Where to keep savings in Spain
Aug 21st 2017, 5:25 pm
#1
Forum Regular
Thread Starter
Joined: Oct 2006
Location: Anglards de Salers, Cantal, Auvergne
Posts: 42
Where to keep savings in Spain
I'm in the process of selling my house in France and moving to Almeria. I need to put the money somewhere whilst I find/purchase a new house in Almeria. Any Spanish bank recommendations would be appreciated.
Aug 21st 2017, 5:28 pm
#2
BE Forum Addict
Joined: Jan 2016
Posts: 2,308
Re: Where to keep savings in Spain
Check ING Direct they give one of the best rates at the moment.
Aug 21st 2017, 5:30 pm
#3
Concierge
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 26,900
Re: Where to keep savings in Spain
We used BBVA and Bancaja when we lived there, helpful and always someone who spoke English there. however that was some 7 years ago, so things might have changed.
Aug 21st 2017, 8:50 pm
#4
MODERATOR
Joined: Jun 2006
Location: Granada Costa
Posts: 10,816
Re: Where to keep savings in Spain
In your mattress?
Aug 22nd 2017, 6:56 am
#5
BE Enthusiast
Joined: Feb 2015
Posts: 498
Re: Where to keep savings in Spain
Put it in my bank account. I'll keep it safe for you.
Honestly.
Honestly.
Aug 22nd 2017, 8:36 am
#6
Forum Regular
Joined: Aug 2010
Location: Andalucia
Posts: 36
Re: Where to keep savings in Spain
"Check ING Direct"
...and have you read the terrible reviews?
...and have you read the terrible reviews?
Aug 22nd 2017, 5:09 pm
#7
BE Enthusiast
Joined: Apr 2017
Posts: 878
Re: Where to keep savings in Spain
I'm with Fred!!
Aug 23rd 2017, 4:06 pm
#8
BE Forum Addict
Joined: Aug 2009
Location: Costa Blanca
Posts: 3,026
Re: Where to keep savings in Spain
Fred is definitely right..............
Today I learnt that when you want to take money out of a Spanish investment (as against a normal bank account) 20% is automatically withheld to cover the tax on the profit. This is not accounted for until the next declaracion de renta (tax return) when a refund (or maybe demand if the investment was exceptionally profitable hahaha) is given or offset against tax owed.
So today I am left with a shortfall of money in the return of my investment so I will have to take a mortgage (with its associated costs) whilst the government enjoys my money interest-free until next June.
Rip off or what?
Today I learnt that when you want to take money out of a Spanish investment (as against a normal bank account) 20% is automatically withheld to cover the tax on the profit. This is not accounted for until the next declaracion de renta (tax return) when a refund (or maybe demand if the investment was exceptionally profitable hahaha) is given or offset against tax owed.
So today I am left with a shortfall of money in the return of my investment so I will have to take a mortgage (with its associated costs) whilst the government enjoys my money interest-free until next June.
Rip off or what?
Aug 23rd 2017, 4:10 pm
#9
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,117
Re: Where to keep savings in Spain
Fred is definitely right..............
Today I learnt that when you want to take money out of a Spanish investment (as against a normal bank account) 20% is automatically withheld to cover the tax on the profit. This is not accounted for until the next declaracion de renta (tax return) when a refund (or maybe demand if the investment was exceptionally profitable hahaha) is given or offset against tax owed.
So today I am left with a shortfall of money in the return of my investment so I will have to take a mortgage (with its associated costs) whilst the government enjoys my money interest-free until next June.
Rip off or what?
Today I learnt that when you want to take money out of a Spanish investment (as against a normal bank account) 20% is automatically withheld to cover the tax on the profit. This is not accounted for until the next declaracion de renta (tax return) when a refund (or maybe demand if the investment was exceptionally profitable hahaha) is given or offset against tax owed.
So today I am left with a shortfall of money in the return of my investment so I will have to take a mortgage (with its associated costs) whilst the government enjoys my money interest-free until next June.
Rip off or what?
Aug 25th 2017, 3:15 pm
#10
Started off with nothing
Joined: Feb 2009
Posts: 4,938
Re: Where to keep savings in Spain
Which bank do you use in France?
Do they have branches in Spain?
Do they have branches in Spain?
Aug 28th 2017, 12:10 pm
#11
BE Forum Addict
Joined: Apr 2008
Posts: 3,171
Re: Where to keep savings in Spain
I never keep more than a few hundred quid in my Spanish bank , seriously, if you have a large lump of cash get it into a UK or Gibraltar account ....quickly , NEVER Spain.
Aug 28th 2017, 12:11 pm
#12
BE Forum Addict
Joined: Aug 2009
Location: Costa Blanca
Posts: 3,026
Re: Where to keep savings in Spain
Why? UK banks have problems, rip people off and need bail outs so why so much faith?
Aug 28th 2017, 12:17 pm
#13
BE Forum Addict
Joined: Apr 2008
Posts: 3,171
Re: Where to keep savings in Spain
Are your savings protected: How to keep your money safe
Aug 28th 2017, 12:20 pm
#14
BE Forum Addict
Joined: Aug 2009
Location: Costa Blanca
Posts: 3,026
Re: Where to keep savings in Spain
OK fine - this from Blevins Franks:
EU banks
'Under an EU directive, each EU country provides a bank deposit guarantee of €100,000. In the event a bank fails, your national deposit guarantee will refund your savings, up to the limit of €100,000. '
EU banks
'Under an EU directive, each EU country provides a bank deposit guarantee of €100,000. In the event a bank fails, your national deposit guarantee will refund your savings, up to the limit of €100,000. '
Aug 28th 2017, 12:24 pm
#15
BE Forum Addict
Joined: Apr 2008
Posts: 3,171
Re: Where to keep savings in Spain
, I`ll be sticking with the UK every time thank you , it allows me to sleep soundly
