Bank Charges

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26 Oct 2006 00:00 by Stephen2006 Star rating in Glasgow/ Torre Guil . 78 posts Send private message

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Can anyone help me out here?  How do Spanish bank charges work? Is it solely based upon transactions, transfers, payments made etc or is there an annual charge also involved?  Any info appreciated. And advice on who to open an account with.



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26 Oct 2006 16:06 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Hi Stephen all the banks make charges here in Spain and no such thing as free banking. There was a chart published about 6 months ago but for the life of me I cannot remember where. Charges incurred will depend on what you are doing. If you use an ATM there are some similar cross relationships between banks on the same system whereby no commission will be charged. If you are transferring sums between here and the UK you will incur significant landing charges from the receiving bank and likely be caned on the exchange rate by the bank in the UK who will also charge you a £50 fee or similar for ripping you off in the first place. Use a currency broker (FSA registered) who has agreements with Spanish banks not to charge a landing fee. You will get close to a wholesale rate and you wont be charged at either end (unless it is a really small amount). There are a few banks who charge an annual fee for specialist products with added services such as translation, emergency plumbers etc. As to the quality of the services I couldnt comment as I have never had to use them.

All the banks charge differently for different tasks - some charge for cheques paid in but not paid out - but another one might charge for cheques paid out but not deposited. In short it is probably as broad as it is long.

Hope this helps

Smiley


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28 Jan 2007 18:58 by JeansSis Star rating. 2376 posts Send private message

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03 Feb 2007 03:22 by JeansSis Star rating. 2376 posts Send private message

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03 Feb 2007 10:58 by Hallam Star rating in San Cayetano . 109 posts Send private message

Hi Janice

Thanks for the info on that, You were spot on with your timing. 

Reading the threads on this site prompted me to change our account to the Halifax. I had everything ready to do the transfer this morning but now I will wait until Monday and hope to qualify for the hundred quid.

Thanks again Janice

Regards

Dave




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03 Feb 2007 16:52 by JeansSis Star rating. 2376 posts Send private message

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15 Feb 2007 10:19 by westport Star rating in London & Co.Mayo Ire.... 509 posts Send private message

Here is a reply I got from a branch of the Halifax in Spain.

If you are  thinking to have an account here in Spain with us it would be convenient to open an account with a HBOS Bank, Bank of Scotland, Halifax, etc. Specially if you are going to transfer money very often. About the cost to receive a transfer depends on the order given by the person to share the cost or assume all the costs.
Normally we recommend to have a XTRA ACCOUNT, the mantainance fee is 25€ per year, debit cards for free, etc, and you do not have to keep a minimum amount and worry about how much you have in the account. Otherwise the cost would be 5€ per 6month period (10€ per year) and 3€ per debit card. Any queries please do not hesitate to contact us.
 
 
 
Fernando Hidalgo Villalba
Banco Halifax Hispania SAU
Banking Advisor
Oficina de Fuengirola
Tel:902 40 07 70
Fax:952 59 37 50



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15 Feb 2007 13:47 by JeansSis Star rating. 2376 posts Send private message

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20 Jul 2007 12:14 by dream Star rating. 50 posts Send private message

I bank with Banco Popular (closing account sonn and thinking of transferring to Halifax ) They charge mean £250 for requesting a cheque for 115 euros and that's at a reduce fee!!! Is this legal?



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20 Jul 2007 15:24 by san miguel Star rating. 288 posts Send private message

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This message was last edited by san miguel on 2/4/2008.

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20 Jul 2007 18:34 by Roberto Star rating in Torremolinos. 4536 posts Send private message

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"THERE IS NO SUCH THING AS FREE BANKING IN SPAIN (ESPECIALLY HALIFAX). One service may be free but they will get you another way."

Sad but true. Yes, it's probably legal (or at least, not illegal) but clearly not ethical. The best suggestion I can make is that you go to your branch and create as big a scene as you can (legally!) and especially if you have a fairly substantial balance, threaten to close your account and take your business elsewhere. You'd be surprised how "negotiable" most bank charges actually are, and your bank may feel that returning 250 quid is worth it not to have a crazy foreigner ranting and raving in the middle of a branch full of bewildered customers. Good luck!



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21 Jul 2007 10:40 by ellemum Star rating in Bolton Lancs / Costa.... 122 posts Send private message

Hi

I also have a Banco Halifax Xtra account.   No problems so far, they have only charged us the 25 euros annual fee.

On transferring from UK account, £500 into it - they gave us a reasonably decent rate - 1 cent below the big money exchangers rate at the time of enquiry for a larger amount.   So I didnt think that was so bad for a small amount.

One thing, just had our first statement................................. in pesatas!!!        Now I am confused.     Anyone enlighten me?

The statement also shows the equivalent in euros.

Cheers

Ellen

 



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21 Jul 2007 12:48 by colesfamilywales Star rating in Pontypridd. 75 posts Send private message

Hi Ellen

The statement should be in both Euros and they still add pesetas, for the Spanish traditionalists I think.

