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Disgusted with Sabadell

Disgusted with Sabadell

Old Sep 26th 2020, 7:14 pm
  #16  
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Default Re: Disgusted with Sabadell

Reply to Pulaski

Granted, what you say is true.

However, if you live in the EU, and you are a UK Citizen, you have UK income that cannot be paid into anything but a UK bank account and, because of Brexit, your normal UK bank account is being terminated, what choice do you have. You have to weigh up the pros and cons and cut your cloth accordingly. How many normal people have so much money that they can leave so much in a bank account that they become worried about losing it if the bank goes bust? Unfortunately we UK citizens who live in EU have been sold down the river by an inept UK Tory Government and have to do what we need to do to enjoy living in EU.
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Old Sep 26th 2020, 7:57 pm
  #17  
 
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Default Re: Disgusted with Sabadell

Originally Posted by stevesainty View Post
Reply to Pulaski

Granted, what you say is true.

However, if you live in the EU, and you are a UK Citizen, you have UK income that cannot be paid into anything but a UK bank account and, because of Brexit, your normal UK bank account is being terminated, what choice do you have. You have to weigh up the pros and cons and cut your cloth accordingly. How many normal people have so much money that they can leave so much in a bank account that they become worried about losing it if the bank goes bust? ....
I understand entirely, and Transferwise provides a very useful service, but my experience is that those who would suffer the most financial stress from such a loss may be those who lost £500, not those who lost £500,000, because the £500 is all they have, whereas those with more money also have money in other places and more sources of income. So it is just something to be aware of, that no matter how small, there is a risk of Transfer wise "failing".

FWIW my gut feeling is that the greatest risk to Transferwise is not that they run out of money, but they fall foul of some law or regulation, such as providing services to terrorists or drug dealers, and are shut down by the government.


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Old Sep 27th 2020, 7:55 am
  #18  
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Default Re: Disgusted with Sabadell

BarrieJ - 'And which all UK banks offer anyway.'

Can you provide a specific UK banks example of an account for a Non UK resident? Because I cannot find one. Thanks.
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Old Sep 27th 2020, 8:01 am
  #19  
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Default Re: Disgusted with Sabadell

Originally Posted by spainrico View Post
Looks like the 15€ charge - more than once and Entry fees (??) at 64 x 80 cents...

Been a bad week for banking following last Mondays news about UK banks withdrawing expat accounts!!
They are only withdrawing credit cards - or so most of them are stating.
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Old Sep 27th 2020, 8:48 am
  #20  
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Default Re: Disgusted with Sabadell

Originally Posted by spainrico View Post
Looks like the 15€ charge - more than once and Entry fees (??) at 64 x 80 cents...

Been a bad week for banking following last Mondays news about UK banks withdrawing expat accounts!!
If it isn't an error on the part of the bank, could it possibly be that for some unforeseen reason you fell short of the €700 minimum which has to be paid into the account each month in order to avoid bank charges (other than the recently introduced €15 per quarter, that is?. If that did happen then the bank would impose all their standard charges for the whole year. It's easy for that to happen if, for example, the exchange rate drops and a regular transfer like a pension suddenly falls below the €700 limit. The bank wouldn't notify you in advance of the charges being debited, because as far as they're concerned that would be part of their terms and conditions which you signed up to.
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Old Sep 27th 2020, 10:23 am
  #21  
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Default Re: Disgusted with Sabadell

Originally Posted by stevesainty View Post
If you want a totally free bank that is comparable with both UK an Spanish Market then you need a totally online bank. We have a borderless account with Transferwise which allows you to deposit funds in Sterling, Euros and US dollars. You can convert your deposits into the other currencies and still keep them in your Transferwise wrapper. When you need to transfer euros into your Spanish account it costs you 63 centimos per transfer regardless of the amount transferred. The only other charges are the currency transfers which are transparent and you know exactly how much you will receive in the target currency before you accept. A borderless account will also allow transfers from UK accounts or pension providers with a UK IBAN number/sort code and account number and also direct debits/standing orders/ direct payments into Spanish Bank accounts/ businesses using a Belgian IBAN which is acceptable in Spain ( if you are insistent).
An alternative could be to run a N26 online account in conjunction with your Transferwise account. The N26 account has the european €100,000 guarantee and a Spanish IBAN. It's also fee free. See https://n26.com/en-eu
We're non residents and fund this with Transferwise, works very well and pays all our spanish direct debits.
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Old Sep 27th 2020, 1:00 pm
  #22  
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Default Re: Disgusted with Sabadell

Originally Posted by spainrico View Post
BarrieJ - 'And which all UK banks offer anyway.'

Can you provide a specific UK banks example of an account for a Non UK resident? Because I cannot find one. Thanks.
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I can and it will cost you.
Google being ones friend as usual.

