Non resident bank account
Dec 10th 2015, 9:51 pm
#31
Forum Regular
Joined: Dec 2015
Posts: 86
Re: Non resident bank account
I like your direct approach ! Just wondered what you mean about 'not limited to all things National, like UK Banks' as I can make International transactions with my UK on-line bank account quite easily, provided I have the appropriate reference numbers e.g. IBAN/SWIFT. Additionally, unless I go overdrawn with my UK account then I do not get any charges unlike my Spanish account ? My Spanish bank also charges us 'each' an annual fee for the Bank Card whereas there are no such charges for these cards from my UK bank, so it would appear that perhaps 'some' banks, UK ones, may be philanthropists :0)
Last edited by Bigmomma1; Dec 10th 2015 at 9:57 pm.
Dec 10th 2015, 10:25 pm
#32
Banned
Joined: Feb 2011
Location: Mallorca
Posts: 19,367
Re: Non resident bank account
Yes, well, I still have a brian-dead Santander account in the UK. It's fine for transactions within the UK, but is incapable of transactions beyond borders or in other currencies without visiting a branch office and filling out loads of forms . And they are pirates about exchange rates and "international transfer fees". To send £100 to my daughter in Brazil costs about £60. Ridiculous.
But it doesn't matter, because we have an FX trading platform that instinctively understands that there are other countries with different currencies, so we keep the bulk of our money there, so we can trade to the most promising currency with a click of a mouse. And it costs me pennies to send £100 to my daughter in Brazil.
But we also have German accounts, and like our Spanish account, moving money to another country or currency is a doddle - online, and not expensive. Fine for moving small amounts, larger amounts best handled through the FX professionals.
I have many peeves about Europe, but banking isn't one of them. European banking is for me, the "way it should be", and I don't mind paying a little for it. My UK banking experiences have so far been far more expensive, despite being "free". But that's how it is, isn't it? Free? that sounds expensive!
But it doesn't matter, because we have an FX trading platform that instinctively understands that there are other countries with different currencies, so we keep the bulk of our money there, so we can trade to the most promising currency with a click of a mouse. And it costs me pennies to send £100 to my daughter in Brazil.
But we also have German accounts, and like our Spanish account, moving money to another country or currency is a doddle - online, and not expensive. Fine for moving small amounts, larger amounts best handled through the FX professionals.
I have many peeves about Europe, but banking isn't one of them. European banking is for me, the "way it should be", and I don't mind paying a little for it. My UK banking experiences have so far been far more expensive, despite being "free". But that's how it is, isn't it? Free? that sounds expensive!
Dec 10th 2015, 10:54 pm
#33
Forum Regular
Joined: Dec 2015
Posts: 86
Re: Non resident bank account
Yes, unfortunately 'that' particular bank (Spanish I believe) does have its fair share of issues. Like you, when it comes to transferring money 'overseas', I have a daughter in Australia, I use 'other' means as most of the banks do have extortionate charges. I must clarify, I have no 'peeves' about paying for my banking services over here in Spain, they are services that I require and I do not feel that they are extortionate and they also provide me with a 'convenience'. However, just wanted to state that I do not have such charges, for the same services, from my UK bank. I think that when you go to live in a different Country then you have to accept their 'ways', 'rules' or customs.
Dec 11th 2015, 2:16 pm
#34
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Location: Boston / Guipúzcoa
Posts: 718
Re: Non resident bank account
Splitting hairs, me thinks.
Every bank has online banking. That's not exceptional nowadays.
What you can do in that online banking does vary. But here in Europe, online banking is generally pretty comprehensive. And you aren't limited to all things national, as most UK banks are.
There's the issue of fees. If €5 per month for a non-resident account that you move €200 per month through bothers you, then perhaps you need to ask why you need it so badly.
Nonetheless, a lot of people are swearing by their BBVA accounts. I can't figure out how it can possibly be "free", but I'm intrigued and I think I will look into it - if nothing else, than just to discover how much their "free" account costs.
