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Where best to bank for DDs.

Posted: Sun Dec 12, 2021 7:35pm
18 replies452 views13 members subscribed
Bishee

Posts: 35

6 helpful points

Location: Fuengirola

Joined: 12 Sep 2021

Being about to take possession of a property in Fuengirola, my lawyer has suggested that, as a property-owning visitor,  he organises an NIE number, sets up direct debits to take care of regular payments such IBI, electricity etc and wants to use Caixa. The balance of my own money also needs a home and I will need trouble-free banking with a debit card. I have heard that accounts that harbour money or pay out direct debits can be murderously expensive - or the banks not having anyone dedicated who speaks English or is just downright unhelpful. Is Caixa a decent bet or can anyone suggest better. I bank with Santander in the U.K. … though I know they differ and are not linked. I do intend to learn a lot of Spanish but, in the initial stages, I need my hand held!

lospacoshombre

Posted: Tue Dec 14, 2021 9:31am

Posts: 13

1 helpful points

Location: Fuengirola

Joined: 21 Sep 2021

Posted: Tue Dec 14, 2021 9:31am

Hi

Personally I wouldn’t touch a Spanish Bank, they are expensive and generally inefficient and unhelpful (look at the google reviews they are both laughable and accurate).  Your gestor is probably getting a kick back! 

I am currently using Wise and although there are the odd foible due to it being a Belgian Bank......if you get embroiled in a Spanish Bank, it is like swimming in treacle trying to escape!

Regards 

Al 

Andrew14

Posted: Tue Dec 14, 2021 9:51am

Posts: 127

48 helpful points

Location: Vélez-Málaga

Joined: 26 Mar 2019

Posted: Tue Dec 14, 2021 9:51am

lospacoshombre wrote on Tue Dec 14, 2021 9:31am:

Hi

Personally I wouldn’t touch a Spanish Bank, they are expensive and generally inefficient and unhelpful (look at the google reviews they are both laughable and accurate).  Your gestor is probably getting a kick back! 

I am currently using Wise and although there are the odd foible due to it being a Belgian Bank......if you get embroiled in a Spanish Bank, it is like swimming in treacle trying to escape!

Regards 

Al 

Well, I've been with a major Spanish bank for 3 years now & their service has been great. 

However as they make a significant charge for their services, I've considered cheaper alternatives such as Wise. Always been put off by the "foibles" caveat usually mentioned by anyone who recommends them

Al, are you able to share what foibles you've experienced? Any issue with the Utilities companies accepting DD's from Wise?

MichaelJ

Posted: Tue Dec 14, 2021 10:28am

Posts: 44

26 helpful points

Location: Estepona

Joined: 8 Sep 2021

Posted: Tue Dec 14, 2021 10:28am

Hi,

I can´t say anything negative about any spanish banks, simply because of lack of experience. But I can report positively about Banco Sabadell. We bought our apartment this year, and have our mortgage from Sabadell, and also regular account. We are very satisfied, they were always very helpful, no language issue at all - the direct contact was in English and their App is also available in English.

lospacoshombre

Posted: Tue Dec 14, 2021 5:39pm

Posts: 13

1 helpful points

Location: Fuengirola

Joined: 21 Sep 2021

Posted: Tue Dec 14, 2021 5:39pm

Andrew14 wrote on Tue Dec 14, 2021 9:51am:

Well, I've been with a major Spanish bank for 3 years now & their service has been great. 

However as they make a significant charge for their services, I've considered cheaper alternatives such as Wise. Always been put off by the "foibles" caveat usually mentioned by anyone who recommends them...

...

Al, are you able to share what foibles you've experienced? Any issue with the Utilities companies accepting DD's from Wise?

Hi

I have been with Spanish banks for 17 years, and I still dread when I have to visit the bank to sort anything out, two weeks ago I was in caixa bank in Los boliches, in a huge queue ( I always say I’m going to the bank, see you tomorrow) and a Danish guy kicked off in English “ it is like stepping back in time in this bank, it’s like it was 30 years ago, and you even charge me 16 euros for a bank transfer) I looked on with a knowing smile.

I am sick of dealing with Spanish banks, and according to my Spanish friends Sabadell is the worst of the lot!

So I changed to Wise, and as I say there are a few foibles, the main one being that some Spanish companies won’t accept non Spanish Iban numbers, although under EU law this is illegal if the account you are using is a euro denominated eu based bank! 

Now I changed internet very easily, just as normal. My electric supplier was different, I changed bank account whilst changing supplier, and eventually that went through.

I have left the town hall, which I hope will simply change and gestagua, who are another law unto themselves, and I have to renew the contract and pay E150 deposit  to get that going (and change my meter) that is a bridge I have yet to cross, as I intend to change the meter myself.

Other than that Wise are great.

Regards 

Al 

Andrew14

Posted: Tue Dec 14, 2021 6:25pm

Posts: 127

48 helpful points

Location: Vélez-Málaga

Joined: 26 Mar 2019

Posted: Tue Dec 14, 2021 6:25pm

OK thanks Al

Bishee

Posted: Tue Dec 14, 2021 6:34pm

Bishee

Original Poster

Posts: 35

6 helpful points

Location: Fuengirola

Joined: 12 Sep 2021

Posted: Tue Dec 14, 2021 6:34pm

lospacoshombre wrote on Tue Dec 14, 2021 9:31am:

Hi

Personally I wouldn’t touch a Spanish Bank, they are expensive and generally inefficient and unhelpful (look at the google reviews they are both laughable and accurate).  Your gestor is probably getting a kick back! 

