Move to Spain Currency Questions

lr1277

It looks like you are moving to Spain and leaving the UK?

Do you need a UK bank account for any reason after your move?

Many UK banks will not let you live overseas and continue to operate a UK bank account. They will shut down your account. Or even worse ask you to come into branch to prove your identity and your UK address. Imagine doing that in a situation similar to Covid.

Except HSBC. And they only allow you to have a UK HSBC account whilst you have an address in the EU (I think).

If you need a UK bank account after your move, then suggest you open an appropriate HSBC account before you move.  I am not sure if all HSBC accounts allow a EU address so you would need to investigate.

I have read on these boards Wise is not a banking service but a money transfer service. Do not keep any money in there for any length of time. Move it out to a Spanish bank or a UK bank ASAP. If you do keep money in Wise it is not covered by FSCS protection.

LillythePink

There are many forums for people who are looking to move and have moved providing a lot of useful information.

We are looking to retire there in the next 5-10 years and actively look at them and a spanish bank account is a must if you are planning on buying a place to live in.

Expat forum (no spaces) is one such site but there are many more

NoodleDoodleMan

brianposter said:

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.

As a non resident I wouldn't be eligible for a Spanish bank account.

Do all the major Spanish based banks impose such fees, or are some just worse than others - I'm just curious.

If I were a Spanish resident I expect I would want to go with Banco Santander who in recent years have arranged for customers to use the Euro Automatic Cash network ATMs fee free - as well as access to basic services at post office branches.

Of course, there may be negative aspects with BS.

Incidentally, I came across this - an account can be opened with a passport only. Not sure on the implications of that deal in practice though ?

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

greyteam1959

As a non resident I wouldn't be eligible for a Spanish bank account.
Of course you can have a Spanish bank account.
Thousands of people have one 

unforeseen

ISTR from when my daughter first moved there that for certain things a Spanish bank account is a requirement. 

J_B

NoodleDoodleMan said:

As a non resident I wouldn't be eligible for a Spanish bank account.

greyteam1959 said:

Of course you can have a Spanish bank account.
Thousands of people have one

We have a 'holiday home' in Cyprus and have had a CY bank account since 1996 (?)

NoodleDoodleMan

greyteam1959 said:

As a non resident I wouldn't be eligible for a Spanish bank account.
Of course you can have a Spanish bank account.
Thousands of people have one 

Interesting - I was under the impression you needed to have some degree of residential status to open an account with a Spanish bank. I haven't read the details in any depth of course.

Online searches highlight the requirement for NIE (Número de Identidad de Extranjero) or TIE (Tarjeta de Identidad de Extranjero) official documentation.

That aside, I can't see any advantages or benefits in having one - I have no plans to buy property there etc. - and they all appear to impose usage/maintenace fees in varying amounts according to the specific bank.

unforeseen

You WILL need an NIE if you live there. The need for one covers a wide area of normal living

You need a NIE to make any kind of transaction or payment that might involve the Spanish Tax Office – so it is important that you have one for any kind of financial, professional, or social affair that you engage with in Spain. e.g., buy a property, open a business, buy a car, rent an apartment, pay electricity bills, telephone bills, register your child in school, make an investment, etc. Note that tax registration is not always automatic when you obtain your NIE at the Spanish police, and you may need to go to the Tax Office to “activate” it.

NoodleDoodleMan

As I said - I have no intention of taking up any form of residency in Spain, so the NIE etc. is only of academic interest.

unforeseen

NoodleDoodleMan said:

As I said - I have no intention of taking up any form of residency in Spain, so the NIE etc. is only of academic interest.

You will still need an NIE regardless. It is not just to do with residency but includes anything official.

Don't forget that you will also need a visa to stay more than 90 days in 180.