Hi all, we are currently trying to open a bank account for residencia purposes and are wondering about the charges. There is apparently a 160€ annual charge for maintenance, is this correct, or because it’s at the moment an overseas account? Thanks in advance.
ASIS wrote on Sun Nov 22, 2020 10:09pm:
Hi all, we are currently trying to open a bank account for residencia purposes and are wondering about the charges. There is apparently a 160€ annual charge for maintenance, is this correct, or because it’s at the moment an overseas account? Thanks in advance.
Yes that sounds about right for annual charges for a non residents account. There are several internet based banking services that are free.
Steve
Posted: Sun Nov 22, 2020 11:45pm
tebo53 wrote on Sun Nov 22, 2020 11:26pm:
Yes that sounds about right for annual charges for a non residents account. There are several internet based banking services that are free.
Steve
Thank you Steve for your reply, so if we achieve resedencia will banking charges cease or be reduced? Appreciate your assistance.
Posted: Mon Nov 23, 2020 8:44am
Legendary helpful member
ASIS wrote on Sun Nov 22, 2020 11:45pm:
Thank you Steve for your reply, so if we achieve resedencia will banking charges cease or be reduced? Appreciate your assistance.
Hi ASIS,
It depends on the bank, but the fees should reduce once you become resident. For example, when we were non-resident, Sabadell used to charge €36 per quarter, then it was free when we became resident. However, all the major banks introduced charges on their resident accounts this year; Sabadell now charge residents €15 per quarter. It is still possible to get free banking: with Sabadell, you have to have a pension credited direct to your account in Spain and buy one other product, such as an insurance or investment.
The only 'no strings attached' free account I've heard of os Cajamar's Wefferente account, but that was at the beginning of the year, so you'd need to double-check that it's still free.
Kind regards,
Kim
Advertisement - posts continue below
Posted: Mon Nov 23, 2020 9:59am
Kimmy11 wrote on Mon Nov 23, 2020 8:44am:
Hi ASIS,
It depends on the bank, but the fees should reduce once you become resident. For example, when we were non-resident, Sabadell used to charge €36 per quarter, then it was free when we became resident. However, all the major banks introduced charges on their resident accounts this yea...
Read more...
...r; Sabadell now charge residents €15 per quarter. It is still possible to get free banking: with Sabadell, you have to have a pension credited direct to your account in Spain and buy one other product, such as an insurance or investment.
The only 'no strings attached' free account I've heard of os Cajamar's Wefferente account, but that was at the beginning of the year, so you'd need to double-check that it's still free.
Kind regards,
Kim
Thanks Kim, that’s very helpful. We hope to be in Campoverde by Christmas depending on the UK lockdown.
ASIS wrote on Mon Nov 23, 2020 9:59am:
Thanks Kim, that’s very helpful. We hope to be in Campoverde by Christmas depending on the UK lockdown.
Kimmy has beaten me to the reply, and I fully agree with her. I am with Sabadell and get free banking as I've got another product with them.
There are (apparently) some "free" internet banks but I personally can't recommend any
Steve
Posted: Mon Nov 23, 2020 10:38am
tebo53 wrote on Mon Nov 23, 2020 10:26am:
Kimmy has beaten me to the reply, and I fully agree with her. I am with Sabadell and get free banking as I've got another product with them.
There are (apparently) some "free" internet banks but I personally can't recommend any
Read more...
Steve
Thanks Steve, this is all reassuring. This is a great forum and we appreciate all your help. Many thanks.
Posted: Mon Nov 23, 2020 1:48pm
Super helpful member
ASIS wrote on Sun Nov 22, 2020 10:09pm:
Hi all, we are currently trying to open a bank account for residencia purposes and are wondering about the charges. There is apparently a 160€ annual charge for maintenance, is this correct, or because it’s at the moment an overseas account? Thanks in advance.
One thing we found out the hard way when a transfer of money from a UK account to our account here in Spain was "returned" the IBAN number is likely to change when your account changes from a non-resident to residents account, ours did unfortunately no one explained that to us!
Our advice would be to check this just to be on the safe side.
Find more Banking and finances topics from a particular area:
Or view all Banking and finances topics in all of Costa Blanca.
We use cookies and other tracking technologies to improve your browsing experience on our website, to show you personalised content and targeted ads, to analyse our website traffic, and to understand where our visitors are coming from. Visit our Privacy Policy to learn how we and our partners collect and use data and how to change your settings.