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jimtaylor

Posted: Sat May 16, 2020 4:35pm

jimtaylor

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Posted: Sat May 16, 2020 4:35pm

Once you've chosen your bank, check if they charge for transfer into your account of large amounts. Several levy a fee on any deposits over €50K, in which case you'd have to do several transfers below that amount.

Aspen1992

Posted: Sat May 16, 2020 4:46pm

Aspen1992

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Posted: Sat May 16, 2020 4:46pm

I think we will probably go with Sabadell for the initial period we don't require a lot in the account maybe 3-4k per year for all the bills I would imagine, we have Nationwide credit cards which gives us commercial rate spending when abroad with no fees only if you withdraw cash.

Its hopeless not being able to travel across I am hoping borders open up early June so we can get down to arrange these things.

paulsav

Posted: Sun May 17, 2020 11:23am

paulsav

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Posted: Sun May 17, 2020 11:23am

Hi Andrew and Eleanor(fellow geordies)

We banked as non residents with Sabadell for over 10yrs with 2000+€ lost in fees and last year eventually couldnt stand it any longer, changed banks to Cajamar Bank after weeks of research as a fee free spanish bank for non residents is almost impossible. Now even residents after years of no fees are being bribed to take insurances etc to have a free account. You cant open online as non resident , has to be in branch and there arent many english speakers in branches, but you are buying in a large expat area so I,m sure there,ll be at least 1 english speaker. Our home is 70kms inland , real Spain so limited english. They do have a dedicated english phone helpline, which I used once and very good, also their website is available in English and app too now (wasnt when we opened it). We havent paid a single cent in fees since March 2019. You will get charged by all banks for a non residence certificate, which is every 2 years, for them to let Spanish tax authorities know you,re not a fiscal resident.

Btw, our home is in Blyth, pensioners, been in our house nearly 40 yrs and unable to refurbish and sell before December so as we couldnt get residency after Jan 2021 with new income requirements, guess we,ll be "holidaying" for many more years. At present we are in Spain, arrived 13th March , lockdown 2 days later and our return ferry cancelled for June so unsure when we,ll return but Sanchez is asking for state of alarm to 24th June ( may even go longer if 2nd wave happens) and he isnt allowing "visitors" until July at the earliest. As we were returning here in September again, we may just stay for 1 long visit. There are many non spanish banking alternatives but your direct debits need a spanish Iban to process and Cajamar will offer that with no stipulations or conditions as all the others do, now even to residents. Good luck with your plans Stay safe.   xx

Regards

Pauline.

craig74

Posted: Sun May 17, 2020 11:57am

Posts: 11

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Location: Villamartin

Joined: 9 Feb 2020

Posted: Sun May 17, 2020 11:57am

Hi ,

Ive also just purchased in Pau 8 , I just used Transferwise account (No Charges and great rates, very similar to Starling) , I got my Local Spanish lawyer to create the draft for me , he didn't charge for this.

Hope all goes well for you.

Cheers

Craig

Aspen1992

Posted: Sun May 17, 2020 11:01pm

Aspen1992

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Posted: Sun May 17, 2020 11:01pm

craig74 wrote on Sun May 17, 2020 11:57am:

Hi ,

Ive also just purchased in Pau 8 , I just used Transferwise account (No Charges and great rates, very similar to Starling) , I got my Local Spanish lawyer to create the draft for me , he didn't charge for this.

Hope all goes well for you.

Cheers

Craig

Hi Craig

We are buying through Sunnier Properties they are wanting us to go through Bankia am guessing they have a tie with them but the draft is 450 euros that's including house insurance but I have been told to use Mapfre for that as they are way cheaper than the banks and a better cover.

How are you setting up the direct debits for utilities if your using transfer wise as they look that they are a currency broker....!! This is why I am thinking of going with the Spanish account to start with then sort the starling euro account to move onto, plus the legal fees seem quite high at 2050 euros, we are up to 15% of cost for purchase fees which I think is high as usually its about 13% when you pay cash, I may have to look at another option but getting out is the problem.

Where on Pau 8 have you bought we are buying in Residencial Olive Grove at the bottom of Calle Otelo.

Regards Andrew

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Aspen1992

Posted: Sun May 17, 2020 11:25pm

Aspen1992

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Posted: Sun May 17, 2020 11:25pm

Hi Pauline

We have had a property in Spain before and the bank costs are ridiculous but not much you can do about it to be honest, I know you have changed banks but have a look at the likes of Starling Bank they do a euro account mind its all online with no charges to run your dd's with or we have a Revolut card which you can also get a euro IBAN account, we also have Nationwide credit card which we can use with no fees and get commercial rate for purchases, for cash we generally use Debenhams as this is normally the best rate as we haven't been out for an extended length of time yet.

We live at Chapel House near Westerhope, I am still working and probably will be for the rest of my life the way the wife spends lol, I own a chauffeur company so its not psychically hard but can be stressful at times trying to co-ordinate everything, I can operate from a laptop anywhere in the world aslong as we have internet so that's going to be crucial at the apartment, I have quite a few subbies that work with me so I don't have to be here all the time which helps as we will drive down for 2 months at a time and if I have to return I will jump a flight.

Maybe one day if your out and about ir we are out for a drive we can meet up for a San Miguel, look after yourselves and I hope you get your return travel sorted.

All the best Andrew & Eleanor

craig74

Posted: Mon May 18, 2020 1:25pm

Posts: 11

5 helpful points

Location: Villamartin

Joined: 9 Feb 2020

Posted: Mon May 18, 2020 1:25pm

Aspen1992 wrote on Sun May 17, 2020 11:01pm:

Hi Craig

We are buying through Sunnier Properties they are wanting us to go through Bankia am guessing they have a tie with them but the draft is 450 euros that's including house insurance but I have been told to use Mapfre for that as they are way cheaper than the banks and a better cover.

