Move to Spain Currency Questions

murfster

I currently have a Monzo account as my main UK bank account and I have just opened a Revolut Euro and GPB account app only which I am hoping will be sufficient as my main Spanish bank account? So, I plan to move a large sum of money to Revolut to convert into Euros for my Spanish property purchase and keep some money in my Monzo account.....IF THIS IS A GOOD IDEA. I would welcome any advice re international transfers and Spanish bank account requirements.

NoodleDoodleMan

We have relatives in Spain with a property there for decades - I'm pretty sure they said that having a regular Spanish account with one of the national big banks was a necessary practicality.

Non resident foreign nationals are eligible to have one - here's Banco Santander guidance.

https://www.bancosantander.es/en/faqs/particulares/cuentas/puede-extranjero-no-residente-abrir-cuenta

You might want to investigate which bank(s) have a local presence for obvious reasons.

eDicky

I would say that it's NOT a good idea to try to put a large sum of money through Revolut, the chance of holdup for checks will require dealing with their dire customer services. You will need an account with a real Spanish bank anyway.

400ixl

Good luck with using Revolut. Probably the last one on the planet I would choose for anything important.

Are you keeping a property in the UK as well as in Spain?

murfster

Not keeping any assets in the UK, no. Thanks for the comments. Looks like I require more advice

brianposter

Spanish bank accounts have become very expensive. You may well be able survive with a Wise account.

That is what I use for direct debits.

NoodleDoodleMan

brianposter said:

Spanish bank accounts have become very expensive. You may well be able survive with a Wise account.

That is what I use for direct debits.

I'm curious about the first sentence above.

What type of fees etc. do they impose on a standard private individual customer account ?

Are there additional costs for a foreign national resident as opposed to a Spanish citizen ?

eDicky

Monthly fees and various others, taxes, applicable also to Spanish citizens. The fee-free nature of most UK bank accounts is a rarity elsewhere.

NoodleDoodleMan

eDicky said:

Monthly fees and various others, taxes, applicable also to Spanish citizens. The fee-free nature of most UK bank accounts is a rarity elsewhere.

Thanks, I wasn't aware of the specifics.

brianposter

NoodleDoodleMan said:

brianposter said:

Spanish bank accounts have become very expensive. You may well be able survive with a Wise account.

That is what I use for direct debits.

I'm curious about the first sentence above.

What type of fees etc. do they impose on a standard private individual customer account ?

Are there additional costs for a foreign national resident as opposed to a Spanish citizen ?

What persuaded me were surprisingly high regular fees accompanied by increasingly poor service. If you are a resident and a pensioner you get a much better deal.

You should be able to find the fees in their T & Cs.

greyteam1959

There are fee free Spanish banks available to non residents.
Cajamar Wefferent is one.
Use online only.
Provides a debit card for cash withdrawals.
It can only be opened in branch by a non-resident though.
I use Wise.com for all my Spanish DD & spending with their debit card.
I transfer money from my Wise euro account to my Cajamar account & withdraw cash from an ATM if I need any.
Wise & the Spanish ATMs make a charge to withdraw cash.