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Best bank for expats?

Posted: Wed May 24, 2023 12:02pm
51 replies591 views10 members subscribed
Maven007

Posts: 6

4 helpful points

Location: Manilva

Joined: 7 Mar 2023

3rd June I get the keys to my apartment in Coto Real. What is the best bank for a non resident expat?


Intention is to get NLV next year once I settle sale of my apartment in Scotland, so I will be in town sporadically but I will need to pay IBI and internet/water etc.


Maven007

Posted: Wed May 24, 2023 2:38pm

Maven007

Original Poster

Posts: 6

4 helpful points

Location: Manilva

Joined: 7 Mar 2023

Posted: Wed May 24, 2023 2:38pm

This post that was quoted has been deleted.

Thanks,

I'm out on the 3rd June so 5th will find an office to register as I have to transfer funds as well.

John

Holaitsdavid

Posted: Thu May 25, 2023 7:24pm

Holaitsdavid

Very helpful member

Posts: 1499

567 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Thu May 25, 2023 7:24pm

I suggest you open an on line Wise Euro Account details below. They are also one of the cheapest ways of transferring money, it's not important to have a Spanish bank account, but must be a Euro account. Euro direct debits for Europe go from a Belgium IBAN number. You will also get a card to draw cash and pay like a normal debit card,     

https://wise.com/gb/blog/introducing-gbp-and-eur-direct-debits

Maven007

Posted: Fri May 26, 2023 6:32am

Maven007

Original Poster

Posts: 6

4 helpful points

Location: Manilva

Joined: 7 Mar 2023

Posted: Fri May 26, 2023 6:32am

Holaitsdavid wrote on Thu May 25, 2023 7:24pm:

I suggest you open an on line Wise Euro Account details below. They are also one of the cheapest ways of transferring money, it's not important to have a Spanish bank account, but must be a Euro account. Euro direct debits for Europe go from a Belgium IBAN number. You will also get a card to draw...

... cash and pay like a normal debit card,     

https://wise.com/gb/blog/introducing-gbp-and-eur-direct-debits

I have a Wise account as I worked overseas and used it quite a lot. However I think I need a Sabadell as I will have local bills to pay. I can load it from Wise so I will go down that route I think.

Cheers John.

Kerri

Posted: Sun May 28, 2023 7:42am

Kerri

Helpful member

Posts: 539

238 helpful points

Location: Estepona

Joined: 5 Sep 2018

Posted: Sun May 28, 2023 7:42am

Maven007 wrote on Fri May 26, 2023 6:32am:

I have a Wise account as I worked overseas and used it quite a lot. However I think I need a Sabadell as I will have local bills to pay. I can load it from Wise so I will go down that route I think.

Cheers John.

N26 has a Spanish IBAN number so it will pay all bills in Spain.  Unless you have other services with Sabadell you will still pay 40 euro every 3 months when N26 will do the same for ZERO.  

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Tworowans

Posted: Sun May 28, 2023 10:00am

Posts: 57

38 helpful points

Location: Álora

Joined: 23 May 2020

Posted: Sun May 28, 2023 10:00am

Last time I looked a Spanish N26 account required Residencia post-Brexit

Although contrary to EU Regs (which render all EU members’ IBANs acceptable in Spain) Spanish banking remains deeply inefficient and some Payees’ systems can still only accept payment from a Spanish IBAN source

Wise is pretty much indispensable and I too use it to buy EURs to transfer to the perpetually  irritating and costly Sabadell as and when

My latest Sabadell episode a few weeks ago involved failure to set up my debit card in Apple Wallet due to a system error. It took three telephone calls over four days to get sorted

Billfra

Posted: Sun May 28, 2023 1:10pm

Posts: 60

7 helpful points

Location: Vélez-Málaga

Joined: 29 Sep 2022

Posted: Sun May 28, 2023 1:10pm

Tworowans wrote on Sun May 28, 2023 10:00am:

Last time I looked a Spanish N26 account required Residencia post-Brexit

Although contrary to EU Regs (which render all EU members’ IBANs acceptable in Spain) Spanish banking remains deeply inefficient and some Payees’ systems can still only accept payment from a Spanish IBAN source

Wise is pretty much indispensable and I too use it to buy EURs to transfer to the perpetually  irritating and costly Sabadell as and when

My latest Sabadell episode a few weeks ago involved failure to set up my debit card in Apple Wallet due to a system error. It took three telephone calls over four days to get sorted

Thanks for your input.

