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Best Banking Practice

Posted: Wed Sep 14, 2022 3:45pm
18 replies555 views6 members subscribed
Weedster

Posts: 45

7 helpful points

Location: Orihuela Costa

Joined: 8 Nov 2021

*Also posted in La Marina forum by mistake sorry*

Hello All

We opened a Sabadell account in order to purchase in Spain about a year ago and it did not go smoothly.(charges left, right and centre for all sorts of spurious things) we are non resident.

Anyway we got through it and had to purchase their insurance to try and avoid other charges which I can't remember now(it was not the removal of the 40 euro per quarter charge, which we still pay). We have a Wise account and today Sabadell will not recognise the IBAN when I try to transfer money to Wise from my Sabadell account! It seems the Belgian bit is not liked?

So I am in the situation where I cannot transfer any money from my Sabadell account. I have sent them an email and called them but don't feel as if I am getting anywhere. We are due in Spain next week and I am wondering how easy it will be to transfer my direct debits for electric, water, communal fees, IB(SUMA) etc to Wise, and also how to go about closing my Sabadell account.eg. the best way to get my account to zero?

Any help appreciated


killjoy

Posted: Wed Sep 14, 2022 4:03pm

killjoy

Super helpful member

Posts: 2560

1462 helpful points

Location: Orihuela Costa

Joined: 4 Nov 2017

Posted: Wed Sep 14, 2022 4:03pm

The close a bank account all beneficiaries must show up in person. If ypou just leave it at 0 be sure no transfers are made to this account to avoid charges. 

Weedster

Posted: Wed Sep 14, 2022 4:18pm

Weedster

Original Poster

Posts: 45

7 helpful points

Location: Orihuela Costa

Joined: 8 Nov 2021

Posted: Wed Sep 14, 2022 4:18pm

killjoy wrote on Wed Sep 14, 2022 4:03pm:

The close a bank account all beneficiaries must show up in person. If ypou just leave it at 0 be sure no transfers are made to this account to avoid charges. 

There are just the 2 of us in relation to the account, so that would not be a problem. Do we have to go to the branch to close it? 

NigeF

Posted: Wed Sep 14, 2022 4:20pm

NigeF

Helpful member

Posts: 120

119 helpful points

Location: Alicante City

Joined: 14 May 2020

Posted: Wed Sep 14, 2022 4:20pm

killjoy wrote on Wed Sep 14, 2022 4:03pm:

The close a bank account all beneficiaries must show up in person. If ypou just leave it at 0 be sure no transfers are made to this account to avoid charges. 

Hi, if you just left the account balance at zero would they not keep charging their 40 euro a quarter hence you would start incuring more charges.

Kimmy11

Posted: Wed Sep 14, 2022 7:07pm

Kimmy11

Legendary helpful member

Posts: 5846

10902 helpful points

Joined: 8 Aug 2017

Posted: Wed Sep 14, 2022 7:07pm

NigeF wrote on Wed Sep 14, 2022 4:20pm:

Hi, if you just left the account balance at zero would they not keep charging their 40 euro a quarter hence you would start incuring more charges.

Hi NigeF,

You're correct, Weedster will continue to accrue fees on the account if they don't close it.

Hi Weedster,

Do you have Wise's multi-currency account with a BE (Belgian) IBAN?  If so, Sabadell are legally required to recognise the account:

https://wise.com/gb/blog/1000-cases-of-iban-discrimination

Many non-resident members have already done what you would like to do and the only issue I remember seeing is that Hidraqua are easier to deal with if you visit one of their offices in person, whereas as direct debits for other regular bills could be done online or over the phone.

Of course, once you've moved all your DDs to Wise, make sure the first month's payments are taken successfully before closing your Sabadell account.

Good luck!

Kind regards, 

Kim

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Weedster

Posted: Wed Sep 14, 2022 7:18pm

Weedster

Original Poster

Posts: 45

7 helpful points

Location: Orihuela Costa

Joined: 8 Nov 2021

Posted: Wed Sep 14, 2022 7:18pm

Kimmy11 wrote on Wed Sep 14, 2022 7:07pm:

Hi NigeF,

You're correct, Weedster will continue to accrue fees on the account if they don't close it.

Hi Weedster,

Do you have Wise's multi-currency account with a BE (Belgian) IBAN?  If so, Sabadell are legally required to recognise the account:

https://wise.com/gb/blog/1000-cases-of-iban-discrimination

Many non-resident members have already done what you would like to do and the only issue I remember seeing is that Hidraqua are easier to deal with if you visit one of their offices in person, whereas as direct debits for other regular bills could be done online or over the phone.

