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English finance adviser - Cantabria

English finance adviser - Cantabria

Old Apr 16th 2015, 7:02 am
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Default 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
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Old Apr 16th 2015, 1:37 pm
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Default Re: English finance adviser - Cantabria

Originally Posted by Biddulph
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
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
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Old Apr 16th 2015, 11:49 pm
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Default Re: English finance adviser - Cantabria

Originally Posted by Biddulph
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
You've got it in the wrong account then
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.
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Old Apr 16th 2015, 11:51 pm
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Default Re: English finance adviser - Cantabria

Originally Posted by cricketman
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
Like ex members of the SAS, I am sure you will find them down at your local bar offering really really good advice

My financial advisor in the UK has a magic wand and a crystal ball on his meeting room table.
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Old Apr 17th 2015, 8:04 am
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Default Re: English finance adviser - Cantabria

Originally Posted by Mitzyboy
You've got it in the wrong account then
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.
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.?
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Old Apr 17th 2015, 8:17 am
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Default Re: English finance adviser - Cantabria

Originally Posted by snikpoh
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.?
I did say "there are more springing up now", and thats the point. People who have pensions can have them paid in to said bank. As I said, depends on circumstances because I dont know the OP's circumstances.

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
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Old Apr 17th 2015, 8:21 am
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Default Re: English finance adviser - Cantabria

Originally Posted by Mitzyboy
Like ex members of the SAS, I am sure you will find them down at your local bar offering really really good advice
Not in the North of Spain you won't
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Old Apr 17th 2015, 8:22 am
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Default Re: English finance adviser - Cantabria

Originally Posted by Mitzyboy

And before anyone says anything ..... it's NOT illegal
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
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Old Apr 17th 2015, 10:56 am
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Default Re: English finance adviser - Cantabria

Originally Posted by cricketman
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
A common misconception according to my solicitor

You are not actually defrauding anyone of anything. It's a civil thing, not illegal.

Thanks for proving my point btw
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