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banks
Posted: Fri Nov 3, 2023 2:46pm
Hello evrybody
My daughter bought a bungallow and decided to come back just sometimes, 90 days?
Does she need a Spanish bank account, or a european would be ok?
You don't need a Spanish bank account. You do need an account with an online bank with a EU IBAN though. Many on here say open an account with WISE and there are many others that you can use. This is so she can pay her bills and direct debits where UK banks are not accepted.
WISE will also give you a card to make cash withdrawals whilst in Spain but any UK bank allows that but, apparently , WISE gives a better exchange rate.
If she gets a Spanish account as non resident she will be hit very hard with banking charges here in Spain. WISE and the others don't make those charges.
Posted: Fri Nov 3, 2023 7:21pm
marcliff wrote on Fri Nov 3, 2023 2:57pm:
You don't need a Spanish bank account. You do need an account with an online bank with a EU IBAN though. Many on here say open an account with WISE and there are many others that you can use. This is so she can pay her bills and direct debits where UK banks are not accepted.
WISE will also give you a card to make cash withdrawals whilst in Spain but any UK bank allows that but, apparently , WISE gives a better exchange rate....
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If she gets a Spanish account as non resident she will be hit very hard with banking charges here in Spain. WISE and the others don't make those charges.
Hi, thank you for your reply. Although I already have an EU bank account my lawyer is insisting on a Spanish bank account for the Spanish property and I wonder why. Now I wonder if I should get a different lawyer.
Posted: Sat Nov 4, 2023 10:50am
Very helpful member
Gab wrote on Fri Nov 3, 2023 7:21pm:
Hi, thank you for your reply. Although I already have an EU bank account my lawyer is insisting on a Spanish bank account for the Spanish property and I wonder why. Now I wonder if I should get a different lawyer.
Why would you change your lawyer over such a small thing. The lawyer can't insist, he can suggest.
I personally have a Spanish bank account, as do other people on this forum, it's a matter of choice.
I like to be able to talk to someone personally, hardly ever do but like the fact that I can.
Cheers, J
Gab wrote on Fri Nov 3, 2023 7:21pm:
Hi, thank you for your reply. Although I already have an EU bank account my lawyer is insisting on a Spanish bank account for the Spanish property and I wonder why. Now I wonder if I should get a different lawyer.
I have a holiday home and have never had a Spanish bank account. I use WISE for everything.
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Posted: Sat Nov 4, 2023 11:11am
janiceroquero wrote on Sat Nov 4, 2023 10:50am:
Why would you change your lawyer over such a small thing. The lawyer can't insist, he can suggest.
I personally have a Spanish bank account, as do other people on this forum, it's a matter of choice.
Read more...
I like to be able to talk to someone personally, hardly ever do but like the fact that I can.
Cheers, J
Thank you for your incredibly arrogant and ignorant response.
1. It's not a "small thing" and they ARE insisting.
2. After some research I have found out that according to Spanish law, foreign nationals must have a Spanish bank account to purchase a property in Spain.
Here for everyone to see:
https://spanishsolicitors.com/do-i-need-to-open-a-bank-account-when-buying-in-spain
More information is available on the subject online.
Posted: Sat Nov 4, 2023 11:17am
Legendary helpful member
Gab wrote on Fri Nov 3, 2023 7:21pm:
Hi, thank you for your reply. Although I already have an EU bank account my lawyer is insisting on a Spanish bank account for the Spanish property and I wonder why. Now I wonder if I should get a different lawyer.
Ask the lawyer why there is an insistence on having a Spanish bank account, is it for legal reasons, or ease of use by the lawyer or some other reason.
I don't know personally if it is necessary or not to have a Spanish bank account when buying a property here, though the consensus on here seems to be that it only needs to be a EU account.
Rgds,
Aitch.
Posted: Sat Nov 4, 2023 11:23am
aitchc1401 wrote on Sat Nov 4, 2023 11:17am:
Ask the lawyer why there is an insistence on having a Spanish bank account, is it for legal reasons, or ease of use by the lawyer or some other reason.
I don't know personally if it is necessary or not to have a Spanish bank account when buying a property here, though the consensus on here seems to be that it only needs to be a EU account....
Read more...
...
Rgds,
Aitch.
No, I already have an EU bank account as well as another EU nationality.
Apparently the main purpose of a Spanish bank account is to prevent money laundering.
Posted: Sat Nov 4, 2023 2:19pm
aitchc1401 wrote on Sat Nov 4, 2023 11:17am:
Ask the lawyer why there is an insistence on having a Spanish bank account, is it for legal reasons, or ease of use by the lawyer or some other reason.
I don't know personally if it is necessary or not to have a Spanish bank account when buying a property here, though the consensus on here seems to be that it only needs to be a EU account....
Read more...
...
Rgds,
Aitch.
I think It is all about money. If they listed on the expenses list 700 Euros for bank charges (!!!!) Really? then everything is clear.
Annafj wrote on Sat Nov 4, 2023 2:19pm:
I think It is all about money. If they listed on the expenses list 700 Euros for bank charges (!!!!) Really? then everything is clear.
As I posted above you do not need a Spanish bank account! I have never had 1 and own a holiday home in Spain.
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