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Where to keep savings in Spain

Where to keep savings in Spain

Old Aug 21st 2017, 5:25 pm
  #1  
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Default 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.
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Old Aug 21st 2017, 5:28 pm
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Default Re: Where to keep savings in Spain

Originally Posted by nickcarol
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.
Check ING Direct they give one of the best rates at the moment.
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Old Aug 21st 2017, 5:30 pm
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Default Re: Where to keep savings in Spain

Originally Posted by nickcarol
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.
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.
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Old Aug 21st 2017, 8:50 pm
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Default Re: Where to keep savings in Spain

In your mattress?
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Old Aug 22nd 2017, 6:56 am
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Default Re: Where to keep savings in Spain

Put it in my bank account. I'll keep it safe for you.
Honestly.
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Old Aug 22nd 2017, 8:36 am
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Default Re: Where to keep savings in Spain

"Check ING Direct"

...and have you read the terrible reviews?
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Old Aug 22nd 2017, 5:09 pm
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Default Re: Where to keep savings in Spain

I'm with Fred!!
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Old Aug 23rd 2017, 4:06 pm
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Default 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?
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Old Aug 23rd 2017, 4:10 pm
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Default Re: Where to keep savings in Spain

Originally Posted by spainrico
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?
That's why he should use a bank account.
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Old Aug 25th 2017, 3:15 pm
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Default Re: Where to keep savings in Spain

Which bank do you use in France?
Do they have branches in Spain?
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Old Aug 28th 2017, 12:10 pm
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Default 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.
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Old Aug 28th 2017, 12:11 pm
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Default Re: Where to keep savings in Spain

Why? UK banks have problems, rip people off and need bail outs so why so much faith?
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Old Aug 28th 2017, 12:17 pm
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Default Re: Where to keep savings in Spain

Originally Posted by spainrico
Why? UK banks have problems, rip people off and need bail outs so why so much faith?
You have recourse in the UK plus a reliable guarantee , good luck with that in Spain!


Are your savings protected: How to keep your money safe
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Old Aug 28th 2017, 12:20 pm
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Default 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. '
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Old Aug 28th 2017, 12:24 pm
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Default Re: Where to keep savings in Spain

Originally Posted by spainrico
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. '
Mmm Blevins Franks and the EU , I`ll be sticking with the UK every time thank you , it allows me to sleep soundly
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