jjoe

Hello I am looking to buy property in Spain Murcia area and what to open a bank account, Any suggestions which is best Bank with lowest charges. Thanks

Rosemary

Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

Rosemary

snikpoh

As a resident with regular income, I would say the best bank is Sabadell and their expansion account.

However, you are likely to get a hundred answers and a hundred different suggestions - it's a personal choice.

tebo53

Hi,

I'm with the Sabadell bank expansion account. I have to deposit minimum of €700 per month to get the account free of charge. I pay my bills through that account and get 3% cash back on the total bills value

I should imagine that other banks have similar accounts so it will be an interesting thread.

Steve

lyric030250

Another satisfied Sabadell 'Expansion' customer.

jjoe

thanks

marcbernard

You have to remember that they do not include the water bills as a valid item for the 3% back. Their interest on deposits is dismal at 0.1% pa.
Whilst I also bank with Sabedell, I also use Santander 123 account which providing you have over 3000€ in the account you get 3% back but only 2% discount on household bills including water!. They charge €3 monthly fee.
As is said, it is horses for courses, but those two seem to exceed any other.

jjoe

Thanks for that info.

missile

You might want to consider how you will transfer cash between UK and Spanish banks e.g. for your house purchase and in the future. I find Santander 123 economical and convenient.

amideislas

Banking is banking. Some are a little better than others. UK banks in particular are atrocious for international transfers, but for small amounts, the atrocities are arguably insignificant.

Banks are good at exchanging - from your pocket to theirs. If you're transferring large amounts of funds from the UK, I would never, ever use a bank, but a transfer service, such as transferwise. For a transfer of a few hundred thousand Pounds/Euros, the few cents difference in exchange rates can take up to €10K or more in misc charges and exchange rates out of your pocket. A transfer service on the other hand, might cost you a few hundred or less.

missile

We have heard your .... opinion before. We have a different view and have received good service from our UK (and Spanish) banks.

amideislas

It may be my opinion in your view, but there is a very good reason why there is one country where "transfer services" are a huge business as an alternative to banks. Guess which country? Guess why?

Now, in contrast, I agree, European banks in general, seem to regard international transactions as something completely normal. I have accounts all over Europe, and each one of them offers transfers worldwide in multiple currencies as a standard function of their online banking. And their fees and exchange rates are quite "reasonable" by comparison to UK banks, although you're still better off using a transfer service for large sums.

Most UK banks don't provide that facility. You can transfer within the UK - that's a doddle, but to transfer elsewhere, that gets complicated.

You mentioned Santander. I have a Santander account in the UK (Southend-on-Sea). They STILL do not have any facility to transfer funds abroad in their online banking, and have repeatedly told me they have no plans to implement this function, nor is there any account "upgrade" that would enable it. Instead, you have to go to a branch and fill out paperwork. Transfer times up to 6 weeks, at some of the lousiest exchange rates I've seen. I know, I've done it. But not anymore. I transfer online to a UK FX broker, and then to my Spanish account from there. No fees, just a few Pips on the exchange rate, and it all takes place same day.

So, yes, just my opinion. But next time you need to transfer £200K, go ahead, make my day. But if you choose to take my advice, I'll split the difference with you. I could use a new car..

missile

You are wrong:
Santander 123 current account has a very easy to use online facility. It is called ...... International Payments.
At todays exchange rate Santander quoted £200,000 would be 246,000€ and their fee would be a £25.


Better rates are available from currency exchange dealers. As I said, OP should consider how to transfer from UK to Spanish bank, for the house purchase. At todays rate Transferwise quoted £200,000 would be 246,547.27€. The potential saving is nowhere near your €10K.


I find Santander 123 economical and convenient for charge free withdrawal at any Santander ATM in Spain.

Eric S

We have the BBVA Online Account and have been very happy with it.

It has no monthly charges or fees for transactions. You don't have to have a minimum monthly deposit. But you don't earn any interest, either.

If you like doing your banking online, it's great. The website works really well and is available in English.

Although we rarely do, you can also do transactions at a bank office. I'm not sure if there's a charge for that.

Thanks.
- Eric S.

amideislas

That's funny, Santander charged about €4700 in various fees and lousy exchange rates to transfer £124k to my Spanish account a few years ago. It did only take 3 weeks to arrive (not the 6 weeks they said was possible) , but after filling out a stack of paperwork at their high street office, they were at least nice about it.

But it doesn't matter. I have a much better way now. Thanks for your advice anyway.