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Bank charges

Posted: Fri Feb 11, 2022 12:51pm
11 replies322 views7 members subscribed
PaulEmma

Posts: 10

3 helpful points

Location: La Marina

Joined: 7 Dec 2021

Hi guys, after your advice. We’re in the process of buying in La Marina, and need to set up a Spanish bank account. We’ve been recommended to use Branco Savadell at a cost of €40 per quarter. Is this normal / value for money?

jack1959

Posted: Fri Feb 11, 2022 1:57pm

jack1959

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Posts: 118

84 helpful points

Joined: 8 Dec 2018

Posted: Fri Feb 11, 2022 1:57pm

set up account with wise online banking,

they have european account,,no monthly  charges

John123456

Posted: Fri Feb 11, 2022 2:09pm

John123456

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Posts: 281

241 helpful points

Location: Benidorm

Joined: 27 Feb 2021

Posted: Fri Feb 11, 2022 2:09pm

I would avoid Banco Sabadell as their customer service is non existent once they get a customer signed up. I joined this bank when I moved here in 2019 and they are an absolute nightmare, believe me! They currently own TSB in GB but I believe it is for sale. I have read other threads on this Forum where members are recommending Travelwise or Wise, as it may now be known. Apparently you can sign up online.

Kimmy11

Posted: Fri Feb 11, 2022 8:25pm

Kimmy11

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Posts: 5502

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Joined: 8 Aug 2017

Posted: Fri Feb 11, 2022 8:25pm

Hi PaulEmma,

Bank fees are usual in Spain and they're rarely good value for money - did the estate agent recommend Banco Sabadell?  The only Spanish bank account I've heard of that doesn't charge fees is called "Wefferente" from Cajamar bank.

Hopefully, you're using an independent abogado (laywer), not one tied to the estate agent?  Check with your lawyer whether you can pay your purchase money into their client account and, if so, you coud set up an online Borderless account with Wise: https://wise.com/  The Wise account has an EU IBAN (International Bank Account Number), so your lawyer can also arrange for direct debits to be set up to be pay your utilities from this account.

Kind regards,

Kim

PeterPan

Posted: Sat Feb 12, 2022 3:34pm

PeterPan

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Posts: 252

219 helpful points

Location: Almoradí

Joined: 1 Aug 2020

Posted: Sat Feb 12, 2022 3:34pm

I would 2nd the recommendation for "Wise" https://wise.com/

"Wefferente" is only open to Spanish residents according to their website https://www.cajamar.es/es/particulares/productos-y-servicios/ahorro-e-inversion/cuentas-a-la-vista/pack-wefferent/nuevo-cliente/

"You will need to:

  • Have the DNI or resident card, valid and at hand
  • Have a camera on your device
  • Have your mobile phone close
  • Be of legal age and resident in Spain
  • A compatible browser and operating system "

Kimmy11

Posted: Sat Feb 12, 2022 4:46pm

Kimmy11

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Posts: 5502

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Joined: 8 Aug 2017

Posted: Sat Feb 12, 2022 4:46pm

Hi PeterPan,

That´s interesting - I'm pretty sure that PaulSav, the member who always recommends Cajamar's Wefferente account, is not resident in Spain.  I wonder if the bank's rules have changed, or whether they're different for Third Countries and therefore no longer apply to UK citizens unless they're residents?

Kind regards,

Kim

paulsav

Posted: Sat Feb 12, 2022 5:33pm

paulsav

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Posts: 1227

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Location: Villena

Joined: 4 Dec 2015

Posted: Sat Feb 12, 2022 5:33pm

PeterPan wrote on Sat Feb 12, 2022 3:34pm:

I would 2nd the recommendation for "Wise" https://wise.com/

"Wefferente" is only open to Spanish residents according to their website https://www.cajamar.es/es/particulares/productos-y-servicios/ahorro-e-inversion/cuentas-a-la-vista/pack-wefferent/nuevo-cliente/

"You will need to:Have the DNI or resident card, valid and at handHave a camera on your deviceHave your mobile phone closeBe of legal age and resident in SpainA compatible browser and operating system "

Hi,  the Weferrent account with Cajamar is open to non residents but they must apply in branch as their online application process does not recognise a non resident NIE. So it's true only residents can apply online but the account is available to non residents. I have written this many times for people to research themselves and btw I wholeheartedly recommend them. We opened our account in March 2019 and haven't paid a cent in fees since. I do use Wise to transfer funds from Uk but did not want their banking account as the atm conditions were not to our liking. There are many postings on this subject you only have to look in Banking. 

Regards 

Pauline 

PeterPan

Posted: Sat Feb 12, 2022 7:30pm

PeterPan

Helpful member

Posts: 252

219 helpful points

Location: Almoradí

Joined: 1 Aug 2020

Posted: Sat Feb 12, 2022 7:30pm

paulsav wrote on Sat Feb 12, 2022 5:33pm:

Hi,  the Weferrent account with Cajamar is open to non residents but they must apply in branch as their online application process does not recognise a non resident NIE. So it's true only residents can apply online but the account is available to non residents. I have written this many times...

... for people to research themselves and btw I wholeheartedly recommend them. We opened our account in March 2019 and haven't paid a cent in fees since. I do use Wise to transfer funds from Uk but did not want their banking account as the atm conditions were not to our liking. There are many postings on this subject you only have to look in Banking. 

Regards 

Pauline 

Thanks Pauline, that's very useful. 

What documentation is required in branch?

paulsav

Posted: Sat Feb 12, 2022 9:27pm

paulsav

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Posts: 1227

910 helpful points

Location: Villena

Joined: 4 Dec 2015

Posted: Sat Feb 12, 2022 9:27pm

PeterPan wrote on Sat Feb 12, 2022 7:30pm:

Thanks Pauline, that's very useful. 

What documentation is required in branch?

NIE,S, passports our last Sabadell statement, and our deeds for address ID. We also took all direct debit info with reference no,s, although as we,d closed Sabadell same day I emailed or phoned all companies myself to ensure a smooth transfer over. On our opening which has I believe changed, the agent did all the work and we walked out with our account and the app on our phones, and we deposited our old balance of 2k€ from Sabadell. We were not asked for a deposit but people are telling me now in branch they create a member ID and you have to apply yourself online with the ID also they ask for a sizeable deposit(€1037 I think as your stake in the bank). This is put into an account for you and you can remove it later. Its your money not theirs. The Cajamar bank is like a Cooperative or like a not for profit credit union but with all services of a standard high Street bank. 

We had no English speakers at all in our branch but we got by with Google translate. Just make sure you ask to open a Weferrent account which is an online account free of charges unless you go into branch to process a transaction. That's about it, good luck, you won't regret it. 

Regards 

Pauline 

john 007

Posted: Thu Feb 17, 2022 2:11pm

Posts: 6

Location: La Marina

Joined: 7 Feb 2022

Posted: Thu Feb 17, 2022 2:11pm

yes  unless you have your pension or regular income into it  but check first

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