Warning to Sabadell bank Expansion account customers - Banking and finances in La Marina - La Marina forum - Costa Blanca forum in the Alicante province of Spain
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Warning to Sabadell bank Expansion account customers - Page 3

Ottar1952

Posted: Mon Oct 28, 2019 9:59am

Posts: 8

1 helpful points

Location: La Marina

Joined: 8 May 2019

Posted: Mon Oct 28, 2019 9:59am

This seems like blackmailing ? Have to check it with Sabadell direct. Useful information. 

Jan06

Posted: Mon Oct 28, 2019 11:49am

Jan06

Helpful member

Posts: 172

152 helpful points

Joined: 4 Mar 2018

Posted: Mon Oct 28, 2019 11:49am

I had the same with the app but when I logged into their website I found the notice 

Dianem62

Posted: Wed Oct 30, 2019 1:37pm

Posts: 148

34 helpful points

Location: Almoradí

Joined: 3 Jun 2017

Posted: Wed Oct 30, 2019 1:37pm

I was with Sabadell but changed to the ever increasing bank charges which I never received any notice until it

was too last. I changed in the summer to Bankia (Almoradi); there is an employee called Maria who works there and is extremely helpful.  If you pay in 700 euros a month there aren't any fees; I don't live in Spain so paying

this amount in, is not an option. The fees are 15 euros per quarter and then 25 euros (there abouts) per year for a debit card.  So it works out cheaper than the fees charged by Sabadel. Up to now I am quite happy with 

Bankia. 

paulsav

Posted: Wed Oct 30, 2019 2:04pm

paulsav

Super helpful member

Posts: 1366

1009 helpful points

Location: Villena

Joined: 4 Dec 2015

Posted: Wed Oct 30, 2019 2:04pm

Dianem62 wrote on Wed Oct 30, 2019 1:37pm:

I was with Sabadell but changed to the ever increasing bank charges which I never received any notice until it

was too last. I changed in the summer to Bankia (Almoradi); there is an employee called Maria who works there and is extremely helpful.  If you pay in 700 euros a month there aren't any fees; I don't live in Spain so paying ...

...

this amount in, is not an option. The fees are 15 euros per quarter and then 25 euros (there abouts) per year for a debit card.  So it works out cheaper than the fees charged by Sabadel. Up to now I am quite happy with 

Bankia. 

Hi Diane, yes I too got told that like Sabadell I would have to deposit 700€month to get it free. Have you read my previous reply, Cajamar bank has no stipulations, no fees even for non residents and  cards are free. Their only charge is 5€ for the month if you process a transaction in  branch face to face. Their app is now in english too which it wasnt in April when I opened it and I cant speak higher of them. 

Regards

Pauline.

Syd

Posted: Wed Oct 30, 2019 2:13pm

Syd

Posts: 42

39 helpful points

Location: La Marina

Joined: 2 Feb 2017

Posted: Wed Oct 30, 2019 2:13pm

Sabadell still advertise FREE Banking - Expansión Account. The salary account without bank fees

https://www.bancsabadell.com/cs/Satellite/SabAtl/Expansion-Account.-The-salary-account-without-bank-fees/1191346505022/en/

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jimtaylor

Posted: Wed Oct 30, 2019 2:26pm

jimtaylor

Legendary helpful member

Posts: 5612

8738 helpful points

Location: Mudamiento

Joined: 2 Feb 2017

Posted: Wed Oct 30, 2019 2:26pm

Syd wrote on Wed Oct 30, 2019 2:13pm:

Sabadell still advertise FREE Banking - Expansión Account. The salary account without bank fees

https://www.bancsabadell.com/cs/Satellite/SabAtl/Expansion-Account.-The-salary-account-without-bank-fees/1191346505022/en/

It's only free subject to certain conditions.

It's described there as a salary account, and says:

all you need to do is to directly deposit your salary, pension or make a regular monthly deposit (over €700).

