Hi Folks. Newbies here.
We are moving over in a few months and trying to find out best way to send money from UK bank to Spanish. Looking for both regular payments and the occasional un planned. Have spoken to UK banks and they want lots of pennies to do it. Been advised to use Moneycorp and was wondering if anyone can offer any suggestions.
Also, we would like to be able to get a Spanish credit card before we move, but anywhere we have looked won't issue to non residents. Any help there please? Want to keep UK card for internet purchases etc, but use a Euros card for petrol etc.
Have already opened account with Santander and ordered 4b card.

Carol and Tony

Hi Carol & Tony,
I'm by no means an expert like some of the people on here, and am a newbie like you, but I can tell you about my experience about transfering lump sums. A couple of weeks before I was ready to transfer money I registered with several of the big companies and kept my eye on the rates offered.
Then when I was ready, I rang them all and asked for the spot rate. By doing this I was able to get a slightly better rate by getting them to "fight" against each other...moneycorps won!! In fact when I quoted their rate to one of their competitors they told me they couldn't beat it and to go with that!!
It's also wise to checkup on any costs as the companies can vary or even waver some costs to get your business

Sorry don't know any more about credit cards as I was also told if you weren't resident you couldn't get one.

We found that we could only get DEBIT cards as non-residents. However, as soon as we were residents, completely different story - so many credit cards to choose from it was quite hard.

I have used moneycorp but also Foreign Currencies Direct - just play one against the other to get the best rate.

Banks like Halifax will do free transfers from UK Halifax to Halifax Hispania - just be careful of exchange rates as they will get their money one-way-or-the-other.

Finally, on one occasion I found that the Alliance and Leicester offered a better rate and less commision than the dedicated currency brokers ...

Both my wife and I had credit cards and debit cards issued by SOL Bank before we lived here

And us with a local Caixa

Thanks Mitzyboy.
Have just looked on the Solbank website and the section about cards. Found the bit about BS Mastercards but a little confused regarding the conditions. Does it work like a normal credit card? ie We get a bill once a month then so many weeks to pay it off !!! They seem to be saying that there's a monthly purchase limit and up to 10 days free of charge financing. Also theres something about daily statements. Can you shed a bit more light please.

Get a prestige account
You get all kinds of extra help services and although you do pay a small fee every year its worth it.

They will issue a Prestige VISA credit card and a mastercard which is a debit card

Yes, as a non resident your cerdit card is, I think, limited to €1700 a month but as a resident you can increase that. The debit card works as a cash card

Also, SOL Bank dont charge you anything for transferring monies into your account, which many do. We were stuffed by Banco De Valencia and BBVA when transferring stuff for our house. They charges hundreds of euros in receiving commissions!!

Thanks Mitzyboy. Will have a look at the Prestige card.

Just a quick queston while we are on about banks. Do you have to build up a new credit history here or do they go on your creit in the u etc ?

Just it seems going by Mitzyboy they give credit cards out etc with a largish limit straght away.

I shall be looking into the prestige account for myself i think.

John

Its a good point
Its like the UK I guess though. When my daughter was student, earning nothing, a well known high street bank were happy to give her a £1200 overdraft and a credit card

Likewise here, we could have been in huge debt in the UK but afaik there were no checks done

No credit checks were done in Spain ? Or have i misunderstood ? If so seems an easy way for bad debtersto get into even more debt

How has Sol bank bee to ou then ?

No .... no credit checks

On another forum I've seen numerous people asking if their debts follow them around ... most off to Canada or Australia, and wondering if the credit company can legally do anything to them when they get there. The answer, from an alledged debt management worker, said apparantly they can do nothing but threaten you!

SOL Bank have been good, no complaints so far

Cheers for the Mitzyboy that as cleared that up. I was a little concerned for my girlfriend who ran up a big CC bill but is paying it off still not a great deal left to pay but still a debt. Too stubborn to let me pay it of for her as well.

Cheers

John

Hi Mitzyboy,
What are SOL Bank charges over the year?
J.

Me and OH opened a joint prestige account whilst over last week in Sol Bank, 21 euros every 3 months is the maintenance charge which seems not too bad.