I am currently using Wise and although there are the odd foible due to it being a Belgian Bank......if you get embroiled in a Spanish Bank, it is like swimming in treacle trying to escape!

Regards 

Al 

Thanks ... or not!

I cannot see how I can avoid using a Spanish bank for my utilities. What I need is a simple group of DD payments to go out regularly each month. The property is new, so no legacy accounts. Secondly, I need to deposit some money and probably not again for a couple of years, when I can transfer with Wise from the UK. Lastly, I need a debit card and an english-translated app with which I can handle other purchases. I'm not expecting  (i.e. i'm dreading) to physically attend a Spanish bank, any more than I do in the UK ... which is never.

So - one bank without huge charges, paying out three direct debits, keeping my money safe and letting me have an app and a debit card. Surely, in this 21st century this is possible!??

lospacoshombre

Posted: Wed Dec 15, 2021 10:08am

Posts: 13

1 helpful points

Location: Fuengirola

Joined: 21 Sep 2021

Posted: Wed Dec 15, 2021 10:08am

Bishee wrote on Tue Dec 14, 2021 6:34pm:

Thanks ... or not!

I cannot see how I can avoid using a Spanish bank for my utilities. What I need is a simple group of DD payments to go out regularly each month. The property is new, so no legacy accounts. Secondly, I need to deposit some money and probably not again for a couple of years, when I can transfer wit...

...h Wise from the UK. Lastly, I need a debit card and an english-translated app with which I can handle other purchases. I'm not expecting  (i.e. i'm dreading) to physically attend a Spanish bank, any more than I do in the UK ... which is never.

So - one bank without huge charges, paying out three direct debits, keeping my money safe and letting me have an app and a debit card. Surely, in this 21st century this is possible!??

Hi

  These days, it should not be necessary to use a Spanish Bank, as there are so many internet based banks, revolut, wise etc.

If it is only DDs you want it for, Wise or one like it is good.

Debit card and cash transactions is an issue, I use my uk credit card paid off every month, but I don’t live in Spain.

Putting larger sums of money in a Spanish Bank is not advisable, (that’s why the Spanish are notorious for stashing it under the bed)

I have been looking for several years for a eu Bank that facilitates DDs and wise appeared.. so I took the chance simply to escape the clutches of Spanish banks.

These days there are ways of paying by smart phone etc linked to your account, I would look at this option and do some research, a Spanish Bank would be my last resort!

I’m sorry I don’t have the complete answer, but I have found one that works for me in my position, and I can take away the dread I get when I have to spend two hours queuing in a bank (when I’m on holiday) only to get to the front and find cash withdrawals are only permitted between 9am and 12 !!

Regards

Al 

undergardener

Posted: Wed Dec 15, 2021 10:09am

Posts: 31

3 helpful points

Location: La Cala De Mijas

Joined: 1 May 2019

Posted: Wed Dec 15, 2021 10:09am

Bishee wrote on Tue Dec 14, 2021 6:34pm:

Thanks ... or not!

I cannot see how I can avoid using a Spanish bank for my utilities. What I need is a simple group of DD payments to go out regularly each month. The property is new, so no legacy accounts. Secondly, I need to deposit some money and probably not again for a couple of years, when I can transfer wit...

...h Wise from the UK. Lastly, I need a debit card and an english-translated app with which I can handle other purchases. I'm not expecting  (i.e. i'm dreading) to physically attend a Spanish bank, any more than I do in the UK ... which is never.

So - one bank without huge charges, paying out three direct debits, keeping my money safe and letting me have an app and a debit card. Surely, in this 21st century this is possible!??

Hi

In a word - No! 

I use Sabadell, primarily for for hosting DD's for utilities. I have found the phone app and web access ok but it's expensive at 40 euros a quarter just for managing DD's and getting answer to queries has proved impossible so far. 

I have looked at digital banks such as Revolut, Starling and N26. Not looked at Wise in detail. Still not sure how difficult it would be for DD's to be accepted by the utilities due to the IBAN query as mentioned above.

I may end up setting up a digital bank account and keep the Sabadell account open for a period of time, as a back stop, until I am sure everything works ok.

The search goes on!!

Marose

Posted: Wed Dec 15, 2021 11:14am

Posts: 4

1 helpful points

Location: Calahonda

Joined: 16 Sep 2020

Posted: Wed Dec 15, 2021 11:14am

Bishee wrote on Sun Dec 12, 2021 7:35pm:

Being about to take possession of a property in Fuengirola, my lawyer has suggested that, as a property-owning visitor,  he organises an NIE number, sets up direct debits to take care of regular payments such IBI, electricity etc and wants to use Caixa. The balance of my own money also needs...

... a home and I will need trouble-free banking with a debit card. I have heard that accounts that harbour money or pay out direct debits can be murderously expensive - or the banks not having anyone dedicated who speaks English or is just downright unhelpful. Is Caixa a decent bet or can anyone suggest better. I bank with Santander in the U.K. … though I know they differ and are not linked. I do intend to learn a lot of Spanish but, in the initial stages, I need my hand held!

Our lawyer did this when we bought our apt in 2004. No problem with any of it. We bank with BBVA and were being charged €40 per quarter and €18 For try in of funds. My husband managed to see manager who speaks English who explained deposit of €800 per month plus 2 transactions negated the €40. Husband said he wasn't happy to pay €18 for deposit and manager did computer wizardry ticked a box and that charge removed. We now have a debit card and use this instead of taking euros when we visit. Lack of English speaking staff is a problem. Or us not speaking banking Spanish is a problem.

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