Evolution of banking services in Spain

Hello Cheryl.  I have a local bank account in Spain with Sabadell Bank.  The App I use on my Android phone is as good as any bank app that I have been used to in Canada. 

I am a non-resident of Spain and I have set up automatic payments from the Sabadel bank for my property in Spain.  Because I am a non-resident, I hold a non-resident bank account which charges a quartely fee of ~35 euro.  I am planning to be resident of Spain and will change my bank account to a resident account to save on these fees.

The advantage of having a local account is for the Euro currency.  I put a lump sum in the account to cover payments and try to keep transfer fees from foreign banks to as low as possible.

I can view my bank account in Spain and do any transaction through the App or online from a laptop.  Another advantage is that you can view any credit card statement you have through the bank and make payments to Municipal Tax, Basura Tax and in my case, the non-resident tax on property.

Not sure if this helps. I guess if you are part of the EU maybe your current local bank  may be a good choice also?

Regards,

Tony

@Cheryl Hello, nice article. I recommended CaixaBank as you can open an account just with you Pasport or you ID —- https://www.caixabank.es/particular/hol … tomer.html

@Cheryl

It has been a while since I wrote a check back in the States. No checkbooks here in Spain and they're not used as a payment means. Banking in Spain? It can be treacherous if not careful. I've had my bank account at La Caixa and if you plan to overdraw your account, you must let them know in advance, otherwise, the debit will bounce (aka "descubierto"). Banks will offer many services, ranging from insurance to micro-loans, car leasing, and so on. In my case, I've opted for Adeslas Dental and it's a co-payment system and they have pretty decent service. If for some reason you have a Bank service and for whatever reason you miss a payment (insurance, Credit Card, you name it), you'll be charged 35 bucks!!!!!!! as a service fee. If you're American with a Spanish residence card, they'll ask for your SS# otherwise Uncle Sam will freeze your account (FATCA), this happened to me when I least expected it and it was quite upsetting. The most widely accepted payment means are debit cards. I've seen that more establishments are honoring AMEX. Local Credit Cards have high interest rates, especially WiZink bank - so beware.

If you have outstanding fines/tickets, you'll get nailed and the amount debited from your account. The Gov't may also seize your account.

Personally speaking, I have two bank accounts, one for everyday operations that I keep with a very low balance and another one - where I transfer money for daily expenses and you probably wonder why. That's simple: If you happen to misplace your card there a minimum amounts/expenses that don't require PIN number and you could be in for a nasty surprise. If you happen to be a victim, you will have to report the expenses to the police and then take the police record to the bank for reimbursement.

Check clauses and "la letra pequeña"... you know, clauses with tiny letters.

There are also credit checks and delinquent account databases.

Oh yes and very important!!!!!! If you plan to transfer money between a bank here in Spain and the U.S. or any other country, make sure to use Paypal or Wise. Paypal is a bit more expensive but both are cheaper than the bank's fee...

@jeronimoreyesretana

Interesting reading jeroni.

Could you tell me what your fees are for your bank accounts!

Thanks

Hi Guys, Does anybody use any online based banks such as revolut for paying utilities or transferring funds as I use Monzo in the UK to transfer GBP into Euros with revolut and the exchange rate is the Mastercard exchange rate for that day. Just looking to see if anybody has had any issues paying utility bills with these accounts. Thanks Grant

@gyoung5718 Greetings! The fee thing is an interesting subject matter. Technically speaking I don't have "any" fees cuz I have a self-employed business account, including other services offered by my bank such as different types of insurance (life, dental, accident), a bank business credit card (interests can be hefty on local credit cards so beware and you may also pay a yearly fee)... If you ask for services they'll waive bank fees. There are some banks out there that don't charge fees, maybe ING?

@grantrobo1 Using cards such as Revolut, Wise, or even PayPal can be a bit tricky. Sometimes you could be better off using your regular debit/credit card from your issuing bank, also depending on you get nailed for using your card overseas... If you plan to be here long enough just open a local account.

@grantrobo1 Hey you can open an euro Account in many banks.

Just ask for the fees.

EU rules are more or less same in euro countries.

for small amount Revolut is OK