The low income reform group details how here.
https://www.litrg.org.uk/tax-guides/...20a%20passport.

Santander Uk basic EU and foreign account
https://www.santander.co.uk/personal...t-eu-customers

Lloyds Bank.
https://www.lloydsbank.com/banking-w...to-the-uk.html

Also transfer wise have an account as well but I can't be bothered pasting the link

Most Uk banks have an international section and have accounts for tourists and rich retired Brits with final salary pensions with no Uk address.

Anyway the fuss over closing accounts from all the info I can find is to do with credit cards and credit accounts not standard bank accounts where you keep a plus balance.
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Old Sep 27th 2020, 8:17 pm
  #23  
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Default Re: Disgusted with Sabadell

How terribly British to expect some entitlement to free banking.
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Old Sep 28th 2020, 1:10 am
  #24  
 
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Default Re: Disgusted with Sabadell

Originally Posted by Notdunroamin View Post
How terribly British to expect some entitlement to free banking.
During the 70's and 80's when interest base rates were generally in the range 8%-12%, banks were happy to offer "free" banking because they could earn 10%-12% on the money in your current account. For the past 15+ years interest rates have been in the range 0%-2%, and the banks make practically nothing on the cash in your current account, and not unreasonably they otherwise expect to be paid for the services they provide.

As it is, much of the money the banks make is from stiffing their commercial customers by levying fees on credits, including on cash deposits. Unfortunately they also tend to levy ridiculously large penalty fees on retail customers for minor infractions.
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Old Sep 28th 2020, 7:53 am
  #25  
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Default Re: Disgusted with Sabadell

Originally Posted by Pulaski View Post
During the 70's and 80's when interest base rates were generally in the range 8%-12%, banks were happy to offer "free" banking because they could earn 10%-12% on the money in your current account. For the past 15+ years interest rates have been in the range 0%-2%, and the banks make practically nothing on the cash in your current account, and not unreasonably they otherwise expect to be paid for the services they provide.

As it is, much of the money the banks make is from stiffing their commercial customers by levying fees on credits, including on cash deposits. Unfortunately they also tend to levy ridiculously large penalty fees on retail customers for minor infractions.
At least the saver who wants to buy a home is rewarded with a low mortgage interest rate. I suppose most people want the best service and don't expect to pay for it.
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Old Sep 28th 2020, 8:39 am
  #26  
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Default Re: Disgusted with Sabadell

Originally Posted by stevesainty View Post
The Euro part of your borderless account. Bearing in mind that we receive free banking from Sabadell. You can use a Transferwise Borderless account, independent of any Spanish bank account, if your Direct Debits/ standing orders are accepted using a Belgian IBAN number (which is totally acceptable throughout Europe) .
I though Transferwise was based in Estonia, BTW?
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Old Sep 28th 2020, 8:55 am
  #27  
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Default Re: Disgusted with Sabadell

Originally Posted by malcom1970 View Post
I though Transferwise was based in Estonia, BTW?
Transferwise was founded by two Estonians, but headquartered in London. They have stated their intention to move their European HQ to an EU country following Brexit.
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Old Sep 28th 2020, 9:16 am
  #28  
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Default Re: Disgusted with Sabadell

Originally Posted by spainrico View Post
BarrieJ - 'And which all UK banks offer anyway.'

Can you provide a specific UK banks example of an account for a Non UK resident? Because I cannot find one. Thanks.
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When I lived in Spain (resident) I had a Sabadell account with no charges (expansion), but I also had a Santander account in the UK. Santander dont make charges on credit card card debits in foreign currency. It was a few years ago so things may have changed, but Santander may be an option for a back up account.
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Old Sep 28th 2020, 10:38 am
  #29  
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Default Re: Disgusted with Sabadell

Thanks Barrie.

Well banks still make 7%+ on other loans. (Rate quoted online by Sabadell)

According to Wiki based in London (founded by Estonians) - TransferWise is a London-based online money transfer service founded in January 2011 by Estonians Kristo Käärmann and Taavet Hinrikus. The company supports more than 750 currency routes across the world including GBP, USD, EUR, AUD and CAD, and provides multi-currency accounts.
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Old Sep 28th 2020, 11:42 am
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Default Re: Disgusted with Sabadell

Originally Posted by Moses2013 View Post
At least the saver who wants to buy a home is rewarded with a low mortgage interest rate. I suppose most people want the best service and don't expect to pay for it.
Agreed, but the shift to a (very) low interest rate environment over the past 30 years has shifted the benefit of interest rates from net savers to net borrowers. So those who were charged very high interest rates on their mortgages in the 1970's and 80's are now suffering from negligible interest income on their savings in retirement.
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