Banking charges

hello liza thats what we pay 35 a quarter 

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 🤔😐

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?

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

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.

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.