Best Banking Practice

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? 

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

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?

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

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?

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