New profiteering bank charges to transfer money to and from Spain

Hi Stevekb,

There are always threads running about Spanish bank charges on here,  it's a very emotive subject, especially for non-residents! 🤫😉

I'd hope that existing members know to switch their Spanish bank account to an online bank that has an EU IBAN.  This allows people to continue paying their direct debits in Spain and is especially useful for non-residents, where it accounts for most of their bank account activity.  Your post is a useful reminder for new members 👍

There are many on here who have switched to both the examples quoted in the article you attached, although it's worth noting that while N26 is an online bank, Wise is a currency exchange service, so they are regulated accordingly.

As a resident, for whom it's very difficult not to have a Spanish bank because of the need for regular cash withdrawals at no cost, I tried "The UK is still a member of SEPA?!", but it was met at my bank (Sabadell) with Spain's equivalent of the Gallic shrug 😄

Kind regards,

Kim

You will have many recommendations for "Wise" transfer company. You can set up a global account with an EU account number within minutes and pay all your bills and direct debits from that account. You can apply for a debit card. 

https://wise.com/

Steve 

Thanks to both you Steve, and Kim, for your informative and very helpful replies. I will certainly investigate Wise, although at the moment I can’t quite get my head around how they are able to offer services such as direct debits if they are not a bank. Once educated and reassured on how to operate the account It will be a no brainer to move all my bills to Wise. Are there any pitfalls in your view in not having a high street account with a Spanish bank? Thanks again Steve.

Re Kim's comment about cash withdrawals - I have a Wise debit card and since covid I have got used to paying for shopping, drinks etc using the contactless card. This means I take only a small amount of cash from ATMs - and I stick to Deutsche bank because they don't charge.

Be aware that Wise is not a fully fledged bank, so they don't support overdrafts or loans.

Cheers

Steve

Hi Steve

I changed from Sabadell with their extortionate charges to Cajamar Bank in 2019 March. We are non residents and have not paid a cent in fees since then. They are a not for profit peoples bank, and you become a member. Our account is called "weferrent" and must be opened in person in branch if non resident even though its an online account. I have written many replies on subject in Banking on this forum and you can visit their website too. You don't have to be a resident to become a member and its banking processes are same as any other big name bank. I transfer money into it via Wise and atm use is free. I couldn't recommend higher. Our bank has no english speakers as inland but we got by using Google translate and I,m sure you will fare better in Torrevieja. 

Good luck

Regards 

Pauline 

Thanks for this helpful information Pauline, Will certainly google them and see if and where they have a branch in Torrevieja.

I've opened a Wise online acc (Belgium) and pay all my amenity bills thru this-free!

And I have a Wise ATM card to withdraw euros foc!!!