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Banking questions-Should i put my money in a spanish bank

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Posted: Wed Mar 13, 2019 2:39pm
96 replies1807 views14 members subscribed
johnS

Posts: 64

Location: Torrevieja

8 helpful posts

Hi all.

Please excuse the length of this post. I want to give as much info as i can, so hopefully the questions i ask will be easier to respond to.

The plan is that i am moving to spain next month. I have sold my property in UK, and should be completing the end of this month. I am not going to be living under the radar. I want to do everything correct and legal, and want no problems with the spanish authorities. Obviously i cannot sort out much at the moment from the UK, but will get straight onto it once i am there. Hopefully with help and good advice from the nice people here.

I am planning to rent for at least 3 months, while looking for a cheap property to buy. I will not have a UK address, so will not be able to leave my money in my UK bank for long. I will be getting my mail redirected to a family member in UK for a few months (how long do you recommend ?). I have given up on trying to sort a rental property from here, it just does not seem like a good idea. I am going to put my small amount of stuff into storage, fly over and stay in a hotel for as long as it takes. Then fly home, get my car and stuff and drive back.

Are spanish banks safe. I have read that they fail quite frequently. If they fail do you get your money, or is it gone forever. Has anyone had money in a bank that failed. If yes how did you get on. If you are covered, how much are you covered up to. If you have more than you are covered for, do you have more than 1 account ?.

I have a transferwise debit card euro account, that i will put enough in to keep me going for a few months.

Do i need a spanish account before i start renting, or can i use my transferwise account to pay for everything initially until i get a bank set up.

Thanks in advance.

Wilbur

Wilbur

Helpful member

Wed Mar 13, 2019 3:09pm

Posts: 74

Location: Torrevieja

54 helpful posts

Posted: Wed Mar 13, 2019 3:09pm

Spanish Banks are as as afe as any banks in the UK  and Ireland. They are under the same protection offered under the EU Deposit Guarantee Scheme of up to €100k per person.

I'd recommend opening a bank account as soon as you arrive, although you will need your NIE to do that, so get that sorted quickly

If you've more than £100k, then you may want to consider a number of different bank accounts.

RayD

RayD

Super helpful member

Wed Mar 13, 2019 3:36pm

Posts: 1797

Location: Catral

1227 helpful posts

Posted: Wed Mar 13, 2019 3:36pm

The only thing I will add to what Wilbur has said is that you need to transfer your money over when the exchange rate is good. It's been very low for a long time, around 1.10-1.13, but recently has peaked to about 1.16. What it will do post brexit is anyone's guess, but I guess it will probably go down.

Banking isn't free in Spain, unless you are a resident. Before that it will cost about 30 € per quarter. When you are resident, and if you pay in 700 € or more a month, you get commission free banking. Residency may take a few months at the moment due to brexit, so be prepared to pay commission for a while.

johnS

johnS

Original Poster

Wed Mar 13, 2019 4:10pm

Posts: 64

Location: Torrevieja

8 helpful posts

Posted: Wed Mar 13, 2019 4:10pm

Thanks Wilbur for the 100k figure.
Does the NIE cover me for all of spain, or only the area i am going to live. Which i have no idea of yet. I will be starting in the Torrevieja/Alicante area, but who knows where i may end up. Same applies to the bank. I do not want to open a bank account initially, unless they have branches all over the place.I may look at properties to buy straight away, i have bookmarked many i like the look of. Until i get there, its all ifs and buts.
RayD. Do you still have to pay fees if you have a certain amount deposited ?.
Forget brexit, its a dead duck. They will for sure, vote against a no deal brexit, and that leaves it dead in the water.
RayD

RayD

Super helpful member

Wed Mar 13, 2019 4:54pm

Posts: 1797

Location: Catral

1227 helpful posts

Posted: Wed Mar 13, 2019 4:54pm

There are a few local banks but the majority, Sabadell, Santander, Bankia, BBVA etc are national and you will find branches everywhere.

Your NIE is your own personal identification number and follows you everywhere. It's like your NI number in the UK, although not the same purpose.

I'm not sure about fees for large amounts, but a quick enquiry of the bank, or possibly their web site will tell you.

As for no deal brexit, we'll find out tonight!

johnS

johnS

Original Poster

Wed Mar 13, 2019 5:02pm

Posts: 64

Location: Torrevieja

8 helpful posts

Posted: Wed Mar 13, 2019 5:02pm

Ok thanks very much. Hopefully my other questions will get answered soon.

Yes, tonight will confirm that brexit, and democracy was just an illusion

Movingon

Movingon

Helpful member

Wed Mar 13, 2019 5:57pm

Posts: 432

Location: Albatera

220 helpful posts

Posted: Wed Mar 13, 2019 5:57pm

Don't count Brexit out just yet.

Yes tonight's vote is take no deal off the table but depending on whom you listen to it's non binding and only valid until March 29th.

Certainly the EU withdrawal act makes leaving on the 29th with no deal the default position and to change that parliament has to repeal the act and that's something which can't happen the time left.

No the sorry truth is it's more up in the air today then it's ever been and nobody knows what's going to happen.

May might even give her deal a third try and faced with the stark binary option of that or a catastrophic no deal, which is the only thing which remotely unites most factions, it's possible that she just might just scrape it over the line.

A delay is not a given nor do I think MP's have the guts to vote for a peoples vote.

LeckyLes

LeckyLes

Helpful member

Wed Mar 13, 2019 6:11pm

Posts: 279

Location: Cabo Roig

224 helpful posts

Posted: Wed Mar 13, 2019 6:11pm

Hiya JohnS 

If I was in your situation I would leave the money from your house sale in your UK Bank for  now and for as long as you feel you can.and retain the Family member UK address . You will also need to open a Spanish bank account 

When you have found the property of your choice and completion  is near you can use the Services of a UK based Money transfer company to safely transfer your savings directly into your Spanish Bank to complete the financial part of your purchase 

LeckyLes.

Villas

Villas

Helpful member

Wed Mar 13, 2019 6:18pm

Posts: 555

Location: Sax

334 helpful posts

Posted: Wed Mar 13, 2019 6:18pm

RayD     "As for no deal brexit, we'll find out tonight!"........ Will we?

As regards as & when to transfer,............Like bingo or a fruit machine.....Gamble. like the rest of the speculators are doing.

Villas.

johnS

johnS

Original Poster

Wed Mar 13, 2019 6:35pm

Posts: 64

Location: Torrevieja

8 helpful posts

Posted: Wed Mar 13, 2019 6:35pm

LeckyLes.

Why leave my money in UK account ?

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