Disgusted with Sabadell
Sep 26th 2020 | 7:14 am
#16
BE Enthusiast
Joined: Jan 2011
Posts: 393
From: Torrevieja Costa Blanca South
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.
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.
Sep 26th 2020 | 7:57 am
#17
Joined: Dec 2001
Posts: 53,356
From: Dixie, ex UK
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? ....
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? ....
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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Sep 26th 2020 | 7:55 pm
#18
Thread Starter
BE Forum Addict
Joined: Aug 2009
Posts: 3,669
From: Costa Blanca
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.
Barriej is offline
Can you provide a specific UK banks example of an account for a Non UK resident? Because I cannot find one. Thanks.
Barriej is offline
Sep 26th 2020 | 8:01 pm
#19
Retired and loving it!
Joined: Sep 2007
Posts: 5,211
From: Ontinyent - Valencia region (campo)
Re: Disgusted with Sabadell
Sep 26th 2020 | 8:48 pm
#20
Lost in BE Cyberspace
Joined: Aug 2006
Posts: 5,426
From: Velez-Malaga
Re: Disgusted with Sabadell
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.
Sep 26th 2020 | 10:23 pm
#21
BE Enthusiast
Joined: Nov 2013
Posts: 305
Re: Disgusted with Sabadell
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).
We're non residents and fund this with Transferwise, works very well and pays all our spanish direct debits.
Sep 27th 2020 | 1:00 am
#22
BE Forum Addict
Joined: Jul 2012
Posts: 1,256
From: Xirles Tiny village near Polop
Re: Disgusted with Sabadell
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.
Sep 27th 2020 | 8:17 am
#23
BE Forum Addict
Joined: Jun 2017
Posts: 1,130
From: Alicante
Re: Disgusted with Sabadell
How terribly British to expect some entitlement to free banking.
Sep 27th 2020 | 1:10 pm
#24
Joined: Dec 2001
Posts: 53,356
From: Dixie, ex UK
Re: Disgusted with Sabadell
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.
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.
Sep 27th 2020 | 7:53 pm
#25
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,255
Re: Disgusted with Sabadell
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.
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.
Sep 27th 2020 | 8:39 pm
#26
Account Closed
Joined: Aug 2020
Posts: 0
Re: Disgusted with Sabadell
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) .
Sep 27th 2020 | 9:16 pm
#28
Senior Moment
Joined: Jan 2006
Posts: 20,459
From: On the edge
Re: Disgusted with Sabadell
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.
Sep 27th 2020 | 10:38 pm
#29
Thread Starter
BE Forum Addict
Joined: Aug 2009
Posts: 3,669
From: Costa Blanca
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.
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.
Sep 27th 2020 | 11:42 pm
#30
Joined: Dec 2001
Posts: 53,356
From: Dixie, ex UK
Re: Disgusted with Sabadell