Syd

Posted: Wed Oct 30, 2019 2:43pm

Syd

Posts: 42

39 helpful points

Location: La Marina

Joined: 2 Feb 2017

Posted: Wed Oct 30, 2019 2:43pm

Hi Jim

Your correct, however the Expansion account is one of the accounts I have, I do pay the €700, however I have had an email telling me that I will be subjected to the €5 per month fee.  

Time to close the account

Syd

Jan06

Posted: Wed Oct 30, 2019 2:45pm

Jan06

Helpful member

Posts: 172

152 helpful points

Joined: 4 Mar 2018

Posted: Wed Oct 30, 2019 2:45pm

Though it’s still advertising as free If you look at the T&C’s it’s only for new customers up until 31/12/2019 so after that they could start charging 15€/quarter 

Kimmy11

Posted: Wed Oct 30, 2019 3:12pm

Kimmy11

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Posts: 6869

12554 helpful points

Joined: 8 Aug 2017

Posted: Wed Oct 30, 2019 3:12pm

Hi all,

I had my meeting with the gestor at Sabadell in Almoradi this morning, so giving an update as promised. 

The decision to introduce charges on Sabadell's Expansion Account is a purely commercial decision made by a private company - nothing to do with EU or Spanish banking regulations.  As a retail bank, the decision is based on market conditions that have reduced the bank's ability to earn the same level of profits from customer deposits.  The further downside is that although, for example, Deutsche Bank still doesn't charge bank fees (provided you deposit Eu 700 per month), I have to assume it will be only a matter of time before they, and other banks, follow the trend.  Caja Rural already apply similar fee levels as Sabadell.  As some banks charge for using ATMs outside of their group, the upside (yes, there is one) is the extensive network of Sabadell ATMs.

Back to the downsides: something else to bear in mind is that bank fees have a habit of going only one way - up!  Before becoming resident 3 years ago, Sabadell's quarterly fee on their non-resident Key Account was Eu 24 per quarter, rising repeatedly until its current level of Eu 35 per quarter - a 45% increase over that period.

The gestor told me about another resident account they have, Expansion Plus, which attracts no fees provided you pay in Eu 3,000 per month.  It has the added benefit of attracting 3% interest on a maximum balance of up to Eu 10,000.  However, I can't imagine that non-residents would want or need to transfer that amount each month.  As a resident, I don't want an unnecessary level of money accumulating in my Spanish bank, when I can get a better return on investing it in the UK.

Sabadell's gestor confirmed that the only way to avoid the new charge on the Expansion account is to receive a direct pension payment to the account, or to purchase another Sabadell product, such as an insurance or investment product. 

Of the online accounts I've looked at - Starling, Revolut, Monzo and N26 - the issue for me is that they are all mobile-based and customer reviews suggest there are occasional problems with app reliability.  Whilst that may not be a huge issue for non-residents where this is a secondary account, I need 100% reliability from what will be our primary bank account.  Should Sabadell's mobile app falter, we have the fallback of online (PC), phone and branch access.


My hubby is now looking at having his R.A.F. pension paid direct to Spain.  However, as we don't need all his pension in Spain each month, I need to calculate whether the associated reduction in UK interest earned, coupled with removing the choice to exchange money (and how much) when we want to do so, is likely to amount to more than this new Sabadell fee of Eu 60 per annum.

So, I was right not to hold my breath.......  :o(

Kind regards,

Kim

paulsav

Posted: Wed Oct 30, 2019 4:45pm

paulsav

Super helpful member

Posts: 1366

1009 helpful points

Location: Villena

Joined: 4 Dec 2015

Posted: Wed Oct 30, 2019 4:45pm

Hi Kim

I have read your update and you do mention Caja Rural has similar fees to Sabadell. I dont know if Caja Rural and Cajamar are part of same bank as here in Villena we have both bank branches but I have not been charged any fees since April with Cajamar and have received no notice of any pending. Maybe they do have differrent conditions. Sorry you didn,t receive more favourable news from Sabadell.

Kind regards

Pauline.

Ps. Should I receive notification of fees in the future I will add an update.

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