Banks are banks, not philanthropists. You should expect to pay something for their services. Nothing is free.
And if you can't set up a non-resident account in a half hour or less, with just a passport, then go to the bank next door. It's not rocket science, and if they can't do that, you won't be happy with what else they can't do.
Every bank has online banking. That's not exceptional nowadays.
What you can do in that online banking does vary. But here in Europe, online banking is generally pretty comprehensive. And you aren't limited to all things national, as most UK banks are.
There's the issue of fees. If €5 per month for a non-resident account that you move €200 per month through bothers you, then perhaps you need to ask why you need it so badly.
Nonetheless, a lot of people are swearing by their BBVA accounts. I can't figure out how it can possibly be "free", but I'm intrigued and I think I will look into it - if nothing else, than just to discover how much their "free" account costs.
Banks are banks, not philanthropists. You should expect to pay something for their services. Nothing is free.
And if you can't set up a non-resident account in a half hour or less, with just a passport, then go to the bank next door. It's not rocket science, and if they can't do that, you won't be happy with what else they can't do.
Maybe you should stop thinking about these accounts as "free" and start thinking about them as "no-fee".
The banks are not philanthropists. They are making money from you by holding on to your cash, using it to invest, and not paying you any interest. Would they make more money by also charging you fees? Of course they would. But I think they are introducing these "no-fee" accounts to be competitive. I guess they're starting to realize that they have to be these days.
In the BBVA case, it's their "online account" that is no fee. They want you to do everything on-line, I guess so that you're not using services of their paid personnel in the branch offices. If enough people use the online accounts, then they can reduce staff, and therefore save money.
- Eric S.
Dec 11th 2015, 2:21 pm
#35
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Joined: Dec 2003
Location: Boston / Guipúzcoa
Posts: 718
Re: Non resident bank account
I definitely agree, by the way, with using an FX service to transfer money to other countries. Using your bank to do this (even BBVA) will certainly cost you more.
I've used several FX services to send money back and forth from between the US and Spain. You can usually check them before sending to see what the rate will be. For me, Transferwise has lately always been giving the best rate.
- Eric S.
I've used several FX services to send money back and forth from between the US and Spain. You can usually check them before sending to see what the rate will be. For me, Transferwise has lately always been giving the best rate.
- Eric S.
Dec 11th 2015, 2:56 pm
#36
Forum Regular
Joined: Dec 2015
Posts: 86
Re: Non resident bank account
I definitely agree, by the way, with using an FX service to transfer money to other countries. Using your bank to do this (even BBVA) will certainly cost you more.
I've used several FX services to send money back and forth from between the US and Spain. You can usually check them before sending to see what the rate will be. For me, Transferwise has lately always been giving the best rate.
- Eric S.
I've used several FX services to send money back and forth from between the US and Spain. You can usually check them before sending to see what the rate will be. For me, Transferwise has lately always been giving the best rate.
- Eric S.
Dec 11th 2015, 7:34 pm
#37
Banned
Joined: Feb 2011
Location: Mallorca
Posts: 19,367
Re: Non resident bank account
You just can't let this go, can you?
Maybe you should stop thinking about these accounts as "free" and start thinking about them as "no-fee".
The banks are not philanthropists. They are making money from you by holding on to your cash, using it to invest, and not paying you any interest. Would they make more money by also charging you fees? Of course they would. But I think they are introducing these "no-fee" accounts to be competitive. I guess they're starting to realize that they have to be these days.
In the BBVA case, it's their "online account" that is no fee. They want you to do everything on-line, I guess so that you're not using services of their paid personnel in the branch offices. If enough people use the online accounts, then they can reduce staff, and therefore save money.
- Eric S.
Maybe you should stop thinking about these accounts as "free" and start thinking about them as "no-fee".
The banks are not philanthropists. They are making money from you by holding on to your cash, using it to invest, and not paying you any interest. Would they make more money by also charging you fees? Of course they would. But I think they are introducing these "no-fee" accounts to be competitive. I guess they're starting to realize that they have to be these days.
