Opening a Spanish Bank account in the Los Montesinos/Torreviaja area - any good advice?

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01 Apr 2010 00:00 by Jaxhudson Star rating. 6 posts Send private message

Hi

We have been looking (via the UK as we live here) on the internet for details on opening a Spanish current account.  I have noticed various threads posted about the high charges some banks charge and also have found lots of information on the difference between the two main different types of bank (the clearing banks and the cajas de ahorro).

Does anyone have any particular recommendations for a bank that doesn't charge ridiculous amounts?  We will be buying property in the Los Montesinos/Torrevieja area.  I guess the obvious thing would be to have a bank which has a branch in the area so that access to a cashpoint is easier.  I have noticed that Barclays has been mentioned a few times and that some English people with holiday homes in Spain are looking to move their current accounts to Barclays.  It is rather tricky to find out much from this end right now!

Thanks all





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01 Apr 2010 11:23 by roddy1 Star rating in Leeds/ Balsicas. 254 posts Send private message

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Jaxhudson

Yes I think it is best that you weigh all the fors & against, when deciding which bank to opt for. Cash points in Spain are not linked as they are in UK, and you will charged for using other banks machines. Also if you are using the Spanish property as a holiday home and are based in the UK, it might be wise to opt for a bank with UK connections so as it easier cheaper to transfer money. Then you may need to look at the rates and deals on offer, at each bank.



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01 Apr 2010 12:01 by claire T Star rating in Torremendo, Orihuela. 700 posts Send private message

EOS Supporter

Hi - I have a Bancaja account in Torrevieja and am very happy with it.  I pay no charges to use my account and there are lots of branches for access to cash machines.  Also, you can set up internet access and keep track of everything in the UK - most of the website translates into english so that makes it easier too.  For any money transfers I use John Mohan at Sterling Exchange so I get a good rate and there are no charges for that either.

Just one word of warning with any spanish account - you really need to keep an eye on your transactions and make sure that your direct debits for Suma, water, elec and community are all paid each month.  For some reason DDs seem to fail here on a regular basis and you can end up with fines or utilities disconnected.

Hope that helps. 



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Claire

 

 

For great value properties in southern Costa Blanca

 

www.realcostablanca.com

 




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01 Apr 2010 15:07 by roddy1 Star rating in Leeds/ Balsicas. 254 posts Send private message

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Hi Claire T

Interesting that I also have a Bancaja Account in Torrevieja, with numerous charges !  I am paying ridiculous charges for drawing money and paying direct debits. 

I wonder would this be because I'm classed has a non-resident. I agree that that being able to access my account online in English though is a plus point!



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01 Apr 2010 15:11 by Jaxhudson Star rating. 6 posts Send private message

That's interesting.  Claire - presume you are classed as a resident then?  If so, we will need to be careful where we open one.

 





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01 Apr 2010 16:11 by morerosado Star rating in Guardamar del Segura.... 7700 posts Send private message

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Hi Jaxhudson, we have a non resident Banco Halifax ES current a/c in Guardamar, also a Halifax current a/c in the UK so, if we wish to transfer funds free of charge, we can although we do not find the exchange rate very good generally so we only do this if we're stuck in the UK & need to get funds from Halifax UK to Halifax ES fast.

Halifax basic current a/c for non residents ... you need to open this with 600€ & maintain it at 600€ too otherwise there is a 18€ charge every 6 months but we keep 600€ in & pay nothing EXCEPT 3€ per debit card. DD's are free.

There IS another current a/c (called the Xtra a/c) which costs 25€ annually & you don't have to keep 600€ in it. The a/c gives you certain other benefits like a phone helpline for getting plumbers, locksmiths etc.

You have to sign a form with ANY bank every 2 yrs to say you are not resident in Spain & Halifax do not charge for this, most others I know charge around 20€ per person named on the a/c every two years.

Check out HALIFAX ES BANK ACCOUNTS HERE (Click blue link)

OPENING A HALIFAX ES BANK A/C HERE   (Click blue link)

You can open one from the UK, we did, it was simple.

 


 



This message was last edited by morerosado on 01/04/2010.

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01 Apr 2010 16:24 by roddy1 Star rating in Leeds/ Balsicas. 254 posts Send private message

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Hi Morerosado are you paying bank charges on your Bancaja account!

Looked into transfering to the Halifax before, unfortunatly they would not take on the mortage, don't owe enough.



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Roddy & Tracie Leeds/ Balsicas



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01 Apr 2010 16:27 by morerosado Star rating in Guardamar del Segura.... 7700 posts Send private message

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Roddy, I have A HALIFAX A/c NOT a Bancaja a/c.



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01 Apr 2010 16:28 by roddy1 Star rating in Leeds/ Balsicas. 254 posts Send private message

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Sorry Morosado must have miss-read earlier post



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01 Apr 2010 16:32 by claire T Star rating in Torremendo, Orihuela. 700 posts Send private message

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Hi Roddy - you should talk to Bancaja about your account because they make a big deal about zero charges in their literature!   I am resident now but started off non-resident and don't remember paying charges then.  For setting up mortgages there are always fees and they are horrendous - but I think that goes for all banks in Spain.

(by the way More said that her account is with the Halifax).

Regards

   



_______________________

Claire

 

 

For great value properties in southern Costa Blanca

 

www.realcostablanca.com

 




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01 Apr 2010 22:57 by roddy1 Star rating in Leeds/ Balsicas. 254 posts Send private message

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Hi Claire T

I'm flying back out tomorrow and will call into the bank to question these charges. If it is a non-residents issue perhaps, I should post it on the Rough Justice thread.

Like I said earlier I did inquire about the Halifax account did not seem bad if you meet all the critera.



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Roddy & Tracie Leeds/ Balsicas



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