How are you setting up the direct debits for utilities if your using transfer wise as they look that they are a currency broker....!! This is why I am thinking of going with the Spanish account to start with then sort the starling euro account to move onto, plus the legal fees seem quite high at 2050 euros, we are up to 15% of cost for purchase fees which I think is high as usually its about 13% when you pay cash, I may have to look at another option but getting out is the problem.

Where on Pau 8 have you bought we are buying in Residencial Olive Grove at the bottom of Calle Otelo.

Regards Andrew

Hi Andrew,

as per the accounts with Starling , you get a UK account (GBP) and a Euro Account, each with the relevant account details IBAN etc...  You can set up Direct Debits as you would with a Traditional bank account.  I have mortgage , Internet , Water, Electric etc.. all coming out my Transferwise account.  No expensive charges , and I get the best  rates transfering from GBP.  Starling actually now allow you to have a joint account, same principle so if you have you and your partner names on a mortgage this might be a better fit.  Definitely recommend going with one of these Digital banks vs a traditional Spain based Bank.  I actually have  3 as they are free and give me flexibility when I want cash from cash points, each have benefits over the other.  (Revolut, Starling, Transferwise).

I had compulsory insurance with my Mortgage company UCi , turned out to be very competitive.  I completed in March (Great Timing) , a new property from Patrimi on the Soleil complex, I did think the bankers draft was going to be an issue as I also got quoted 450 Euros from a bank, but the solicitor I used was amazing and did the Draft from their account FOC, Sun-lawyers.com , highly recomended.

KR,

Craig.

Aspen1992

Posted: Mon May 18, 2020 1:51pm

Aspen1992

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Posted: Mon May 18, 2020 1:51pm

craig74 wrote on Mon May 18, 2020 1:25pm:

Hi Andrew,

as per the accounts with Starling , you get a UK account (GBP) and a Euro Account, each with the relevant account details IBAN etc...  You can set up Direct Debits as you would with a Traditional bank account.  I have mortgage , Internet , Water, Electric etc.. all coming out my Transfe...

...rwise account.  No expensive charges , and I get the best  rates transfering from GBP.  Starling actually now allow you to have a joint account, same principle so if you have you and your partner names on a mortgage this might be a better fit.  Definitely recommend going with one of these Digital banks vs a traditional Spain based Bank.  I actually have  3 as they are free and give me flexibility when I want cash from cash points, each have benefits over the other.  (Revolut, Starling, Transferwise).

I had compulsory insurance with my Mortgage company UCi , turned out to be very competitive.  I completed in March (Great Timing) , a new property from Patrimi on the Soleil complex, I did think the bankers draft was going to be an issue as I also got quoted 450 Euros from a bank, but the solicitor I used was amazing and did the Draft from their account FOC, Sun-lawyers.com , highly recomended.

KR,

Craig.

Hi Craig

Thanks for that, great timing lol, we were out at the end of February viewing and came home to find this one which we had tried to view but couldn't get in touch with the agent while we were out.

I have just sent the solicitors a message to see what they would charge us, not going to hurt to ask.

We are paying cash so no mortgage but I think I may push forward the starling euro account as we aren't moving out permanently anytime soon so we can just use the cards and get holiday cash from the likes of Debenhams it wont be a great load less to be fair.

Thanks

Andrew

Cheryl21

Posted: Mon May 18, 2020 5:19pm

Cheryl21

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Posts: 293

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Location: Punta Prima

Joined: 14 Jul 2018

Posted: Mon May 18, 2020 5:19pm

Hi. Our conveyancer helped us to open aa Sabadell account. Apart from the hefy 300€ charge for a bankers draft 2 years ago we pay 35€ a quarter.we are non residents.   We transfer funds into it every so often and have our bills set up on direct debits. We have only uses the debit card once and there were no charges. We tend to use our UK bank account with Nationwide to withdraw cash and make purchases wehn we are there as there are no charges with that account. Sabadel charge us 1.80 to withdraw funds from our uk account at the ATM. We have a place in Punta Prima and there are 2 sabadell cashpoints ans a small branch there so its been ideal for us. I like to keep things simple.

Aspen1992

Posted: Mon May 18, 2020 7:00pm

Aspen1992

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Joined: 16 May 2020

Posted: Mon May 18, 2020 7:00pm

Cheryl21 wrote on Mon May 18, 2020 5:19pm:

Hi. Our conveyancer helped us to open aa Sabadell account. Apart from the hefy 300€ charge for a bankers draft 2 years ago we pay 35€ a quarter.we are non residents.   We transfer funds into it every so often and have our bills set up on direct debits. We have only uses the debit ca...

...rd once and there were no charges. We tend to use our UK bank account with Nationwide to withdraw cash and make purchases wehn we are there as there are no charges with that account. Sabadel charge us 1.80 to withdraw funds from our uk account at the ATM. We have a place in Punta Prima and there are 2 sabadell cashpoints ans a small branch there so its been ideal for us. I like to keep things simple.

Hi Cheryl

That's what I was going to do as there is a Sabadell as you come over the motorway from Villamartin by the roundabout, we may still do that yet but looking into it more I have put an application into Starling Bank to open a personal account then a Euro account to pay the direct debits.

We have a Nationwide account and use our credit card to do purchases when in Spain but I thought they had stopped the free cash withdrawals now on your debit card.....!!

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