Of course, once you've moved all your DDs to Wise, make sure the first month's payments are taken successfully before closing your Sabadell account.

Good luck!

Kind regards, 

Kim

Thanks for all your help all of you, and yet again Kimmy :).

I've just this minute managed to complete a transfer after finally receiving help from Sabadell and to be fair it seems as if it is my own fault for not clicking "international" and not entering my account holder name exactly! So I admit my shortcomings in the matter.

Once the transfer has gone through I shall then endeavour to update all DDs etc and hopefully be rid of the charges from Sabadell. One thing is I took out the house insurance but I envisage this is a separate contract that has been taken out?

Kimmy11

Posted: Wed Sep 14, 2022 11:26pm

Kimmy11

Legendary helpful member

Posts: 5846

10902 helpful points

Joined: 8 Aug 2017

Posted: Wed Sep 14, 2022 11:26pm

Hi Weedster,

There will be a separate contract for the home insurance and you need to check its duration.  I saw a report, several weeks ago now, of someone who took out bank insurance in order to reduce Sabadell's fee for a Banker's Draft, only to discover, when they tried to cancel it after the first year, that they'd agreed an insurance contract for 3 years.  It seems that Sabadell, or perhaps just some branches, have realised customers are cancelling the insurance after 1 year, which means they're not covering the cost of the discount on the Banker's Draft.

Kind regards, 

Kim

Weedster

Posted: Wed Sep 14, 2022 11:39pm

Weedster

Original Poster

Posts: 45

7 helpful points

Location: Orihuela Costa

Joined: 8 Nov 2021

Posted: Wed Sep 14, 2022 11:39pm

Kimmy11 wrote on Wed Sep 14, 2022 11:26pm:

Hi Weedster,

There will be a separate contract for the home insurance and you need to check its duration.  I saw a report, several weeks ago now, of someone who took out bank insurance in order to reduce Sabadell's fee for a Banker's Draft, only to discover, when they tried to cancel it after the first y...

...ear, that they'd agreed an insurance contract for 3 years.  It seems that Sabadell, or perhaps just some branches, have realised customers are cancelling the insurance after 1 year, which means they're not covering the cost of the discount on the Banker's Draft.

Kind regards, 

Kim

Thanks Kim

That's exactly what we took out the insurance for, as we were forced to pay by bankers draft... 

Weedster

Posted: Wed Sep 14, 2022 11:58pm

Weedster

Original Poster

Posts: 45

7 helpful points

Location: Orihuela Costa

Joined: 8 Nov 2021

Posted: Wed Sep 14, 2022 11:58pm

Weedster wrote on Wed Sep 14, 2022 11:39pm:

Thanks Kim

That's exactly what we took out the insurance for, as we were forced to pay by bankers draft... 

Hello

I've checked our insurance and it is annual renewable at 239 euros for our first year. They say I must inform them at least 1 month prior to renewal date if I do not wish to renew it.

Does this price sound ok?

Our house insured sum is 120000 euros, 20,000 for furniture, 2,000 jewels, 12,000 gardens.

Are there any good insurance providers that would provide a cheaper quote?

Obviously I don't know what the renewal quote is yet, but you think they'd let me know and not just renew with a hugely different premium?

Kimmy11

Posted: Thu Sep 15, 2022 10:41am

Kimmy11

Legendary helpful member

Posts: 5846

10902 helpful points

Joined: 8 Aug 2017

Posted: Thu Sep 15, 2022 10:41am

Weedster wrote on Wed Sep 14, 2022 11:58pm:

Hello

I've checked our insurance and it is annual renewable at 239 euros for our first year. They say I must inform them at least 1 month prior to renewal date if I do not wish to renew it.

Does this price sound ok?

Our house insured sum is 120000 euros, 20,000 for furniture, 2,000 jewels, 12,000 gardens.

Are there any good insurance providers that would provide a cheaper quote?

Obviously I don't know what the renewal quote is yet, but you think they'd let me know and not just renew with a hugely different premium?

Hi Weedster,

That premium seems reasonable, compared to mine.  For a 3-bed, 3-bath, detached house with private pool, our July renewal with Liberty Seguros, through Jennifer Cunningham Insurance Agents, was €359.50, for the following cover:

Buildings €212,175 / Contents €51,750 / Jewellery €5,000 / Pool and gardens €50,000 / General Liability €300,000

Also included is All Risks Accidental Damage for both building and contents, plus Home/Emergency/DIY Assistance and Legal Defence and IT Support.

I've yet to find an independent insurance broker in Spain - rather, they are agents representing typically just one insurance company, so you'll need to phone around for alternative quotes.

Kind regards,

Kim

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