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Opening a bank account

Posted: Tue Jan 25, 2022 7:40pm
12 replies180 views6 members subscribed
Sedleym

Posts: 12

Location: Riviera del Sol

Joined: 19 Dec 2019

Hi there, can anyone tell me if I need a Spanish bank account or can I use my euro account purchase a Spanish Property. 

Tworowans

Posted: Tue Jan 25, 2022 8:16pm

Posts: 56

38 helpful points

Location: Álora

Joined: 23 May 2020

Posted: Tue Jan 25, 2022 8:16pm

You can transfer EUR to your lawyer to complete from any bank anywhere. The lawyers have a duty to validate source of funds to comply with international financial crime regs. Many don’t bother

It’s always advisable to have an ES IBAN account of some description (traditional or neo bank) because some merchants’ systems still haven’t caught up with EU Regs - under which payments should be accepted from any EU member state’s IBAN

Holaitsdavid

Posted: Tue Jan 25, 2022 10:20pm

Holaitsdavid

Very helpful member

Posts: 1481

559 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Tue Jan 25, 2022 10:20pm

Wise best & cheap way to transfer money https://wise.com/us/send-money/

With a Spanish address you can open a Euro account with cheap charges  https://n26.com/en-eu/open-bank-account-in-spain

Spanish Banks have high charges

Andrew14

Posted: Wed Jan 26, 2022 8:50am

Andrew14

Helpful member

Posts: 189

71 helpful points

Location: Vélez-Málaga

Joined: 26 Mar 2019

Posted: Wed Jan 26, 2022 8:50am

Spanish banks do indeed have high charges, however the criteria for N26 is residence, not address. 

The first question on the application is what is Country of Residence - Input UK & you get:

"Waiting List

We’re not in your region yet, but you can sign up for our waiting list and we’ll let you know when we’re available there"


Sedleym

Posted: Wed Jan 26, 2022 9:27am

Sedleym

Original Poster

Posts: 12

Location: Riviera del Sol

Joined: 19 Dec 2019

Posted: Wed Jan 26, 2022 9:27am

Thank you for your reply, your advice is appreciated. 

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Sedleym

Posted: Wed Jan 26, 2022 9:29am

Sedleym

Original Poster

Posts: 12

Location: Riviera del Sol

Joined: 19 Dec 2019

Posted: Wed Jan 26, 2022 9:29am

Thank you, your advice about money transfers is very helpful. 

DavidL

Posted: Wed Jan 26, 2022 12:14pm

Posts: 7

3 helpful points

Location: Los Boliches

Joined: 17 Jan 2022

Posted: Wed Jan 26, 2022 12:14pm

You can pay for a property from any account but you must have a Spanish bank account to pay for the property services. So the solicitor will need a Spanish account during the purchase process.

Holaitsdavid

Posted: Wed Jan 26, 2022 2:00pm

Holaitsdavid

Very helpful member

Posts: 1481

559 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Wed Jan 26, 2022 2:00pm

Andrew14 wrote on Wed Jan 26, 2022 8:50am:

Spanish banks do indeed have high charges, however the criteria for N26 is residence, not address. 

The first question on the application is what is Country of Residence - Input UK & you get:

"Waiting List

We’re not in your region yet, but you can sign up for our waiting list and we’ll let you know when we’re available there"


N26 is an online European bank, 'now operating in Spain'. There are no branches; all operations and transactions are implemented from the N26 app (therefore you need a smartphone to open and use an account). A NIE is a requirement to open an account with N26 in Spain. 

https://www.movingtobarcelona.com/money-and-banking-in-spain/

I never had a problem opening one with an NIE number and address to issue card my address in Spain, but correct you cannot open one as a sole UK resident they have stopped operating in the UK.. Great service and if people can get one.  

.

Sedleym

Posted: Wed Jan 26, 2022 2:08pm

Sedleym

Original Poster

Posts: 12

Location: Riviera del Sol

Joined: 19 Dec 2019

Posted: Wed Jan 26, 2022 2:08pm

Holaitsdavid wrote on Wed Jan 26, 2022 2:00pm:

N26 is an online European bank, 'now operating in Spain'. There are no branches; all operations and transactions are implemented from the N26 app (therefore you need a smartphone to open and use an account). A NIE is a requirement to open an account with N26 in Spain. 

https://www.movingtobarcelona.com/money-and-banking-in-spain/
...

...

I never had a problem opening one with an NIE number and address to issue card my address in Spain, but correct you cannot open one as a sole UK resident they have stopped operating in the UK.. Great service and if people can get one.  

.

Hi Thank you for the info about N26 bank. I will certainly look at this option once I have an NIE number. 

Porton77

Posted: Thu Jan 27, 2022 12:19pm

Posts: 27

9 helpful points

Location: Cancelada

Joined: 5 Jun 2021

Posted: Thu Jan 27, 2022 12:19pm

DavidL wrote on Wed Jan 26, 2022 12:14pm:

You can pay for a property from any account but you must have a Spanish bank account to pay for the property services. So the solicitor will need a Spanish account during the purchase process.

I've being paying for my property services without an ES bank for 4 years. No problems, just pay online with a Wise card(BE IBAN account). 

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