We have not experienced extra charges with Halifax either...on our most recent trip we closed our Solbank Account as they were taking monies and commissions like fun.

They exploit the foreign nationals with a glossy brochure once in a while but with nothing, in my opinion at least.

Anthony





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21 Jul 2007 13:34 by morerosado Star rating in Guardamar del Segura.... 6927 posts Send private message

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Banco Halifax  is excellent for what many non residents require. They have terms & conditions, as everyone else has, which should be read before saying they charge for certain things which they never claimed were free ! Compared with Cam & Sol banks we find Banco Halifax ace.

http://www.halifax.es/halifaxing/pdf/Commission_Rates.pdf

Posted on this thread 20 Jul 2007 3:24 PM "Talk to others before you change to Banco Halifax. The only thing they don't charge for is transfers from Halifax UK."

 As well as their free transfers between Banco Halifax & Halifax UK, Banco Halifax have free direct debits,  free declaration of residency, usually 17€ to 20€ elsewhere for each person listed on the a/c every two yearsfree maintenance of a/c on the standard current a/c as long as 600€  generally is held in the a/c, otherwise 18€ per 6 months. They do charge 3€ for a debit card.

There are no charges made by Banco Halifax  when you use a Servired ATM & there are loads about. Your choice if you want to remove cash at any other ATM & incur charges. Check out ATM locations on this site. http://www.servired.es/ingles/indexx.htm 

Check all that out against the others !


























This message was last edited by morerosado on 7/21/2007.

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21 Jul 2007 14:41 by semijubilada Star rating in London/Torrevieja. 1052 posts Send private message

I've also noticed that Solbank's prices have risen a lot this year and am thinking about transferring to another Bank.

I use my Nationwide debit card to load up the bank account and it wouldn't be a problem to keep x amount in the account.  Especially when you're saving 150+ euros.

Do you just take a list of the direct debits and they transfer over the details?





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21 Jul 2007 14:50 by morerosado Star rating in Guardamar del Segura.... 6927 posts Send private message

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"Do you just take a list of the direct debits and they transfer over the details?"

Zena... Basically yes, why don't you email the Banco Halifax branch you would prefer to open an a/c with & ask for what exactly they will need, Zena.

You can open an a/c from the UK as we did, I can help you there.

Orihuela 71-Urb. Jardín Botánico, Bloq. 4 A.
03180 Torrevieja   
torrevieja@halifax.es

C.C. La Mosca. Orihuela Costa
03189 Playa Flamenca  
pflamenca@halifax.es

Era de la Madaleneta, s/n,(esq. Pintor A. López, 2).
03140 Guardamar  
guardamar@halifax.es

We also have a Nationwide flexi current a/c so we can draw 300 € on each debit card out  daily, free of charge at Visa ATMs in Spain. Virtually bank rates too.




This message was last edited by morerosado on 7/21/2007.

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21 Jul 2007 16:27 by san miguel Star rating. 288 posts Send private message

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This message was last edited by san miguel on 2/4/2008.

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 STOP CYBER-BULLYING 

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21 Jul 2007 20:11 by Roberto Star rating in Torremolinos. 4536 posts Send private message

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As I said before, San Miguel, most bank charges are negotiable - not a lot of people know that! I'm with BBVA and NEVER pay for a bankers draft - basically because I told them I didn't want to. They want my business, so they don't charge me. Simple!

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Mark Twain

 

 

 




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21 Jul 2007 21:44 by ellemum Star rating in Bolton Lancs / Costa.... 122 posts Send private message

Hi everyone,

Thanks for letting me know why pesatas were on my statement - thought they may have had very old computers!!

As for Banco Halifax, we have opened the Xtra account.   25 Euros per year is the only fee.  No fee for debit cards or direct debits or maintenance.  No need to keep over 600 euros in the account either.   When I have phoned the branch, perfect English (but I do try "hablo poco espanol".  As for cash machines, if it is not Servired, then we will just use our Nationwide card.    Also member of Halifax Club which offered various services.     Well impressed.!!

The only gripe I have, and it is only small, is that I cannot do internet banking so unable to transfer between UK account to Spanish account that way, but telephone banking only. 

The traditional Spanish Banks are certainly going to have to pull there socks up and sort out the way they charge customers unfairly.   Roberto is quite right, scream and shout and look shocked and disbeleiving (all the haggling techniques are easily learned).  There are too many people out there who will walk away with their dosh.

As for a bankers draft, we have been assured by our mortgage broker, that we will not have to pay a fee for this when we come to complete on our property.   Brian, perhaps you should compain to Banco Halifax and try and get a refund.  It is worth a try.

Cheers

Ellen




This message was last edited by ellemum on 7/21/2007.

This message was last edited by ellemum on 7/21/2007.

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21 Jul 2007 23:00 by Roberto Star rating in Torremolinos. 4536 posts Send private message

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"....thought they may have had very old computers!!"

Your bank has computers? Mine still uses clackety old typewriters!



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"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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