Sabadell bank charges on Expansion Premium account

If you look at the Sabadell website, there are 2 criteria that need to be met to avoid fees on this account. Therefore I think the 700 Euro deposit does not exempt you from fees. I  can only assume that Sabadell have altered their T&Cs on this account and while the deposit of 700 Euro used to exempt you, it does not exempt you anymore:

EDIT - I note you also say you have home insurance with Sabadell so I'm at a loss..

1. have a payroll, pension or regular income domiciled  of a minimum amount of €700. Deposits from accounts open with the Banco Sabadell Group belonging to the same holder are excluded.

•  Protection Insurance Policy, which will offer you and your loved ones extra peace of mind. The policies included are: auto, health, dental, home, death, payment protection, accidents and life risk. Life insurance savings are excluded.
•  An autorenting contract.
•  One of these products with a minimum amount of 10,000 euros: in Investment Funds, an individual pension plan, an insured pension plan, an Voluntary Welfare Institutions Plan or a securities contract with any company.

https://www.bancsabadell.com/cs/Satellite/SabAtl/Cuenta-Expansion-Premium-/6000006714279/en/

I did say that we have house insurance with the bank so these were the criteria unless once again they have changed the goal posts.

Ian

Yes - apologies. I edited my post probably as you were in the midst of replying. I don't know why they are charging you as it seems in conflict to their published criteria.

A number of people have said that they have been charged for receiving money from the UK since 1st January. I send mine from Starling GBP account but as they send it via a bank in the EU I haven’t been charged. 

Apparently under EU banking rules these charges shouldn’t be happening but we’ve given up any say over such things.

I’d recommend you send your €700 via a currency company that uses a bank account in the EU. That way you shouldn’t be charged the €18. 

Shaun

Thanks Shaun, we use Currencies Direct so I will be contacting them tomorrow. Nothing new for Sabadell to rip you off though.

Ian

I use Transferwise to send money from the UK to Sabadell in Spain and they have never levied a fee on the transfer. Transferwise send your converted money from their EU accounts. 

Steve 

This is not a 'Sabadell specific' new charge. Since Brexit, all Spanish banks receiving cash transfers from UK based banks (and presumably other non EU banks?) are levying a charge based on amount, with a minimum 18 euros.

The way to get around it is simple. Use the Transferwise internet service. The way they do it is to make the transfer on your behalf using their sister bank in Germany. It is obviously EU based, so no Spanish bank fee applies when the money is transferred.

Hi Guys, I do have an account with Transferwise and used them for all my transfers before I changed to the Premium Expansion account with Sabadell. I only moved to Currencies Direct as TW didn’t have a direct debit account for regular monthly transfers at that time. Do they have this now?

I spoke to CD this morning and they said that all banks are charging for money transferred into accounts from outside the EU. They said they are working with EU banks and hope to have an agreement by the end of this month, but I said to the guy that no agreement is in place yet and I will be charged again next month. This makes it pointless having the Expansion account with Sabadell and I may as well change back to a basic account and pay the quartelrly charge.

Obviously we are stuck in UK at present so can’t do a lot about it till we either get back to Spain.

Ian

I pay all my Spanish property DD's using Transferwise.

open one of their 'borderless' accounts and give your suppliers the BE IBAN