Bests bank account?
We are currently in the process of buying a holiday home in Salinas and we are looking for advice on which bank to use for Direct debits etc. It seems to be some banks charge fees and others don’t for non residents.
We are currently in the process of buying a holiday home in Salinas and we are looking for advice on which bank to use for Direct debits etc. It seems to be some banks charge fees and others don’t for non residents.
I have found (over the years) that for best all round support, that includes English speaking contact, user friendly on line banking and in general what you would expect from a service provider (be honest that’s what a bank is) that Sabadell beats them all. Here and there you might pay a little for various services, but worth it in the long run. Depends what you want, an easy, no worries that things are done when they should be, and good communication.
Posted: Sun Apr 11, 2021 7:41am
Very helpful member
For non residents, traditional Spanish banks have become very expensive, high monthly or quarterly fees, Sabadell being one of them, my ex bank Bankia another.
Many holiday home owners on this forum have closed their Spanish bank accounts and moved their direct debits to the online banks.
Personally, I use Wise, formerly known as Transferwise.
There are no monthly charges, no charges for paying your direct debits, you can have a debit card with the account which I find very useful for everyday purchases whilst in Spain.
The account is very useful if you have to transfer any funds to any trades people in Spain, if you are having any work done etc or key holding fees.
When you transfer any funds you always get excellent exchange rates, for these types of transactions there are small fees.
They also have excellent telephone customer support.
One of our forum members Pauline (PaulSav) has found a Spanish bank who do not charge any fees at the moment, from memory I think it is Cajamar with an account called weferrent.
I believe that you have to go into the branch to open this account (correct me if I am wrong anyone) there is a branch in Torrevieja and I think Guardamar, these would have been too far from my property for me, also I prefer the easily accessible English speaking telephone customer support of Wise.
So, those are a couple of options, I am sure others will be along shortly to give you others.
Ken
Posted: Sun Apr 11, 2021 3:31pm
I have a Sabadell 'Cuenta Expansion' current account with no monthly fees or charges as long as you maintain with a pay in or income of 700 euros a month. I can recommend it.
James2915 wrote on Sun Apr 11, 2021 3:31pm:
I have a Sabadell 'Cuenta Expansion' current account with no monthly fees or charges as long as you maintain with a pay in or income of 700 euros a month. I can recommend it.
Hello,I have a Sabadell Expansion Account and they have started to charge €60 P/A.
I us Transferwise now Wise and find them very good, best exchange rates and costs cents to send euros. I am in the process of setting D/Ds up with Wise then will close Sabadell account.
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James2915 wrote on Sun Apr 11, 2021 3:31pm:
I have a Sabadell 'Cuenta Expansion' current account with no monthly fees or charges as long as you maintain with a pay in or income of 700 euros a month. I can recommend it.
I too have a Sabadell expansion account and do indeed transfer at least €700 per month, however, it used to be a free account but now they are changing €60 per annum. I'm resident and been with Sabadell for 10 years!!
I also use Wise to transfer my money and agree that they would be a good alternative for direct debits etc.
Steve
Posted: Sun Apr 11, 2021 8:47pm
tebo53 wrote on Sun Apr 11, 2021 8:27pm:
I too have a Sabadell expansion account and do indeed transfer at least €700 per month, however, it used to be a free account but now they are changing €60 per annum. I'm resident and been with Sabadell for 10 years!!
I also use Wise to transfer my money and agree that they would be a good alternative for direct debits etc....
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Steve
Hi Steve
I have to say as yet I haven't been charged the 60 euros annual fee you refer to. I've had the account for over 7 years and im also resident, is that a recent change? Thanks
Jim
James2915 wrote on Sun Apr 11, 2021 8:47pm:
Hi Steve
I have to say as yet I haven't been charged the 60 euros annual fee you refer to. I've had the account for over 7 years and im also resident, is that a recent change? Thanks
Read more...
Jim
Perhaps is because you are resident , or you have insurance policy with Sabadell ? I am none resident.
James2915 wrote on Sun Apr 11, 2021 8:47pm:
Hi Steve
I have to say as yet I haven't been charged the 60 euros annual fee you refer to. I've had the account for over 7 years and im also resident, is that a recent change? Thanks
Read more...
Jim
Yes it's a recent charge at €15 per quarter. If you have any other policies with the bank such as any insurance or car hire etc you don't get the annual fee.
I've been using Sabadell as a full resident for years but have no other policies with them.
Steve
Posted: Mon Apr 19, 2021 1:40pm
Terry964 wrote on Sun Apr 11, 2021 8:12pm:
Hello,I have a Sabadell Expansion Account and they have started to charge €60 P/A.
I us Transferwise now Wise and find them very good, best exchange rates and costs cents to send euros. I am in the process of setting D/Ds up with Wise then will close Sabadell account.
Hi can you explain process for setting up direct debits with Wise. Do you have to visit each company in person, ie sums iberdrola etc
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