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?
Posted: Fri Feb 11, 2022 1:57pm
Helpful member
set up account with wise online banking,
they have european account,,no monthly charges
Posted: Fri Feb 11, 2022 2:09pm
Super helpful member
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.
Posted: Fri Feb 11, 2022 8:25pm
Legendary helpful member
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
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 "
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Posted: Sat Feb 12, 2022 4:46pm
Legendary helpful member
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
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/
Read more...
"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
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...
Read more...
... 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?
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
yes unless you have your pension or regular income into it but check first
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