Am not a resident but spend almost 6 months in Spain can I send my state pension into my Spanish bank account and are there any charges - Page 3

I use an online bank N26, they are German but have a Spanish subsidiary in Madrid. I use it similar to how I use a First Direct account in UK. To transfer pounds to euros I use an app called Wise (formerly TransferWise) I then select my N26 account as the recipient of my exchange. It’s fast and easy, for example today to transfer via Wise from my FD account to my N26 account say £1000 I’d receive €1182 and it would cost a small fee of £3.69. That’s a really good exchange rate even taking into account the fee. I’m going to have my pension still paid into my UK account and transfer using the method I currently use. I can decide how much and when. Wait for the best rate and not be stuck with a rate the Pensions Office sets. I see the transfer instantly with N26/Wise and I’m not left hanging for 24 hours or more to see if my monies have been paid. It’s an alternative I’m happy with anyway. Just wished I’d known about it when I bought my house in Spain I’d have saved a lot of euros! 

Yes, we do too. Have had good rates from Currencies for you. I guess you could set up multiple transfer agents and see who offers the best rate on the day. We had a good experience with Sabadell, they don't charge us but we opted for their elevated account and have a second product with them - house insurance. Others have different opinions but this one and the friendly, supportive staff in the branch works.

The advice to keep in the UK until you decide to move some, or need a cashflow makes sense. Better interest rates.

Sabadell ask for a steady cashflow into the account. 800 euros pcm I think, which isn't a challenge as we blow through builders' work.

Hope it works through...let us know ;-)

Best wishes,

D&J

You can stay 90 days out of 180 days 

Hello Everbody   

I am new to this forum  I am Irish planning to come to Punta Prima in January plans to rent there and maybe buy looking at Playa Flemcia ana la Zena also THEY LOOK LOVELY PLACES.

I would appreciate some advise of what is needed to stay for a time there.APART FROM SOMEWHERE TO RENT ..

Would love some feedback .

Thanks in advance .

S121

Quote "i would appreciate some advise of what is needed to stay for a time there.APART FROM SOMEWHERE TO RENT"

Do you mean you want to stay there for weeks or months or ?

If you want to stay more than 90 days you are required to apply for residency. 

Steve 

That's exactly what I do currency exchange when the rate is good. 

I have my UK pension paid into my UK bank account and transfer it using my phone by Transferwise at the best exchange rates when it suits me Banks use terrible rates and the difference is not just pennies it is pounds . Also I was adamantly told at the Altea health centre that I had to transfer my UK pension to a Spanish Bank to be eligible for the Spanish National Health  This is absolute nonsense and a very helpful women at the Pensions office in Newcastle told me that is totally incorrect and said - its your pension have it paid where ever you want ! I now have my Spanish SIP card and my pension paid into my UK bank Account

Hi, I believe the advantages of having your UK Pension paid directly to your Spanish is: your Spanish bank no longer charges you for having an account with them. Your Spanish Bank looks at the source of the money going into your account. Visit your Spanish Bank to get the latest details. Kind regards Robert Goulden 

I have my state pension sent direct to my Spanish bank in euros, no fees and free banking, also check your rate sent by DWP none better.

I have been doing this for years and arranged it myself by phone with the state pension department. You get a very good rate, with no charges. As it is over 600 euros a month I used to get free ( non-resident) banking with Santander ( previously Banco Popular) but last year they introduced banking charges for non-residents, 16 euros per month I think. The only problem I have is that I have to phone the pension department every year to make sure my Winter Fuel payment gets sent, otherwise I don't get it.