ING DIRECT free banking?

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04 Nov 2019 17:10 by Meryt Star rating. 27 posts Send private message

Looking to purchase a property in Spain, knowing we need a Spanish bank account and not wanting to pay banking charges if we can help it, we have been advised to go with ING Direct which doesn't charge a monthly fee or Direct Debit charge.  Does anyone use this bank?  If so, how do you find it compared to the usual Spanish Banks?  It certainly seems to be the one to go for....





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04 Nov 2019 18:27 by windtalker Star rating. 1582 posts Send private message

I am with Santander bank ..I bought another property back last year ..I transferred €100,000 from the UK to my Spanish bank and it only cost £25 ..you must purchase the euro's in the UK through your bank they will give you a very competitive rate for a large sum ..you will not get charged by your Spanish bank if they receive the transfer in euro's ..they will charge you for a sterling transfer and then give you a poor rate to transfer back in to euro's. You will need your Spanish banks  IBAN numbers and you account numbers...all bank's in Spain will charge you a fee to maintain your account especially if you have direct debits set up ..some will give you a discount if you have a considerable amount going into your account on a monthly basis ..but what they loose on the swing's they will get back on the round about ...so no such thing as free Banking .

 

 


 


This message was last edited by windtalker on 04/11/2019.



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04 Nov 2019 19:32 by angeleyes1 Star rating in Camposol & Bradford. 368 posts Send private message

angeleyes1´s avatar

When are people ever going to realise no commercial business is a charity. Any free offer will be limited and have terms & Conditions. It’s all a ploy to suck you in like a sponge and milk you in the end. Unfortunately you will never educate the won’t be tolds.



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When you have to shoot, shoot, don't talk.



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04 Nov 2019 22:12 by Mrsubby Star rating. 66 posts Send private message

Using Bankia as our Spanish bank account, 

this is a digital account only including an app and debit cards.

No charges and no annual charge for use of debit card.

we just top up the account via digital transfer when needed and only use the account to pay Spanish utilitiy bills via direct debit.

So yes for our circumstances and needs this works perfect and is free service.

No interest is paid on the monies in the account but minimal amount is kept in the account anyway.

 





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05 Nov 2019 15:03 by Meryt Star rating. 27 posts Send private message

Many thanks for your replies, all very helpful.  Of course, you're right angeleyes...'There's no such thing as a free lunch', as the saying goes!





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09 Nov 2019 19:08 by arago Star rating. 11 posts Send private message

My wife and I have had ING accounts in Spain for over 10 years with no complaints.  The accounts are managed online or by phone, although in recent years ING has opened some branch offices.  We started off with a cuenta Naranja, the savings account.  Given the fall in rates, the interest on it is now negligible of course.  We also have Nomina accounts, into which pensions are paid.  They come with credit & debit cards, also free.  The Fondo de Garantia de Depositos, the Spanish equivalent of the FSCS, guarantees deposits up to 100,000€.
Compared to other Spanish banks, It's been hassle free banking without any charges.
On the subject of free banking, residents with Sabadell Expansion accounts probably already know the terms are changing at the end of the year.  From then on the account will only be fee free if as well as putting in 700€/month, the holder has an insurance product from the bank (life/health/car/home), or leases a car from Sabadell or puts 10,000€ in one of the bank's investment products. Otherwise they'll be charging 5€/month maintenance fee.
Right at the bottom of the email giving me these details, almost as an afterthought, the account manager mentioned the charges wouldn't apply to account holders under 29 or pensioners who have their pensions paid into the account.  We plan to take the latter option and have one pension paid in.
Sabadell have made various changes in the past, often at quite short notice and never to the benefit of the client, so it won't shock me if these conditions change again in the not too distant future.




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