softlad

Hello. Hope you are all well. I have had a Sabadell bank account since I took my mortgage out with them in 2015. I shortly finish my mortgage and I wonder if I should change bank accounts. I pay 40 euros a quarter for bog standard account called Key Account Plus and I've not got any complaints about the service I receive, nor the app, although I don't have many branches near to where I have the flat. I'm not overly concerned about changing for the sake of changing but is there any other bank that might offer a cheaper account who I should consider or is what I am paying about the going rate? I have to have a bank account for local taxes, community charge etc. Thanks, folks.

Rosemary

You asked about bank accounts back in 2020 when you were non-resident. Has your status changed at all as this will make a huge difference to peoples replies.

Also when your mortgage ends remember to complete all of the relevant steps as the bank does not automatically do this, it is down to you to complete the process.

Rosemary

bobd22

I don't know where you are or if there are Cajamar branches near you? They do what they call a Weferent CurrentAccount which is charge free so long as you do things yourself either online or at their ATMs. You only pay a charge if you get the branch to do anything for you. My wife has this account and finds it perfect. I am with Cajamar with standard current account I used to pay charges but as now a pensioner with state pension paid into my Cajamar account I no longer pay charges. There is really no difference for my wife using her Weferent account to my standard current account. Everything can be done on their excellent App or online banking in English if needed .

softlad

Thanks for the speedy replies. I am a non-resident, yes. I am a few years off retiring and even then will still be using the 90/180 post Brexit rule. I'm in Madrid so I don't think I have Cajamar near me.

softlad

Specifically, what are those steps? I am over in Madrid in November and will call in to the branch to make my final payments and clarify what else I need to do. Any advice in advance is much appreciated. Thanks.

Rosemary

You need to obtain a letter or some form of certificate from the bank confirming that the mortgage has been paid in full, because without that nothing can move forward. This is called cancelation of the mortgage which cancels the banks declaration of an interest in the property.

When you take out a mortgage the bank logs a charge on the property with the land registry and this is the most important thing to get removed hence using a notary to be sure that everything is done in the right order and that nothing is missed.

If I remember correctly the bank has to confirm the cancellation in front of the notary even after you give them the written proof. There was something about making a declaration of taxes but that does not mean making a payment, purely a declaration. The notary proves to the land registry that the mortgage is cancelled, that the declaration of taxes has been completed and the land registry removes the charge on your property so that the deeds are solely in your name without any other person having an interest.

Edit Forgot to say that sometimes it is difficult to get the correct information from the bank. No idea why apart from the fact that maybe they are not always well informed. My bank manager simply typed out a letter which was not accepted and I was sent to a bigger branch who told me that only my own branch could help.

Rosemary

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spainrico

Sabadell will reduce or cancel their charges if you take out other business with them which may or may not be an option for you - ie insurances, investments etc it may be worth a word with them as usually these things are 'negotiable'

And yes as Rosemary explained it is essential to go through the process to remove their interest in your property from the land registry which will need processing through a notary and I also agree they are highly unlikely to instigate this process so you will need to get it organised or give a power of attorney to your legal representative to act on your behalf.

Rosemary

I did not realise that I had to instigate the process myself until I read it somewhere several months after my final payment was made and my bank manager was very lacking in knowledge so this made it a little harder.

Rosemary

Jon-Bxl

Just a thought.... After you have cleared your mortgage totally...... And as you will be using the 90/180 rules (and not a permanent resident) why not take out s WISE account and use that? (Or similar e .g Revolut).

With Wise, your Euro account will be a Belgian based account and SEPA should work for direct debits etc.

https://wise.com/gb/blog/introducing...-direct-debits

I have property in Spain and very happily closed down my Spanish account a few years back. I have never had so many hassles, charges etc with any other country's banking system. Ive previously posted on several threads regarding this system and shared peoples frustration.

I bank through a (non-Wise) Belgian bank account it works fine. ALL direct debits, including ATM withdrawals from Spain work seamlessly. I am an EU (non Spanish) resident, but I don't see why a British resident would have a problem.

There are many other benefits to Wise posted on many threads, especially as you will be shuttling back and forth between countries+ currencies. I have an account even though I already have an EU bank account. Wise is excellent for my needs

It took a little time to convert the Direct debits, with the help of a native Spanish speaker - but in the EU they should accept EU's (excellent) SEPA System (it is I think even required). Though the people on the front desk may not know, so it may need a bit of tenacity..... Many utilities will have an easy process on-line too.

Ive already saved money and frustration many times over!! Personally I am glad to be shot of Spanish banks.....

Jon
https://www.ecb.europa.eu/paym/integ.../index.en.html

PS with Wise, there are usually no charges (for me) you will pay for ATM withdrawals over €200 per month... But a fraction of your current charges. Debit card transactions arent included in this and free for many/all

PPS Im guessing here but maybe an € account with your UK bank would work? UK is part of SEPA

softlad

Hello again. Thanks for ALL the replies. Lots of good information, as always. Yes, I did consider closing down the bank account but wasn't sure if it would be worth it. Presumably it is. I use Wise every month, so I shall have a look at their card. I am visiting Madrid in a few weeks, so I will speak to my solicitor (who collects the comunidad for the block) about the paperwork I need to do once the mortgage is finished. Out of curiosity, does anybody know the Spanish name of the documents that need to be completed/filed etc. Thanks again.

Rosemary

When i did it the forms were headed up as in Post 6 but things may have changed as that was 7 years ago.

Rosemary

Rosemary

Ha, ha, not much use to you unless it is in Spanish.

Here are the headings of the ones in my file:-

Cancelacion Hipoteca en Garantia de Prestano
Impost Sobre Transmissions Patrimonials Modelo 600


Rosemary

spainrico

See here - all in English

https://clientebancario.bde.es/pcb/e...e53ab1d51.html

softlad

Superb. Thanks for that. Don't suppose you've got the same page in Spanish, do you? Thanks again.

spainrico

I see many banks are now pushing (via google adverts) online-only accounts offering free banking and paying a small interest - but for new customers only (as usual)