UK bank or Spanish ?????????

keith_c_2

Some advise please

Completion date on our house within the next month
We will be moving to Spain so advise on our finances please
No mortgage on UK house to pay of
House in Spain paid of once UK completes

We will have in the bank after all costs ect = One hundred and sixty thousand pounds

We intend to use the sixty thousand
ADVISE PLEASE

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should we transfer all this money to a Spanish bank ??? Or leave it in the UK and transfer money when needed !!!!!! first thing we will need is new car estimated fifteen thousand pounds

ADVISE PLEASE

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One hundred thousand pounds

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we are currently banking with Halifax at the moment, visited one of there seminars the other day but all they seemed to be focusing on was stocks & shares!!! not interested in them after losing a lot off money to them.

We would like a good return on this if poss ( BUT ) we are both turned fify five so access would be important I think??? To tie money up for five or ten years at our time of life i feel unnecessary,,,, any advise please
Kind regards
Forgot to add we will live in Spain comfortable on our pensions with out
Relying on savings to much

SkipClick

Ho dear! leave in a UK bank you be better off in the first place. All depends of the spanish gross rate if higher than the UK stick in the spanish bank but what spanish bank you thinking off?!. Halifax change your account mate to higher gross been on before for the best rates god hope you in a isa!!!!!!.

codetown

Leave the money in UK until the payment is really needed in Spain.
Interest rates are generally better in UK and furthermore you will be much more at ease with opening accounts as you still have UK residency.

I would suggest to open immediately:
a) an ICESAVE account
b) an Coventry First with Coventry BS
c) A Nationwide Flexaccount

The first two are very competitive for interest and will certainly remain so for the next 12 months. For the Coventry First keep in mind you will need to move in 1000 pounds a month (but you can then move them out immediately).
The third (Nationwide) is very useful for their associated debit card which allows you free withdrawals from cash machines abroad (while all other cards stel you 2% extra!).

keith_c_2

Phew

thanks for your replies --- ( yes at the minute we are in the Halifax )
Another several questions I would be grateful of.. If you wouldn’t mind Answering


( a ) ok would this be right!!!! Leave sixty thousand in the Halifax UK ??
And draw out as needed... we have a Halifax hispania account set up with €600 which i have just had a bill
of € 6 for sending statements well I think that’s what its for mmmm???


According to the Halifax financial adviser, has told use that money transfers
Will cost nothing to send to the Halifax hispania bank but will the exchange
Rate we get be rubbish ???


( b ) we where told that to get a business rate on exchanging pounds to euros you have to exchange £ 9,000 to qualify ???


( c ) thanks Codetown for your advise on the three accounts


ICESAVE account
Coventry First with Coventry BS
Nationwide Flexaccount


With £100,000 What would be your advise divide it into the three
Above banks ?? As I really am very confused on what to do !!!!
Regards and thanks for all advise

Apreciar

Leave the cash in the UK, the Spanish tax system is not as good as here and the interest is nowhere near as good. If you intend to take Spanish Residencia you should officially report all your bank deposits to them, most folk though ignore anything in the UK.

At the moment in Spain most of the banks are SELLING bonds for yearly periods up to five years but the values can go down considerably so be careful if you are advised (SOLD) any of these products.

Sort out your tax position over there as it more complex than here and they can if they take a mind to, be almost draconian.

Enjoy your move and presumably retirement there.

Cook_County

I am really confused by the previous posts. Why would someone in Spain with no UK expenses want savings denominated in Sterling. If Sterling fell they could lose money. This makes holding cash in Sterling high risk compared to Euros.

There are of course Spanish income tax, wealth tax, forced heirship rules etc to be sorted out as well...