We are about to move to Spain under an LVI visa. We will rent a property for six months so we can buy a property in our own time.

Spanish lawyers/estate agents warn us we must have a 'proper' Spanish account to pay deposits etc. Of course this is usually via one of the established banks. 

Do you know if a Wise account is recognised as 'proper' - or who we can ask? I'm very happy with Age in Spain as a source for general information but is there a Spanish equivalent of Martin Lewis's Money Saving Expert site in UK?

Kerri

Posted: Sun May 28, 2023 3:10pm

Kerri

Helpful member

Posts: 539

238 helpful points

Location: Estepona

Joined: 5 Sep 2018

Posted: Sun May 28, 2023 3:10pm

Billfra wrote on Sun May 28, 2023 1:10pm:

Thanks for your input.

We are about to move to Spain under an LVI visa. We will rent a property for six months so we can buy a property in our own time.

Spanish lawyers/estate agents warn us we must have a 'proper' Spanish account to pay deposits etc. Of course this is usually via one of the established banks. 

Do you know if a Wise account is recognised as 'proper' - or who we can ask? I'm very happy with Age in Spain as a source for general information but is there a Spanish equivalent of Martin Lewis's Money Saving Expert site in UK?

N26 is a proper bank.  I switched 100% from Sabadell and pay ALL my bills by direct debit.  But then if you have a mortgage or insurance or payments in and out your needs could require a bank such as Sabadell.  

Holaitsdavid

Posted: Sun May 28, 2023 6:07pm

Holaitsdavid

Very helpful member

Posts: 1499

567 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Sun May 28, 2023 6:07pm

Kerri wrote on Sun May 28, 2023 3:10pm:

N26 is a proper bank.  I switched 100% from Sabadell and pay ALL my bills by direct debit.  But then if you have a mortgage or insurance or payments in and out your needs could require a bank such as Sabadell.  

Indeed N26 opened Spain does all banks can do with payments, at far lower cost and offer a Spanish IBAN to pay all debits and bills, they are very efficient, with the card you can draw cash and pay in stores. (People need to be in Spain with an NIE number and address to open) I use that and Wise, with a Euro account UK, it's perfect to feed N26 and do all low cost money transfers from UK. 

The question  "Do you know if a Wise account is recognised as 'proper'  answer of course, (both Wise and N26 have full banking licence and protection)  one gentleman on the forum stated only uses Wise for all, including direct debits, the key having their Belgium IBAN number, you cannot be forced to have a Spanish Bank account, (in most cases best avoided) But the bank must have a Eurozone IBAN.

  https://wise.com/

Jeffers

Posted: Sun May 28, 2023 9:28pm

Posts: 166

40 helpful points

Location: La Cala De Mijas

Joined: 14 Mar 2021

Posted: Sun May 28, 2023 9:28pm

Maven007 wrote on Fri May 26, 2023 6:32am:

I have a Wise account as I worked overseas and used it quite a lot. However I think I need a Sabadell as I will have local bills to pay. I can load it from Wise so I will go down that route I think.

Cheers John.

Not correct.

I have a wise account and pay all my DDs through it.

Council

  • IBI
  • Basura
  • Car Tax

Electric

Water

Broadband etc.

I was with Sabadell but when they told me they wanted 240/160 euros a year enough was enough and I opened a Wise account

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