Thanks for that. I think we are going to try and open one of these accounts before we go over. As you say, 21 euros per qtr is not bad especially when you consider that you get credit and debit cards for free, and also no charge on paying money into the account which is something the Spanish banks seem to like doing. Hope I have got all this right. That's how I read the Sol web site anyway. I'm sure some kind sole will tell me if I am wrong !!

Tony

Hi, I've used Moneycorp for both the big transfers to purchase my property and also have a regular payment set up. They have always provided very competitve rates and low charges - happy to recommend them

Hi all,
Whilst on the subject of Banks and charges. What is the best way to transfer sterling to euros? As the Euro is about 1.27 to the pound at the moment it is a major point when considering tranferring funds from house sale , (Not that we have sold yet!)
When our house originally went onto the market, the Euro was around 1.47 to the pound! Timing, timing, timing!
If there are any financial wizzes out there, would it work out more beneficial by first changing to US dollar then to Euros? Or am I tying myself up in knots?
Would be interested in any comments or suggestions guys! Thanks all.
Chris XXX

Hi Chris
we are in the same situation, I am making a transfer tomorrow. Phoned moneycorp Friday and was offered .132.6, went to Currencies direct and they offered 132.75, went back to Moneycorp with this and they beat it by then offering 132.90. Decided to accept at that.
We are hoping by the time we have to pay the rest of the house that the rate has gone up! Our house going up for sale soon.

Re:- changing to dollars then to euros, I think Hubby thought about that too! I would be interested if somebody does know if this is a good idea!

I think it probably doubles the risk, however slight. Someone in the US coughs at the wrong time and it all goes horribly wrong

Hi, Tony has been looking at their site and it certainly seems a good way to transfer money. Thanks for sharing your experience of them.
Carol

We are moving out to Polop in the Summer and have used a Company called The Foremost Currency Group. You open an account, then trade when you want. Really easy and helpfull. 01442 875777. You cant get anything until you've got an NIE number. Ask your solicitor to arrange this for you if you haven't got one? Good Luck

You have to apply in person for an NIE number ?
Unless you are really rich an you want to make him POA at a cost, and as you know this in Spain is really pushing your luck..

Hi Kitty kitty,
Thanks for that. Seems like even exchange rates are negotiable. Suppose dealing in larger quantities makes it worth their while. Let's hope that the exchange rate returns to what it was last year!
Chris XXX

As an update I can now report that we have opened a Solbank account from the UK with no trouble at all. I initially used their 'on line' enquiry form but this didn't really get us very far. After a week I got an email to say that they had passed our enquiry to the Oliva Branch. I then got a call from a very friendly, English speaking guy and our joint account was open within 15mins of me emailing copies of our passports. A week later we have internet access to the account. Credit & Debit cards are in the branch ready for us to collect. Fantastic service.
Yesterday I contacted Moneycorp and opened a trading account with them via phone/email. Again this was done in minutes and I arranged a transfer to get some funds into the Solbank account. As I transfered the money to Moneycorp via internet banking, they promised to send it to Spain today. This morning I got email from them to say transfer had been done. I checked the Sol account, and it was there, with no charges from Sol !!!! All done in less than 24hrs. So it is not all doom and gloom with Spanish banking. Must be a good working combination. Both companies used after recommendations on here.
Carol & Tony

Hi Carol & Tony
Our experience has mirrored yours then. Our branch is Quesada, friendly English-speaking Spanish assistant/manager and cards waiting in the branch for us. Very straightforward!

I've been with Solbank for 3 years now and although they are very good as all the staff speak english, you will still get charged for paying in a cheque, you will get charged 10-12 euros per year for each debit card and you will get charged for direct debits/standing orders that are not for utilities.
I use currencies direct for transferring my civil service pension every month but do not get charged for this by Solbank as there appears to be an agreement with most spanish banks and money brokers that no charges will be made for transferring money out or in through a broker

Hi Malagaman.
Do you have the Solbank Prestige account ?? If you have one of those the only charge is supposed to be 7 Euros per month and that can be reduced if you opt for no paper statements. We get 1 credit and 1 debit card free. If we want one each, then we have to pay. Deposits are all supposed to be free.
Tony

You dont get charged for transferring money into your SOL Bank account at all. Yes, you get charged for credit cards but at the end of the day its no more than I paid in the UK with an RBS account.
Ive also NEVER been charged for any direct debit, utilities or not. For instance my private health d/d, car and house insurance. No charge.

I think theres a charge if you pay a cheque in yes, but its never happened to me yet!

My annoyance is the length of time to get a regular transfer payment from my English bank to my Spanish bank via Currencies Direct. I understand after 31st May all banks are going to have to shorted this procedure but they may charge for the process whereas at the moment there is no charge.