Avoid or Reduce Bank Charges in Spain
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The basic Santander Everday current account has no requirement for direct debits - the key condition for fee free ATM use at Santander branded machines in Spain and Canaries is the need to have it funded with a minimum £500 monthly.Unless the T&C has changed, it should not be any charge to use Santander Debit Card such as Santander 123, Santander 123 lite, Santander Zero, to withdraw cash "using Santander Cash machines in Spain". If my memory serves well, it is written in the T&C given that you keep paying the minimum amount required by the account and (2 DD?).
It is the best Santander debit card account for Spain for this purpose.0 -
Err I have one, I am British and resident here, but I was just pointing out their ATM's levy a charge for non Cajamar cards as that is what the thread is aboutNoodleDoodleMan wrote: »A Cajamar account will not be available to a British citizen resident in the UK though.Save 12k in 2020 #19 £12,429.06/£14,0000 -
I was always under the impression that Brits had to be resident in Spain to have a Spanish bank account.Err I have one, I am British and resident here, but I was just pointing out their ATM's levy a charge for non Cajamar cards as that is what the thread is about
Apologies if that is not the case.
I also understand that some (?) Spanish banks charge customers fees for having an account - fees that we don't have in the UK.0 -
NoodleDoodleMan wrote: »A Cajamar account will not be available to a British citizen resident in the UK though.Err I have one, I am British and resident here, but I was just pointing out their ATM's levy a charge for non Cajamar cards as that is what the thread is aboutNoodleDoodleMan wrote: »I was always under the impression that Brits had to be resident in Spain to have a Spanish bank account.
Apologies if that is not the case.
I also understand that some (?) Spanish banks charge customers fees for having an account - fees that we don't have in the UK.
I Wonder Skid if you can give us a brief rundown of what you need to do to open a Spanish bank account.
I assume you need an address in Spain or can you have an address outside Spain?
What ID do you need?
Is the process as tortuous as some other official processes in Spain?
Are there charges for having an account?
Are there transaction fees?0 -
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Thanks NoodleDoodle for the informative link on opening bank accounts in Spain.
Here's a rundown of the main points.
For non residents, who spend less than 6 months in Spain
To open a non-resident account, you will need the following:
A valid, current passport.
A document that proves your address in Spain, utility bill.
A document proving your employment status. A payslip, tax return or a government document showing you are unemployed, or receiving a state pension will suffice.
The bank may require a ‘certificate of non residence’. They're available from Spanish police stations, or the bank will get it for you at a cost of around €15.
Generally there are charges to maintain an account & for transactions.
So only probably worth it if you have a home in Spain so you can transfer larger amounts of money to Spain or to pay bills.0 -
This is well over 2 years old - please note.
https://www.thisismoney.co.uk/money/saving/article-4264612/Santander-offers-3-current-account-Spain.html0 -
Apologies for the late reply.
The recent replies are mainly correct, however, if you have a Spanish bank account as a non resident you are liable for tax, there isn't a free for all escape from the Spanish taxman. Whilst the money in the account will not be taxed at source be prepared for an annual inspection for any additional monies that go into the account. There is also non residents tax to be paid on any Spanish assets that are owned, such as property. As all utilities are taken from the bank account this is inescapable as its a prerequisite for buying a property.
Santander have more information on non resident accounts here https://www.bancosantander.es/es/particulares/cuentas-corrientes/non-resident-bank-account-spain
Cajamar here, https://www.cajamar.es/en/particulares/productos-y-servicios/ahorro-e-inversion/cuentas-a-la-vista/cuenta-global-account/
Cajamar include a provision on interest received being treated as capital gains and taxable in SpainSave 12k in 2020 #19 £12,429.06/£14,0000 -
i still think that using a Santander debit card in a Santander ATM is the best option to avoid fees charged by Spanish banks for using ATMs. Contrast that with TSB who is owned by Sabadell.
If I take out the equivalent of £200 on my TSB card from a Sabadell ATM in Spain. TSB will charge me 2.99% non sterling transaction fee = £5.98 and a non sterling cash fee of 1.5% = £3.00 then Sabadell charge €1.80 for using the machine. Thats a total of around £11.00 from tsb and Sabadell.0 -
Seconded, Santander will have a presence just about everywhere in Spain.i still think that using a Santander debit card in a Santander ATM is the best option to avoid fees charged by Spanish banks for using ATMs0
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