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Move to Spain Currency Questions

murfster
Posts: 2 Newbie

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
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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.
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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 revolution0 -
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?0 -
Not keeping any assets in the UK, no. Thanks for the comments. Looks like I require more advice0
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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.1
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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 ?0
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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 revolution2 -
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.
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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.0
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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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