadell, may be able to give you a non-resident account. And as long as there is a minimum coming in every month (I believe it is 700 or 800 Euro) the account may even be free. The moment that the monthly payment does not come in even once, they start charging you for the account without warning or checking with you. And they are usually not the cheapest accounts.

If you send money from the UK, even from a EU account like Revolut, most banks will charge you for that transaction of receiving the money. This as most, if not all, will have an IBAN that starts with GB and if that is the case .. they'll rob you ;-) 
Even though the UK is still member of SEPA and they shouldn't therefore charge .... they do and quite a lot even (I know people that moved some money, not realising this and losing hundreds of Euros on 1 transaction!).
So be aware. (move Euros from the UK to, for example, N26 Euros is no cost and then moving from N26 Euro to Sapnish Euro bank, no cost either, Just a workaround ;-)

If you (digital) bank anywhere in Europe has a EU based IBAN and allows Derict Debit, it should work for any Spanish Derict Debit too.
BUT some transactions, I have heard, will Only be allowed from 'proper' Spanish banks, such as buying a home, etc. It seems to be very big purchases only but check!
If you opened your Revolut bank in the UK, you will usually have received a UK based IBAN. They can not change that at Revolut but you can close your account and then open a new one from your Spanish address and you should get an EU IBAN. (that is their own support's advise on this)

And, as far as I am concerned, Sabadell pretends to be the bank for the expats but they do seem to be the biggest wolfs that charged most and for most things.

Not a rant, just trying to make sure people coming over don't fall in the pitfalls I encountered ;-)

Yep I can see that — they like taking ££ for anything. I’ll look into the Revolut option ! Thanks 

Hi 

There's one thing that some people don't understand about Wise.... 

... you register with Wise just once and once it is approved you can have more than one IBAN. In my case I have a GB one which holds my GBP (nominally in London) and a BE one (in Belgium) for my Euros. I can convert currency in a split second with minimal charges and the best exchange rate. 

When I withdraw euros at a free "non bank" ATM in Spain - it is genuinely free and there is no currency conversion performed because I have euros in my BE account - but if you withdraw over £200 per month then Wise will charge, but the ATM itself remains free. 

When in the UK, cash withdrawals come from my GB IBAN, so again no conversion fees apply. 

I should clarify that I only have one debit card - it works with both currencies. 

I've bought a car for €7.5k using online transfer, but when it came to buying a house the legal people refused to leave the 19th century - had to use a Spanish bank and little brown envelopes galore! 

Cheers 

Steve 

Awesome. I like that. Using wise with different IBAN  is a good trick. Of course when we bought a house they insisted on a Spanish bank — part of the old boys network I guess 😄

thanks