bank accounts
Oct 7th 2010, 4:39 pm
#1
Just Joined
Thread Starter
Joined: Oct 2010
Posts: 10
bank accounts
Is it legal to own a uk bank account if residing in spain and can the interest be paid in either county i know if it is paid in gross then must be declared in spain
Oct 7th 2010, 4:56 pm
#2
Started off with nothing
Joined: Feb 2009
Posts: 4,946
Re: bank accounts
It is legal to own bank account in spain and UK. Normally, interest will be paid into the account. Normally, you would need to complete R85 to have interest paid gross in UK.
Oct 7th 2010, 5:05 pm
#3
Just Joined
Thread Starter
Joined: Oct 2010
Posts: 10
Re: bank accounts
what happens when i want to transfer stirling from my uk account to a spanish bank account
Oct 7th 2010, 5:17 pm
#4
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: bank accounts
There is no illegality about having a UK bank account when you are in Spain. However, depending on the bank they MAY tell you to close your account if they discover you are not a UK resident any more. Rare though.
It may be difficult to open a new bank account in the UK if you dont reside there any more. It's possible, but often banks refuse you
Depending on your circumstances, as a Spanish tax resident normally your worldwide income should be declared in Spain. You can stop tax being deducted in the UK by lodging documents with HMRC Nottingham
If you want to transfer funds then use someone like currencies direct. You transfer sterling to them. They transfer euros to your Spanish account. If you do a d/d every month then they dont charge fees at the moment.
Oct 7th 2010, 9:55 pm
#5
Started off with nothing
Joined: Feb 2009
Posts: 4,946
Re: bank accounts
and depending on how much you wish to transfer there are a number of ways to do that, including but not limited to>1.Swift transfer. Depending on who you bank with this can be done on line.
2.Pay a cheque from your UK bank into your spanish bank.
3.Utilise one of many currency exchange firm e.g.
http://www.hifx.co.uk/?gclid=CKuwpundwaQCFdQqDgodKyP9DQ
4.Use Paypal
5.Draw € in spain using UK debit card and pay into your spanish bank.
6.Change £ to € and pay in over the counter at your spanish bank.
Oct 7th 2010, 11:01 pm
#6
BE Forum Addict
Joined: Jun 2005
Posts: 1,273
Re: bank accounts
[QUOTE=missile
3.Utilise one of many currency exchange firm. /QUOTE]
Take care in your choice though.
http://www.telegraph.co.uk/finance/p...the-pound.html
"The administrators have so far found about £3m in cash against a total of £20m owed to customers. If no further funds are found, the indications are that customers would receive back about 10pc of their money once costs were paid"
3.Utilise one of many currency exchange firm. /QUOTE]
Take care in your choice though.
http://www.telegraph.co.uk/finance/p...the-pound.html
"The administrators have so far found about £3m in cash against a total of £20m owed to customers. If no further funds are found, the indications are that customers would receive back about 10pc of their money once costs were paid"
Oct 8th 2010, 9:27 am
#7
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: bank accounts
[QUOTE=big wheels;8903528]
Take care in your choice though.
http://www.telegraph.co.uk/finance/p...the-pound.html
"The administrators have so far found about £3m in cash against a total of £20m owed to customers. If no further funds are found, the indications are that customers would receive back about 10pc of their money once costs were paid"
And presumably the directors will be able to be prosecuted for trading insolvently
Originally Posted by missile
3.Utilise one of many currency exchange firm. /QUOTE
3.Utilise one of many currency exchange firm. /QUOTE
Take care in your choice though.
http://www.telegraph.co.uk/finance/p...the-pound.html
"The administrators have so far found about £3m in cash against a total of £20m owed to customers. If no further funds are found, the indications are that customers would receive back about 10pc of their money once costs were paid"
