English finance adviser - Cantabria
#1
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Joined: Jan 2015
Location: San Vicente de la Barquera
Posts: 5
English finance adviser - Cantabria
Hi Brits,
My meager savings are sitting in a normal current account back in England earning nil interest.. My Spanish is extremely bad so I need an adviser in Cantabria who can speak English. Any suggestions?
Biddulph
My meager savings are sitting in a normal current account back in England earning nil interest.. My Spanish is extremely bad so I need an adviser in Cantabria who can speak English. Any suggestions?
Biddulph
#2
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: English finance adviser - Cantabria
If you have an amount in euros then Spanish people usually go to their local bank to see what funds and deposits are available (answer = not much, normally giving less than 2%, or up to around 5% if willing to risk the capital).
If you have over 300k euros then you can get a wealth check at a private bank
Interest rates on sterling are also terrible although are actually higher than any return you can get in Euro
Anyway, as far as I am aware (happy to be corrected) there is no such thing as an independent financial adviser in Spain
#3
Re: English finance adviser - Cantabria
Santander 123 current account for a starter gives 3%, but there are more of them springing up now
If you had put it in a cash ISA you could get 2 - 3% tax free. That might still be possible depending on your circumstances.
#4
Re: English finance adviser - Cantabria
You won't find any Spanish financial advisers who will be able to advise you on how to invest sterling
If you have an amount in euros then Spanish people usually go to their local bank to see what funds and deposits are available (answer = not much, normally giving less than 2%, or up to around 5% if willing to risk the capital).
If you have over 300k euros then you can get a wealth check at a private bank
Interest rates on sterling are also terrible although are actually higher than any return you can get in Euro
Anyway, as far as I am aware (happy to be corrected) there is no such thing as an independent financial adviser in Spain
If you have an amount in euros then Spanish people usually go to their local bank to see what funds and deposits are available (answer = not much, normally giving less than 2%, or up to around 5% if willing to risk the capital).
If you have over 300k euros then you can get a wealth check at a private bank
Interest rates on sterling are also terrible although are actually higher than any return you can get in Euro
Anyway, as far as I am aware (happy to be corrected) there is no such thing as an independent financial adviser in Spain
My financial advisor in the UK has a magic wand and a crystal ball on his meeting room table.
#5
Re: English finance adviser - Cantabria
Also, the Santander account requires a regular income of over £500 per month - how do you get around this? I guess a pensioner would be OK but how would they go with credit checks, direct debits etc.?
#6
Re: English finance adviser - Cantabria
I know you say it depends on his circumstances, but, just to be clear, ISA's aren't open to non (UK) residents are they?
Also, the Santander account requires a regular income of over £500 per month - how do you get around this? I guess a pensioner would be OK but how would they go with credit checks, direct debits etc.?
Also, the Santander account requires a regular income of over £500 per month - how do you get around this? I guess a pensioner would be OK but how would they go with credit checks, direct debits etc.?
On the ISA ... again, it depends on the circumstances .... There are lots of things you theoretically cant do when you are a non resident, but in reality you can if you have the use of a UK address. Whilst I was in Spain I was able to open a UK bank account, operate various investments, and should I have wished to I could have opened another ISA
And before anyone says anything ..... it's NOT illegal
#8
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: English finance adviser - Cantabria
Except it is illegal
When opening a UK account you have to tick a box saying you are UK resident. And the contractural t&cs it states that the account is only for UK residents
So by doing this (if you are actually Spanish resident) the person is committing fraud
When opening a UK account you have to tick a box saying you are UK resident. And the contractural t&cs it states that the account is only for UK residents
So by doing this (if you are actually Spanish resident) the person is committing fraud
#9
Re: English finance adviser - Cantabria
You are not actually defrauding anyone of anything. It's a civil thing, not illegal.
Thanks for proving my point btw