In the BBVA case, it's their "online account" that is no fee. They want you to do everything on-line, I guess so that you're not using services of their paid personnel in the branch offices. If enough people use the online accounts, then they can reduce staff, and therefore save money.
- Eric S.
I just want a bank I can work with, has machines everywhere that don't charge me a fortune to withdraw cash. And I'm willing to pay for that.
I never go to a branch, except when absolutely necessary, or if I happen to need some cash, and then I use a cash machine. I'm not complicated.
But other than that, everything I do is already "online", because, well... I can. With any bank (well, most European banks anyway). So any bank claiming that you can bank "online" is hardly special. I already do that.
People say there's no fees at BBVA, OK, fine, I'm looking into it. It could save me probably 2-3 euros every month. But if everything else is more expensive, then it's just not worth it. We shall see.
Oh, and I should add that as a resident, I don't pay any fees at my bank either, just like any other bank (because I qualify for the minimum amount of money moving through the account, as most residents would). But they do manage to get 2 or 3 euros per month for ancillary services like debit cards.
Last edited by amideislas; Dec 11th 2015 at 7:45 pm.
Dec 11th 2015, 7:56 pm
#38
Just Joined
Joined: Dec 2015
Posts: 9
Re: Non resident bank account
Just a simple word. A NIE will likely be needed sooner or later when buying your property, and is easy to get from your local 'comisaria.' It does not make you a resident of Spain, which is a different procedure requiring different forms.
Dec 11th 2015, 8:56 pm
#39
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Joined: Dec 2003
Location: Boston / Guipúzcoa
Posts: 718
Re: Non resident bank account
No, I can't let it go because most things that are "free" are amongst the most expensive at the end of the day. Those "free" mobile phones come to mind... Yet most people are gullible enough to shoot straight at the "cheapest" then have the audacity to complain it's not "5 star", or "too expensive".
I just want a bank I can work with, has machines everywhere that don't charge me a fortune to withdraw cash. And I'm willing to pay for that.
I never go to a branch, except when absolutely necessary, or if I happen to need some cash, and then I use a cash machine. I'm not complicated.
But other than that, everything I do is already "online", because, well... I can. With any bank (well, most European banks anyway). So any bank claiming that you can bank "online" is hardly special. I already do that.
People say there's no fees at BBVA, OK, fine, I'm looking into it. It could save me probably 2-3 euros every month. But if everything else is more expensive, then it's just not worth it. We shall see.
Oh, and I should add that as a resident, I don't pay any fees at my bank either, just like any other bank (because I qualify for the minimum amount of money moving through the account, as most residents would). But they do manage to get 2 or 3 euros per month for ancillary services like debit cards.
I just want a bank I can work with, has machines everywhere that don't charge me a fortune to withdraw cash. And I'm willing to pay for that.
I never go to a branch, except when absolutely necessary, or if I happen to need some cash, and then I use a cash machine. I'm not complicated.
But other than that, everything I do is already "online", because, well... I can. With any bank (well, most European banks anyway). So any bank claiming that you can bank "online" is hardly special. I already do that.
People say there's no fees at BBVA, OK, fine, I'm looking into it. It could save me probably 2-3 euros every month. But if everything else is more expensive, then it's just not worth it. We shall see.
Oh, and I should add that as a resident, I don't pay any fees at my bank either, just like any other bank (because I qualify for the minimum amount of money moving through the account, as most residents would). But they do manage to get 2 or 3 euros per month for ancillary services like debit cards.
- Eric S.
Dec 11th 2015, 9:29 pm
#40
Forum Regular
Joined: Dec 2015
Posts: 86
Re: Non resident bank account
I may be new to 'this' particular forum, although not to 'forums' in general and it does make me smile a little to see that no matter what forum you may be on, things are just the same 
There will always be differences of opinion, that is human nature. I joined this forum to seek advice, guidance and opinions and I can see that I will get plenty of all of that. As I often say to 'new' members on other forums, read all the posts but 'you' only need take away at the end of the day what is relevant to 'you'. 
