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stevehamlyn87 · Joined: 08 Oct 2011 Posts: 27

OK basically I have about �2000 in a UK (HSBC) account that I want to transfer to an account in Spain. My question is what's the best way to transfer this money (and obviously convert it into Euros) into an account I can use in Spain that preferably does not charge me for withdrawing money/making purchases? (HSBC don't have branches in Spain - despite calling themselves the 'International Bank'.)

Should I withdraw the money and exchange it for Euros in the UK and simply open a Spanish account in Spain and then deposit the money (in cash) into it? (Seems very long winded and risky but if so which Spanish banks do you recommend?) Or is there an account I can open in the UK that allows me to transfer my money (preferably with little or no charge) into an account that I can use in Spain? I was told if I open an account with Halifax for example, I can use it in Spain but I will be charged �1.50 for all cash machine withdrawals and 2.5% for any payments made in Spain (in addition to a �15 monthly fee) which I don't think sounds like the best deal. Any advice will be appreciated.

Thanks

SirKirby · Joined: 03 Oct 2007 Posts: 261 Location: Barcelona, Spain

Whatever you do, remember that all Spanish banks will rip you off for as much as they can legally get away with (regrettably a great deal).

LaCaixa, for example, according to Wikipedia "currently Europe�s leading savings bank and Spain's third largest financial institution, with a network of over 5,500 branches, more than 8,100 ATMs, a workforce in excess of 27,000 and more than 10.7 million customers", making a "net profit of 1,228 million" in 2010 (according to their own statement, link below, which neglects to say what currency they are talking about), is about to increase its charges simply for maintaining an account with them from a few cents to nearly �5 a month, as of 1/1/2012.

Look carefully at online banks, or at least those guaranteeing you "no charges".

http://press.lacaixa.es/press-releases/the-la-caixa-group-obtains-a-net-profit-of-1-228-million-without-making-use-of-its-general-allowance-fund-with-high-levels-of-commercial-business__705-c-13233__.html

stevehamlyn87 · Joined: 08 Oct 2011 Posts: 27

What would you recommend I do? Does every Spanish bank charge some kind of monthly fee merely for the privilege of having a basic current account? Seems ridiculous if that's the case - all I want is an account to deposit and withdraw money from without being charged (I don't care about overdrafts, interest, incentives, etc.) is that so much to ask? Although as far as I can see UK banks are no better - never thought it would be so much hassle just to access my own money. Can I ask which bank do you use?

SirKirby · Joined: 03 Oct 2007 Posts: 261 Location: Barcelona, Spain

I wouldn't recommend ANY Spanish bank (and yes, no doubt UK banks are equally bad).

I've since my previous post discovered that in fact, hidden from all their customers, La Caixa do have a "no charges" account, provided you pay in a month pay check and don't, ever, go to the teller (!!!!), but use their online services and/or cashpoints instead.

That won't stop me from reaching for a brick the next time there's a demo in the centre of Barcelona Laughing

stevehamlyn87 · Joined: 08 Oct 2011 Posts: 27

How do you get one of these elusive 'no charges' accounts? Do I just go into a branch and ask specifically for this account and then only use it online / at ATMs? (what happens if I go to a teller?) I have now set up an account in the UK that doesn't charge any fees at all for transactions abroad so I can access my money hassle free in Spain, I just need an account in Spain because when I get paid I assume they will pay in Euros and won't pay directly into a UK account.

Hod · Joined: 28 Apr 2003 Posts: 1613 Location: Home

If the opening poster only wants to do a one-off transfer, buying travellers cheques is the best option. For more regular transfers to and from any bank account, xe.com are quite good. They will require some proof of identity, but that�s normal for any bank.

But if, for tax reasons, you don�t want your host country to know about your overseas bank accounts, never transfer anything to and fro at all.

jonniboy · Posted: Sat Oct 29, 2011 2:32 am Post subject:

La Caixa really is a load of toss and I've no idea why so many people bother with them. I had an account with them before and they took �2.40 every month for the privilege of being able to use my money. When I asked about getting it reduced they told me I'd have to go to the bank where I opened it (Malaga, 10 or 11 hours by bus from Valencia) to change it. This year they wanted 30 euro to open the account and 1.50 a month after that.

I opened an account with BBVA and that's been fine so far. No fee for opening the account or having it and they didn't charge me anything for transferring �2000 from Latvia.

sheikh radlinrol · Joined: 30 Jan 2007 Posts: 1222 Location: Spain

Mrguay84 · Joined: 03 Dec 2009 Posts: 125

Yeah, I looked into getting a bank account here then changed my mind.

Supposedly they wanted to charge a monthly fee for me having an account, and there were other restrictions about how much I had to pay in each month. Grrrrrrrrrr!

Now I just live the old school way and just deal in cash. Mano a mano.

Ps - I also agree with the rudeness of the bank staff too. I thought it may have been due to a slight language barrier. But they seemed arrogant and almost like they were doing me a favour by potentially taking my money and business, and when I said 'I'll think about it', the woman seemed to get in a strop.

pr455 · Joined: 08 May 2011 Posts: 135 Location: MADRID, SPAIN

jonniboy · Posted: Tue Nov 01, 2011 10:30 pm Post subject:

Well someone did say that bank branches in Spain are almost like independent banks in their own right!

About LaCaixa vs BBVA, one wanted me to pay 30 euro a month to open the account and then 1.50 a month thereafter and the other offered me it free provided my salary got paid in. I think its just a case of shopping around.

jonniboy · Posted: Mon Sep 17, 2012 6:06 pm Post subject:

I want to update this. I left Spain at the end of June. Today I finally got around to checking my BBVA account and it turns out they're charging me 12 euro a month for every month nothing is deposited to the account. Bear in mind that there's a fair chance that even if you live in Spain, you'll be 3 months without work in summer and that effectively means that BBVA are charging 36 euro a year for having the account.

I also drew out the equivalent of 285 euro recently and the charge for it, including commission fee, dodgy exchange rate and transaction charge came to 24 euro.

You can by all means set up an account with them "for free" but just be sure that at the end of the academic year that you shut the account down and by no means withdraw money in non euro countries!