Banking - Page 3

Thanks Pauline think we are just going to stay sabadell

Thank you

Vanessa, I totally understand how changing when Sabadells key account is so familiar, but I,m determined to beat these charges one way or another, 35€ qtr plus 60€ for 2 debit cards and other fees has got to be beaten. I was surprised how transfers of approx £4 mnth(if using transferwise to return money) even with varying exchange values could cost more than 12€mnth. I have deduced I have to beat 17€mnth fees as now(incl. debit card charges). I ,ll let you know about cajamar(its supposed to be for residents but they processed with my passport and probably very eager to have my 1000€ to open account). But as I always keep min 1000€ balance and if I get a totally free account, I think thats worth it.

Regards

Pauline.

After being ripped off for many years with Sabadell and also with their so called FREE accounts which acctualy cost more when taking the exchange rate into account I did some research and found an online bank called N26  https://n26.com/r/robertg5975 . I have been using this for 2 years now and have all my direct debits set up and it does not cost a cent. They do however have a premium account if you want to upgrade but for paying bills and withdrawals the ordinary account is fine. The customer service is also excellent and is done through  an online chat.

Bobg I,m so pleased someone else has freed themselves from Sabadell's charges too. I did a chat with ne26 before I discovered Cajamar and they could not guarrantee my direct debits would be received by Spanish utility companies as the Iban of my account registered in Uk would not be a Spanish Iban and some utility companies refuse to set up their direct debits. I also googled reviews and was met with same statements. N26 did state if I registered for their account as domiciled in Spain it would achieve a Spanish Iban but we are Uk residents and didnt feel comfortable doing that with Spanish tax implications. 

Yesterday we revisited the Cajamar bank to collect our new cards and I took my Sabadell paperwork with old direct debit slips along with my Spanish friend to ensure we understood what we were getting and sure enough their "wefferrent" account is totally fee free incl direct debits now processed by their colleague into the account(so glad I took the details) as an online account. If we need to go into branch for 1to1 service we will be charged 5€ for that month only. We rarely went into our Sabadell branch other than complain about their charges and when we were refused their low cost bank account last visit that made me more determined to leave them. So anyone else fed up of their charges I,d recommend finding their local Caja rural, or Cajamar as in some towns but not too sure if they would be found on the coast. Another good reason to be inland I think.

Regards

Pauline.

Ps. Anyone who has followed my earlier statement regarding Cajamar setting up 2 accounts on our first visit, with one (360 account) needing a 1000€ balance, this account was to give us a good interest rate for investing but we didnt want or need this so it was cancelled and balance transferred to new "wefferrent" account. I,m so glad I took my Spanish friend.

I opened my N26 account from my Spanish address and although I had a German Iban all the Spanish companies accepted it as it is EU law but N26  have now changed and anyone opening an account  from Spain is given a Spanish Iban. I have tried several banks in Spain and been told it was Free but always ended up being charged so I no longer trust any of them.

Thanks Bobg that does confirm what they told me, needed to register in Spain and not Uk. If Cajamar doesnt live up to my expectations then I may look to register for n26 but from Spain not Uk.

Regards

Pauline.

RayD , whilst I somewhat agree with you that the Spanish banks do make it easy to have accounts as non residents compared to the Uk, I still feel it unacceptable that as a non resident with fewer transactions should be discriminated against compared to residents who do have regular deposits but virtually have no balance at the end of each month living solely on pensions while I myself rarely have a balance of under 2000€ sitting each month doing nothing but allowing the banks to gain interest on it for themselves. Sorry but I dont accept I,m a lesser financial client than a resident. I have to pay non resident taxes that residents dont and still pay my IBI too so Spain still gets money from me. We non residents give the bank less work to do so why should we be charged more? Just because residents may receive regular payments into account they often spend just as quick so why do you feel residents should be treated more favourable?

Regards

Pauline.

I was told by Sabadell that if I paid in €700 per month and had my house insurance through them I would get FREE banking. So when the first payment went in I checked the exchange rate and was shocked to find that over the year it would have cost me around  £180 more than if I had exchanged the money myself also their insurance was €60 more than my current insurer. I immediately cancelled the account and have not paid a penny since.

I don't agree that as a Spanish resident you will be getting FREE banking because unless you are exchanging the pension money yourself the bank exchange rate will most certainly not be as good although they will tell you its the best rate. So you are still paying for the account but in an indirect way.

So which bank is this