Expat79

Hi

From April will be working in Gibraltar and living just across the border in spain.

I need to know if if would be more beneficial to have my wages paid in to a Gibraltarian bank and pay my rent by derict debit from there or in to a Spanish bank?

If my wages were paid in to a Spanish bank would they be subjected to a currency exchange fee when going from my Gibraltar work to the bank in spain?

If anyone can help or advise me on a thread that has already discussed this question then I would appreciate it.

Chris

Fredbargate

I think that is a question to ask your employer assuming other employees are in the same position.
I always changed money in an exchange bureau and carried the cash across the frontier, having a bank to bank transfer was expensive and very slow, however I was never in a position for my employer to pay direct into a Spanish bank.

With regards to Direct Debit I do not think any Gib bank will provide that facility to Spain and likewise no Spanish company will be able to set up such a deal with a Gib bank.

Expat79

Thanks for the help.

I am the only one from our UK office moving to our Gib office so I'm a bit on my own with this.

I think your sugestion of being paid in to a Gib bank and walking the funds across the border to the spanish bank will be the best course of action

I just want to get this all set up without being charged for trasfers and things each month.

Thanks again

Eric S

Assuming your Gib bank gives you an ATM card, you could just use that to withdraw cash in Euros when you're in Spain. The exchange rate might be better than exchanging cash. But you should compare the rate and fees to make sure.

- Eric S.

Fredbargate

I have a Natwest Mastercard and my wife has a Natwest Visa card. We pay with my Master card because it gives the best rates with no charges.

We also have bank debit cards but the rates are poor and the charges high, both Natwest and Barclays.

The various exchange places also give differing rates I normally use the one under Portland house no charges and the rate is better if you change £200 or more. Very few exchanges make charges but be aware the odd one does.

Fredbargate

On another thread you will see posts about Spanish companies basically raiding your bank account

http://britishexpats.com/forum/showt...7#post10454277

I used to only deposit sufficient funds in my Spanish account to cover one or two months normal bills.