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Setting up a Bank Account

Posted: Sat Jan 8, 2022 11:51am
8 replies215 views4 members subscribed
Geordiemark

Posts: 3

Location: Arboleas

Joined: 22 Oct 2021

Hi All

As promised I'm back asking questions. 

We have now heard from our solicitor regarding our villa purchase in Los Carrascos. All the checks with the Town Hall have been processed and he's drawing up the deposit contract.

He's obtained our NIE numbers and I'd like some advice/opinions on the best banks to use to set up a fee free (or as near fee free as possible) current account.

Now I have my numbers can I set my account online or does it need a visit in person?

Thanks in advance.

Mark & Sharon

DarioMartin

Posted: Sat Jan 8, 2022 7:34pm

DarioMartin

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Posts: 3668

4136 helpful points

Location: Vera

Joined: 16 Aug 2017

Posted: Sat Jan 8, 2022 7:34pm

If it’s a physical bank, you can set up via your solicitor but will be an “in person” visit to collect any bank cards.

Fee free - two I know of : Sabadell (who I use), requires a minimum of 700€ going into the account per month and it is 100% fee free.  I have been with Sabadell since 2014, zero centimos paid in fees of any kind - including for cards.

Wefferent account - 100% online and as long as you don’t visit the branch, no fees at all of any kind.  I THINK Wefferent is via Cajamar

John99andrew

Posted: Sat Jan 8, 2022 9:28pm

John99andrew

Helpful member

Posts: 519

302 helpful points

Location: Arboleas

Joined: 29 Nov 2017

Posted: Sat Jan 8, 2022 9:28pm

DarioMartin wrote on Sat Jan 8, 2022 7:34pm:

If it’s a physical bank, you can set up via your solicitor but will be an “in person” visit to collect any bank cards.

Fee free - two I know of : Sabadell (who I use), requires a minimum of 700€ going into the account per month and it is 100% fee free.  I have been with Sabadell since 2014, zero centimos paid in fees of any kind - including for cards....

...

Wefferent account - 100% online and as long as you don’t visit the branch, no fees at all of any kind.  I THINK Wefferent is via Cajamar

Dario I don’t know how you get this account fo free we have been with sabadell for three years expansion account last year they Said we had to take an insurance policy out of some kind just another way of adding chargers so indirectly adding chargers

DarioMartin

Posted: Sun Jan 9, 2022 9:10am

DarioMartin

Legendary helpful member

Posts: 3668

4136 helpful points

Location: Vera

Joined: 16 Aug 2017

Posted: Sun Jan 9, 2022 9:10am

John99andrew wrote on Sat Jan 8, 2022 9:28pm:

Dario I don’t know how you get this account fo free we have been with sabadell for three years expansion account last year they Said we had to take an insurance policy out of some kind just another way of adding chargers so indirectly adding chargers

I have an investment account with them also - not a big one, just a few hundred €; that’s enough to keep the Expansión account and stay fee free.

John99andrew

Posted: Sun Jan 9, 2022 9:43am

John99andrew

Helpful member

Posts: 519

302 helpful points

Location: Arboleas

Joined: 29 Nov 2017

Posted: Sun Jan 9, 2022 9:43am

DarioMartin wrote on Sun Jan 9, 2022 9:10am:

I have an investment account with them also - not a big one, just a few hundred €; that’s enough to keep the Expansión account and stay fee free.

So it’s not actually free banking, we had to take out property insurance last year to qualify for free banking we used to get our insurance for the property a lot cheaper from a broker in Albox so we are losing out we where told by the bank last year if we did not take something out they where going to add charges, so you’re post saying that sabadell is free banking is not true.

DarioMartin

Posted: Sun Jan 9, 2022 10:11am

DarioMartin

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Posts: 3668

4136 helpful points

Location: Vera

Joined: 16 Aug 2017

Posted: Sun Jan 9, 2022 10:11am

John99andrew wrote on Sun Jan 9, 2022 9:43am:

So it’s not actually free banking, we had to take out property insurance last year to qualify for free banking we used to get our insurance for the property a lot cheaper from a broker in Albox so we are losing out we where told by the bank last year if we did not take something out they where ...

...going to add charges, so you’re post saying that sabadell is free banking is not true.

Errrr …. Please read what I just wrote …. I’m not paying insurance - all I have is the expansion and my small investment account - no monthly outlay, no insurance, nothing else.

And I pay NO fees.  None. Nothing. Nada. 

So, yes, my assertion that Sabadell offers FEE free banking is indeed true

Juliet Diaz

Posted: Sun Jan 9, 2022 10:50am

Juliet Diaz

Helpful member

Posts: 130

120 helpful points

Location: Vera Playa

Joined: 23 Aug 2019

Posted: Sun Jan 9, 2022 10:50am

Geordiemark wrote on Sat Jan 8, 2022 11:51am:

Hi All

As promised I'm back asking questions. 

We have now heard from our solicitor regarding our villa purchase in Los Carrascos. All the checks with the Town Hall have been processed and he's drawing up the deposit contract.

He's obtained our NIE numbers and I'd like s...

...ome advice/opinions on the best banks to use to set up a fee free (or as near fee free as possible) current account.

Now I have my numbers can I set my account online or does it need a visit in person?

Thanks in advance.

Mark & Sharon

Hi,

We are also having to find a good bank as our lovely, helpful Bankia has been taken over by  Caixabank and they've started charging us an exorbitant amount. From my research Wefferent is 100 % free but everything must be done online. N26 is free and although not Spanish it can be used for Spanish direct debits, and BBVA advertise a free account but I don't know much about that yet. As far as I am aware all other banks require minimum deposits or that you purchase another product from them if you wish to avoid fees. Something else to bear in mind, make sure there's an ATM near you that allows free withdrawals from the bank you choose. 

DarioMartin

Posted: Sun Jan 9, 2022 11:31am

DarioMartin

Legendary helpful member

Posts: 3668

4136 helpful points

Location: Vera

Joined: 16 Aug 2017

Posted: Sun Jan 9, 2022 11:31am

Juliet Diaz wrote on Sun Jan 9, 2022 10:50am:

Hi,

We are also having to find a good bank as our lovely, helpful Bankia has been taken over by  Caixabank and they've started charging us an exorbitant amount. From my research Wefferent is 100 % free but everything must be done online. N26 is free and although not Spanish it can be used for Sp...

...anish direct debits, and BBVA advertise a free account but I don't know much about that yet. As far as I am aware all other banks require minimum deposits or that you purchase another product from them if you wish to avoid fees. Something else to bear in mind, make sure there's an ATM near you that allows free withdrawals from the bank you choose. 

I believe any of the physical (i.e. non online) banks will require some quid pro quo for a fee free account - they are after all a business and not a charity - whether it’s a minimum monthly payment into the account or use of their investment/insurance products or a combination of both (like Sabadell)

yes, I believe Wefferent is 100% fee free but as you state, everything must be done online and you are liable for charges if you need to go into a branch and speak to someone for any reason

John99andrew

Posted: Sun Jan 9, 2022 6:52pm

John99andrew

Helpful member

Posts: 519

302 helpful points

Location: Arboleas

Joined: 29 Nov 2017

Posted: Sun Jan 9, 2022 6:52pm

DarioMartin wrote on Sun Jan 9, 2022 10:11am:

Errrr …. Please read what I just wrote …. I’m not paying insurance - all I have is the expansion and my small investment account - no monthly outlay, no insurance, nothing else.

And I pay NO fees.  None. Nothing. Nada. 

So, yes, my assertion that Sabadell offers FEE free banking is indeed true

I will call in at the bank and challenge them about it

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