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Bank fees

Posted: Fri Jul 16, 2021 11:23am
44 replies1552 views9 members subscribed
Doreen3

Posts: 57

24 helpful points

Location: Torrevieja

Joined: 25 Feb 2018

Are there any Banks that charge less fees than Sabadell.

Kimmy11

Posted: Fri Jul 16, 2021 2:05pm

Kimmy11

Legendary helpful member

Posts: 6869

12554 helpful points

Joined: 8 Aug 2017

Posted: Fri Jul 16, 2021 2:05pm

Hi Doreen,

Yes, but recommendations will vary, depending on whether you're a Spanish resident or non-resident.

Kind regards, 

Kim

Doreen3

Posted: Fri Jul 16, 2021 5:22pm

Doreen3

Original Poster

Posts: 57

24 helpful points

Location: Torrevieja

Joined: 25 Feb 2018

Posted: Fri Jul 16, 2021 5:22pm

Kimmy11 wrote on Fri Jul 16, 2021 2:05pm:

Hi Doreen,

Yes, but recommendations will vary, depending on whether you're a Spanish resident or non-resident.

Kind regards, 

Kim

Hi Kim, thanks for responding. No, I am a UK resident. So guess I’ll have to pay it. The old pension doesn’t go very far anymore. Doreen

Kimmy11

Posted: Fri Jul 16, 2021 6:01pm

Kimmy11

Legendary helpful member

Posts: 6869

12554 helpful points

Joined: 8 Aug 2017

Posted: Fri Jul 16, 2021 6:01pm

Doreen3 wrote on Fri Jul 16, 2021 5:22pm:

Hi Kim, thanks for responding. No, I am a UK resident. So guess I’ll have to pay it. The old pension doesn’t go very far anymore. Doreen

Hi Doreen,

Non-resident is good if you want to get rid of Spanish bank fees! 😄  There are online banks, with an EU IBAN, that enable you to pay your direct debits in Spain without the need for a physical bank here.  (I can't tell you the best options, because I'm a resident stuck with Spanish bank fees!)   I know there are many canny members here who have switched to online banks, such as N26 and Revolut, and the currency exchange company, Wise, from which you can also pay direct debits.

The only Spanish bank I know that charges no fees is Cajamar's Wefferente account - our member, Paulsav, knows all about it.

Kind regards, 

Kim

Doreen3

Posted: Fri Jul 16, 2021 6:55pm

Doreen3

Original Poster

Posts: 57

24 helpful points

Location: Torrevieja

Joined: 25 Feb 2018

Posted: Fri Jul 16, 2021 6:55pm

Kimmy11 wrote on Fri Jul 16, 2021 6:01pm:

Hi Doreen,

Non-resident is good if you want to get rid of Spanish bank fees! 😄  There are online banks, with an EU IBAN, that enable you to pay your direct debits in Spain without the need for a physical bank here.  (I can't tell you the best options, because I'm a resident stuck with Spanish b...

...ank fees!)   I know there are many canny members here who have switched to online banks, such as N26 and Revolut, and the currency exchange company, Wise, from which you can also pay direct debits.

The only Spanish bank I know that charges no fees is Cajamar's Wefferente account - our member, Paulsav, knows all about it.

Kind regards, 

Kim

Thanks Kim, Thank goodness we have good people like yourself to help us oldies…Doreen

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tebo53

Posted: Fri Jul 16, 2021 7:06pm

tebo53

Legendary helpful member

Posts: 4776

4960 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Fri Jul 16, 2021 7:06pm

Doreen3 wrote on Fri Jul 16, 2021 6:55pm:

Thanks Kim, Thank goodness we have good people like yourself to help us oldies…Doreen

I can recommend Wise (formally Transferwise) for an online account.  Wise will set you up with an EU account number and then you can transfer money from your UK account to your Wise Global accounts and pay any direct debit through them. You can also apply for a debit card. 

Check out their site:

https://wise.com/

Steve 

Stevec2x

Posted: Sat Jul 17, 2021 12:14pm

Stevec2x

Super helpful member

Posts: 1816

1040 helpful points

Location: Playa Flamenca

Joined: 23 Jan 2020

Posted: Sat Jul 17, 2021 12:14pm

Kimmy11 wrote on Fri Jul 16, 2021 6:01pm:

Hi Doreen,

Non-resident is good if you want to get rid of Spanish bank fees! 😄  There are online banks, with an EU IBAN, that enable you to pay your direct debits in Spain without the need for a physical bank here.  (I can't tell you the best options, because I'm a resident stuck with Spanish b...

...ank fees!)   I know there are many canny members here who have switched to online banks, such as N26 and Revolut, and the currency exchange company, Wise, from which you can also pay direct debits.

The only Spanish bank I know that charges no fees is Cajamar's Wefferente account - our member, Paulsav, knows all about it.

Kind regards, 

Kim

Hi Kim

You've touched on a subject that has confused me for quite some time. Is there some sort of legal requirement for residents to have a bank account with a Spanish owned bank?

Cheers

Steve

Doreen3

Posted: Sat Jul 17, 2021 12:42pm

Doreen3

Original Poster

Posts: 57

24 helpful points

Location: Torrevieja

Joined: 25 Feb 2018

Posted: Sat Jul 17, 2021 12:42pm

tebo53 wrote on Fri Jul 16, 2021 7:06pm:

I can recommend Wise (formally Transferwise) for an online account.  Wise will set you up with an EU account number and then you can transfer money from your UK account to your Wise Global accounts and pay any direct debit through them. You can also apply for a debit card. 

Check out their site:...

Thanks Steve, going to look at N26 too. I only use the bank for direct debits. Sounds lik just the bank I need…Doreen

Kimmy11

Posted: Sat Jul 17, 2021 12:57pm

Kimmy11

Legendary helpful member

Posts: 6869

12554 helpful points

Joined: 8 Aug 2017

Posted: Sat Jul 17, 2021 12:57pm

Stevec2x wrote on Sat Jul 17, 2021 12:14pm:

Hi Kim

You've touched on a subject that has confused me for quite some time. Is there some sort of legal requirement for residents to have a bank account with a Spanish owned bank?

Cheers

Steve

Hi Steve,

No, not that I'm aware of, but it's more convenient, especially when it comes to cash withdrawals.  We pay €15 per quarter with Sabadell, so not horrendous charges for a resident.  When I'm old enough to draw my state pension, I'm hoping they'll still be offering free banking - only 7 years to wait! 🙄😄

Kind regards,

Kim

Stevec2x

Posted: Sat Jul 17, 2021 6:20pm

Stevec2x

Super helpful member

Posts: 1816

1040 helpful points

Location: Playa Flamenca

Joined: 23 Jan 2020

Posted: Sat Jul 17, 2021 6:20pm

Kimmy11 wrote on Sat Jul 17, 2021 12:57pm:

Hi Steve,

No, not that I'm aware of, but it's more convenient, especially when it comes to cash withdrawals.  We pay €15 per quarter with Sabadell, so not horrendous charges for a resident.  When I'm old enough to draw my state pension, I'm hoping they'll still be offering free banking - only 7...

... years to wait! 🙄😄

Kind regards,

Kim

Hi Kim

Personally, I'm like the queen these days😂 particularly since covid. I use my Wise card for almost everything. I can use Deutsche Bank for free cash withdrawals, I only use cash for those busy communal moments in a bar, and for tips.

I've heard, so many times, that you need a Spanish bank account, but I'm of the opinion  that it's just Spanish inertia, especially when buying a house! I bought a car about 3 years ago, paid with wise.com, no problem.

Cheers

Steve

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