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Bank Account

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Irishdean
Posts: 7
Joined: Sun Jun 18, 2017 7:41 pm

Bank Account

Post by Irishdean » Mon Dec 18, 2017 10:51 pm

Hi all,

we are in the process of buying an apartment on Las Terrazas, had an offer accepted and paid the deposit, aiming to complete end of January / start of February.

Has anyone got any good recommendations on a bank account to open? We will be using the apartment as a holiday home for our own use hopefully up to 6 times a year. The account will be used initially to receive the balance payment in from our UK account, arrange the bank draft for the completion, and then use for all the necessary direct debits. We will also probably get debit cards for use when we are out there. We are looking for an account that has low fees for that kind of usage, no charges for transfers in from the UK, low bank draft charges, low or zero cost for issuing debit cards and then as low ongoing charges as possible.

Any advice much appreciated.

DavePerry
Posts: 8
Joined: Sun Feb 19, 2017 9:00 am
Location: Connah's Quay
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Re: Bank Account

Post by DavePerry » Mon Dec 18, 2017 11:29 pm

Hi
I have a Key Account with Sabadell. Costs approx 9€ / month. I pay in approx £300 / month. Have a look at https://www.facebook.com/groups/LaTorre ... MAINGROUP/ and search bank accounts for some advice.

I bought earlier this year and wanted an element of control of when to send funds due to exchange rates so arranged a client account with lawyer.

Good luck
Dave

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Duncan
Posts: 359
Joined: Fri Jul 22, 2016 4:31 pm
Location: Manchester
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Re: Bank Account

Post by Duncan » Tue Dec 19, 2017 12:58 am

I use Deutsche Bank in Los Alcazares.

There are no bank charges as long as you pay in €600 per month. For that you get free banking, euro debit card, free cash withdrawals, standing orders and direct debits. There is also telephone and internet banking in English for free. Staff in branch speak excellent English.

Our apartment expenses are in the region of €3000 per annum and, like you, we visit 5-6 times a year. We use the debit card to pay for groceries, car hire, flights, meals and other expenditure so we have accumulated a few thousand Euros in the Spanish account over the last few years but that isn't a bad thing as we now "holiday for free" :D

We also have the Halifax Clarity credit card which offers great exchange rates and free cash withdrawals. It can also be used for larger purchases but we rarely use it.

Finally we use Transferwise to transfer our €600 per month to our Spanish account. Great exchange rates and low transaction charges. Deutsche Bank doesn't charge to receive the transfer.

Good luck and welcome to Las Terrazas
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Irishdean
Posts: 7
Joined: Sun Jun 18, 2017 7:41 pm

Re: Bank Account

Post by Irishdean » Tue Dec 19, 2017 10:02 pm

Thanks Dave and Duncan for the replies, I have had another recommendation for Deutsche at Los Alcazares, and even without paying the €600 per month the charge I've been given is €20 per quarter so not too bad. Will probably go with that.

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Duncan
Posts: 359
Joined: Fri Jul 22, 2016 4:31 pm
Location: Manchester
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Re: Bank Account

Post by Duncan » Wed Dec 20, 2017 7:50 pm

If you go for the one with free banking and don't transfer funds in one or more months in any quarter you will only be charged for the quarters where you don't transfer funds. Can't remember what the charge is but worth looking at that option.
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TCAAIVA
Posts: 29
Joined: Fri Oct 13, 2017 12:31 pm

Re: Bank Account

Post by TCAAIVA » Fri Jan 19, 2018 12:21 pm

A normal account with Sabadell costs us 30€ per quarter. There is no requirement to deposit on a regular basis. We top up as and when needed. It provides online and mobile banking, one free debit card but charges for any additional cards. It has several branches and in particular the branch in Alcazares has several English-speaking staff. We have a direct Email to a dedicated customer service adviser who has been very helpful.

Because Sabadell is part of SERAB, it has an interest if you buy an apartment through Solvia. On that basis it has a reduced rate for its bank draft for when purchase contract is completed, through your solictor.

As with all banks it will try to sell you extras such as property insurance and foreign exchange, but those extras tend to be over priced.

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