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Move to Spain Currency Questions

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.
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Comments

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

  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    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.
    Evolution, not revolution
  • 400ixl
    400ixl Posts: 4,129 Forumite
    1,000 Posts Third Anniversary Name Dropper
    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?
  • Not keeping any assets in the UK, no. Thanks for the comments. Looks like I require more advice :)
  • brianposter
    brianposter Posts: 1,421 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 16 September 2024 at 5:36PM
    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.
  • 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
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 19 September 2024 at 12:13PM
    Monthly fees and various others, taxes, applicable also to Spanish citizens. The fee-free nature of most UK bank accounts is a rarity elsewhere.
    Evolution, not revolution
  • 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
    brianposter Posts: 1,421 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 19 September 2024 at 9:27PM
    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.
  • 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.


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