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Banking charges

Posted: Mon May 3, 2021 7:20pm
7 replies212 views5 members subscribed
Liza

Posts: 1

Location: Torrevieja

Joined: 29 Jan 2018

Hello. We have just received our 'Statement of fees' for 2020 from the Sabadell bank, the cost is 140.00 euros.  Could anyone tell me if that is about the going rate for annual bank charges?  Thank you. 

tommy35

Posted: Mon May 3, 2021 8:36pm

Posts: 26

18 helpful points

Location: Playa Flamenca

Joined: 16 Oct 2018

Posted: Mon May 3, 2021 8:36pm

hello liza thats what we pay 35 a quarter 

20kiki

Posted: Tue May 4, 2021 6:33pm

20kiki

Helpful member

Posts: 413

243 helpful points

Location: Torrevieja

Joined: 5 Apr 2017

Posted: Tue May 4, 2021 6:33pm

To my knowledge-all Spanish banks increased their quarterly charges earlier this year from 35e to 40e.......rip off I know but unless you can convince Utility companies to bill an online Bank acc then we just have to suck it up 🤔😐

Kimmy11

Posted: Tue May 4, 2021 10:04pm

Kimmy11

Legendary helpful member

Posts: 3335

7012 helpful points

Joined: 8 Aug 2017

Posted: Tue May 4, 2021 10:04pm

Hi Liza,

I'm afraid that's the going rate for non-resident accounts.  Cajamar's Weferrente account used to be free of charges (last year), but the ATM network is limited compared to Sabadell.

To reduce costs, you'd probably be better to switch to an online bank that has an EU IBAN, such as Transferwise, N26, Revolut, etc., so that you can make your utility payments by direct debit.  Use the search fields at the top right-hand side to look for extensive discussions on the same subject.

Kind regards, 

Kim

Portet

Posted: Tue May 4, 2021 10:11pm

Portet

Helpful member

Posts: 327

310 helpful points

Location: Moraira

Joined: 13 Jan 2021

Posted: Tue May 4, 2021 10:11pm

Kimmy11 wrote on Tue May 4, 2021 10:04pm:

Hi Liza,

I'm afraid that's the going rate for non-resident accounts.  Cajamar's Weferrente account used to be free of charges (last year), but the ATM network is limited compared to Sabadell.

To reduce costs, you'd probably be better to switch to an online bank that has an EU IBAN, such as Transferwise, N26, Revolut, etc., so that you can make your utility payments by direct debit.  Use the search fields at the top right-hand side to look for extensive discussions on the same subject.

Kind regards, 

Kim

Are people still managing to open N26 accounts as non-residents? Last time I looked they were not open to UK residents. Presumably you have to say you reside at your Spanish property? Do you also need a Spanish phone number?

Kimmy11

Posted: Tue May 4, 2021 11:28pm

Kimmy11

Legendary helpful member

Posts: 3335

7012 helpful points

Joined: 8 Aug 2017

Posted: Tue May 4, 2021 11:28pm

Portet wrote on Tue May 4, 2021 10:11pm:

Are people still managing to open N26 accounts as non-residents? Last time I looked they were not open to UK residents. Presumably you have to say you reside at your Spanish property? Do you also need a Spanish phone number?

Hi Portet,

I think people need to check as and when they want to switch.  Some of the online banks were a bit slow getting new EU licences in place in time for Brexit.  Before changing, it's vital that members check that the bank they propose changing to has an EU IBAN, otherwise they will continue to incur charges with their Spanish bank.  We use Transferwise and have incurred no charges.

Kind regards,

Kim

Portet

Posted: Wed May 5, 2021 9:31am

Portet

Helpful member

Posts: 327

310 helpful points

Location: Moraira

Joined: 13 Jan 2021

Posted: Wed May 5, 2021 9:31am

Kimmy11 wrote on Tue May 4, 2021 11:28pm:

Hi Portet,

I think people need to check as and when they want to switch.  Some of the online banks were a bit slow getting new EU licences in place in time for Brexit.  Before changing, it's vital that members check that the bank they propose changing to has an EU IBAN, otherwise they will continu...

...e to incur charges with their Spanish bank.  We use Transferwise and have incurred no charges.

Kind regards,

Kim

Yes, long time advocate of TW but when I tried to open N26 post Brexit it was not possible for UK residents. You would need to say your were Spanish resident to even start the application process.

Comares

Posted: Wed May 5, 2021 8:31pm

Comares

Helpful member

Posts: 87

64 helpful points

Location: Torrevieja

Joined: 22 Feb 2020

Posted: Wed May 5, 2021 8:31pm

I am convinced they make things up and then rob you blind. I no longer use Sabadell. They persuaded me to take out house insurance so I didn't have any charges and my charges went through the roof. I now have an account online with N26. No charges at all in the last 6 months. I got a former International Banker to check that they were okay and he said as far as he could tell they had all the bank guarantees, etc were in place. The guy who set up Paypal has invested in them. That gave me some confidence to open an account. It is all done through the App on my phone.

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