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Alternative options for Spanish Bank Account?

Posted: Sun Feb 26, 2023 7:42pm
22 replies658 views9 members subscribed
Simj68

Posts: 2

Location: La Marina

Joined: 4 Oct 2022

Hi all,

Apologies if this has been discussed in depth on previous occasions.

We currently have a bank account with Sabadell, which was necessary & recommended whilst we purchased our property in La Marina last year. However, I'm getting more & more annoyed & frustrated at the regular fees being charged for seemingly nothing!! Can anyone please offer up any advice on an alternative account to which doesn't hit you so hard on the fee front? Cheers in advance. 

Paolo51

Posted: Sun Feb 26, 2023 8:18pm

Paolo51

Very helpful member

Posts: 515

540 helpful points

Location: Orihuela

Joined: 10 Nov 2017

Posted: Sun Feb 26, 2023 8:18pm

A Wise online account is a popular option for paying direct debits, money transfers etc.

Unlike the UK all Spanish banks generally charge fees to run your account if you are a resident, if you are a non resident you will usually pay more. As a resident my account has been free of charges until recently when the conditions changed and they informed me I would now need to have several products with them to be fee free.

.

Hew

Posted: Sun Feb 26, 2023 8:37pm

Hew

Helpful member

Posts: 364

493 helpful points

Location: La Zenia

Joined: 13 Jul 2016

Posted: Sun Feb 26, 2023 8:37pm

Paolo51 wrote on Sun Feb 26, 2023 8:18pm:

A Wise online account is a popular option for paying direct debits, money transfers etc.

Unlike the UK all Spanish banks generally charge fees to run your account if you are a resident, if you are a non resident you will usually pay more. As a resident my account has been free of charges until recently when the conditions changed and they informed me I would now need to have several ...

...products with them to be fee free.

.

Hi Paolo, like yourself I have been benefiting from a free banking service from Sabadell, I have not heard anything from them to indicate that things have changed or that things are potentially changing ? What are the conditions  you refer to that have changed. No doubt I will likely find out ! but just looking for a heads up.

tebo53

Posted: Sun Feb 26, 2023 8:42pm

tebo53

Legendary helpful member

Posts: 4899

5112 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Sun Feb 26, 2023 8:42pm

Hew wrote on Sun Feb 26, 2023 8:37pm:

Hi Paolo, like yourself I have been benefiting from a free banking service from Sabadell, I have not heard anything from them to indicate that things have changed or that things are potentially changing ? What are the conditions  you refer to that have changed. No doubt I will likely find ou...

...t ! but just looking for a heads up.

I'm in the same position as you Hew. I've not heard anything and hope not to!!

Steve 

Paolo51

Posted: Mon Feb 27, 2023 7:30am

Paolo51

Very helpful member

Posts: 515

540 helpful points

Location: Orihuela

Joined: 10 Nov 2017

Posted: Mon Feb 27, 2023 7:30am

After 5 years of free banking I started being charged last year, I have money in my account and pensions paid in monthly they now say that I would need insurances and/or other types of accounts (ie mutual funds) as well to qualify for free banking.

The new system is a tiered one dependent on your account balance and other products you hold with them starting with free banking then from €10 up to as much as 80€ per quarter for a non resident account.

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Stevec2x

Posted: Mon Feb 27, 2023 10:54am

Stevec2x

Super helpful member

Posts: 1941

1098 helpful points

Location: Playa Flamenca

Joined: 23 Jan 2020

Posted: Mon Feb 27, 2023 10:54am

Hi 

I also recommend Wise.com - I use mine for everything!

Cheers 

Steve 

Hew

Posted: Mon Feb 27, 2023 11:58am

Hew

Helpful member

Posts: 364

493 helpful points

Location: La Zenia

Joined: 13 Jul 2016

Posted: Mon Feb 27, 2023 11:58am

Paolo51 wrote on Mon Feb 27, 2023 7:30am:

After 5 years of free banking I started being charged last year, I have money in my account and pensions paid in monthly they now say that I would need insurances and/or other types of accounts (ie mutual funds) as well to qualify for free banking.

The new system is a tiered one dependent on your account balance and other products you hold with them starting with free banking then from €10 up to as much as 80€ per quarter for a non resident account....

...

Thanks for the info, appreciated.

Care4

Posted: Mon Feb 27, 2023 1:30pm

Care4

Helpful member

Posts: 284

302 helpful points

Location: Playa Flamenca

Joined: 25 Apr 2016

Posted: Mon Feb 27, 2023 1:30pm

Simj68 wrote on Sun Feb 26, 2023 7:42pm:

Hi all,

Apologies if this has been discussed in depth on previous occasions.

We currently have a bank account with Sabadell, which was necessary & recommended whilst we purchased our property in La Marina last year. However, I'm getting more & more annoyed & frustrated at the regular fees being charged for seemingly nothing!! Can anyone please offer up any advice on an alternative account to which doesn't hit you so hard on the fee front? Cheers in advance. 

Simj68 you have said in your post that you had to have a Spanish bank account while purchasing your Spanish property. If this was because you were borrowing money for the sale then your problem gets bigger. You could transfer all DD’s to an online account and be provided with a debit card (at a cost). This would also give you access to a limited amount of cash without charge, transfer of another currency into euros without charge however I don’t believe they provide mortgages. This would mean that the Spanish account you have you may have to keep, and still pay the quarterly charges, or pay off your loan and close the account. Hope this helps.

Syd

Posted: Sun Mar 5, 2023 9:02am

Syd

Posts: 42

39 helpful points

Location: La Marina

Joined: 2 Feb 2017

Posted: Sun Mar 5, 2023 9:02am

Wise are great, however they only do joint accounts for business and you have a very low limit at cashpoints

I use Wise and Bankinter, both free.

.

Care4

Posted: Sun Mar 5, 2023 4:24pm

Care4

Helpful member

Posts: 284

302 helpful points

Location: Playa Flamenca

Joined: 25 Apr 2016

Posted: Sun Mar 5, 2023 4:24pm

Syd wrote on Sun Mar 5, 2023 9:02am:

Wise are great, however they only do joint accounts for business and you have a very low limit at cashpoints

I use Wise and Bankinter, both free.

.

Syd I used a Wize card at bankinter on Friday to withdraw money and was charged for the privilage.

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