kayce1965

I would be grateful of any help my husband and I are moving over to Formentera Del Segura on the 6th April.
It dosnt matter where I look any of the questions I ask they always seem to go off and dont really help so thought I would ask the people that have done it.

Here goes

My husband gets his state pension and a couple of private pensions which we obviously have paid into our account here in the UK can someone please advise if we would be better to open a spanish account we have just transferred some money to spain to pay for deposit on apartment and got rather a hefty charge.
He also takes regular medication I think Im right that we need to complete a form here then bring with us and he will only pay for part of his prescription charges will he be covered for seeing a doctor with this and what would be best option for me I am 50 so do I need some type of insurance
any help most gratefully received

Karen

bakedbean

Hello and welcome to the forum

I've shifted your post over to the Spain section of the forum (from the Welcome Inn) as you'll be more likely to get some sensible replies in this section.

Happy planning and hope it all works out for you.

mikelincs

If your husband is of UK state pension age, then he needs to get a form S1 drom the DWP, and he also needs to ask that you are included, this will mean that you will get the same in Spain as he does, so being treated as someone of retirement age, doesn't matter what age you are, so you should get the free treatment he gets., I got this as when we moved over my wife was over UK state pension age but I wasn't, I still got free tgreatment. I believe that the prescription charges are now free as well.

kayce1965

Thank you very much

Retired in Euskadi

Regarding a bank account, yes you'll need a Spanish one.
I get my Teacher's private pension paid directly here and my UK state pension paid into our British bank; then every so often I transfer some money over to here with Currency Fair who seem to be among the best currency dealers.
Never had a problem.

tebo53

Hi, When we retired to spain we opened a Spanish Bank account with Sabadell. Their "Expansion" account is free if you transfer a set monthly amount. I have private pensions paid into Barclays Bank in the uk and transfer money each month using "Transferwise" they charge very little.

I agree that you need the S1 form which also will cover you for healthcare but here in the Alicante region you will still have to pay a small amount for prescription meds. The amount you pay is worked out on income you receive. The cost of our meds is less than a pint of beer a week!

Wish you well with your move.

Steve

mikelincs

respectfully, I would suggest that they have their pensions paid direct totheir Spanish account, and then they get no deductions or charges, if they need to transfer money occasionally to the UK then they can do that, would be cheaper.

tebo53

Some private pension companies, including one that pays me monthly, will not pay into a foreign account, only to an account in the UK, then it is down to me to transfer it.

Steve

Boseley

My pensions are paid into a U.K. account, then when the rate of exchange is in my favour, I transfer a large lump sums to my account here where I now live, I use an exchange dealer for the transactions.

By using this system I have control, and I do not need to transfer money when the exchange rates are low, also by transferring large amounts I am not charged commission.

kayce1965

thank you so much for this information it is most helpful

kayce1965

thank you for the information

kayce1965

thank you for all the info given its been really helpful plus i understood it so am now in a position to get bits sorted

mariabc

Hi Kayce, we're also retiring to Spain once our home sells here in Canada. We have a HSBC account which allows you to set up accounts in any country where they have branches, Spain being one of them. You can see all your accounts on one page and transfer money, either in the same currency or change it another. We have been transferring some CDN dolloars in euros this past while depending if the rate is favorable. Also it seems you have to show a monthly income once in Spain, so this is easily set up. Our pensions will continue to be paid here in Canada but we can just go online and transfer and exchange as we need. Good luck.

missile

You will need a Spanish bank account. We each have a favourite. I would suggest you choose one near to your new home.
You may wish to consider a current account with Santander in UK they do not charge for withdrawals from their cash machines in Spain.

Mitzyboy

When we moved to Spain we went through three different bank accounts. Hidden charges and bad service. We ended up with Solbank, now Sabadell. There is an account where you get no charges and some extras. Much like some of the UK accounts. There were no charges for receiving bank transfers in. Something you have to watch with some Spanish Banks.

We kept pensions paid into a UK bank account all the time. We ended up using transfer companies, and eventually Currencies Direct to send over a sum each month at good rates of exchange. At the time there was no charge, I'm not sure if thats the case now.

An alternative (which i use now wherever i travel) is a Caxton FX currency passport. You charge the card with sterling on line, and then you can go to a cash machine in Spain and withdraw the euros at commercial rates. If you were to go to a non euro country on holiday you can also use it there. You just have to check on any charge you may have at the machine. In the US it is $3 whether you withdraw $50 or $300. In some countries it is free.

Overall you are always going to have a risk of the rate of exchange whichever method you use