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Posted: Thu Sep 5, 2019 5:49pm
14 replies486 views7 members subscribed
Heather0808

Posts: 12

Location: Mojacar

3 helpful posts

Hi we are relocating to Mojácar in the next week.

At current we bank with Tesco’s who have informed us we can not keep our account open once we move. This is creating lots of stress as my husbands pensions are paid into this account.

I have a Lloyd’s account and could possibly open a joint account to transfer our savings from Tesco and to get the pensions paid into. Is it better to open an international account with them or just change the address to my sisters until we are settled in Mojácar. We intend opening a Spanish account once there but really didn’t want the hassle of changing the pensions.

Any advice would be great-fully appreciated.

Thanks Heather and Steve 

PuffTheMagicDragon

Thu Sep 5, 2019 8:09pm

Posts: 82

Location: Oria

35 helpful posts

Posted: Thu Sep 5, 2019 8:09pm

I don’t know if things have changed (maybe they have with Brexit looming) but when we got our ‘Government’ pensions, they HAD to be paid into a Spanish account!

I opened a Yorkshire bank account, and my wife opened a Clydesdale bank account while we’ve been living here, we both have our private pensions paid into these accounts

Puff

Heather0808

Heather0808

Original Poster

Thu Sep 5, 2019 8:12pm

Posts: 12

Location: Mojacar

3 helpful posts

Posted: Thu Sep 5, 2019 8:12pm

Thank you

Ian123

Fri Sep 6, 2019 12:52am

Posts: 22

Location: Garrucha

14 helpful posts

Posted: Fri Sep 6, 2019 12:52am

As I am not a pensioner I can’t comment on the rules re where pension payments can or cannot be paid. 

However I have UK GBP current accounts with HSBC and Barclays with both accounts using my Spanish address. 

In addition if you don’t mind branchless banking you could try a Transferwise account. They provide a UK GBP account a Euro account and US$ account all with individual IBAN numbers. They provide a single multi currency debit card that allows you to pay in Euros in Spain and GBP in UK, assuming the individual accounts have sufficient funds. In addition you can move money between currencies online on the internet. All this took about ten minutes to set up online and the card was delivered to our condo here in Vera within a week  

For Spanish bank I have previously and will continue to do so, recommended Sabadell. Branches in Vera Pueblo and Mojácar Playa both have English speaking staff and you can set up ATM to operate in English when you insert your card

He this helps  

John99andrew

Fri Sep 6, 2019 12:58am

Posts: 106

Location: Arboleas

18 helpful posts

Posted: Fri Sep 6, 2019 12:58am

I have my private pension from the uk paid into santander uk they allow you to have a uk account even when you don’t live in the uk also you can draw money from that account from santander in Spain, it is they are the Same bank but are run separately 

Our Spanish bank is sabadell where I have my state pension paid directly in to it, and we occasionally have money transferred santander uk into to Moneycorp they then transfer it to sabadell expansion account

Heather0808

Heather0808

Original Poster

Fri Sep 6, 2019 8:57am

Posts: 12

Location: Mojacar

3 helpful posts

Posted: Fri Sep 6, 2019 8:57am

Thank you great to know.

chrisso50

chrisso50

Helpful member

Fri Sep 6, 2019 9:52pm

Posts: 354

Location: Roquetas de Mar

291 helpful posts

Posted: Fri Sep 6, 2019 9:52pm

My understanding is that under the existing EU laws any bank (in the UK) is obliged to continue to allow you as a U.K. citizen to operate a current debit account with them. As long as you reside within the EU it is not a problem. Tesco need to liaise with their Head Office!

We retain our Nationwide account in the U.K. into which the occupational pension is paid. That account is also used for rental income as we rented our house out when we moved to Spain last year. So our U.K. account is still used regularly.

Our U.K. state pension is paid each 28 days into our Spanish bank account, Sabadell. It’s paid in in euros and varies each month according to the rate of exchange. 

We transfer monies from our U.K. Nationwide account to the Sabadell account from time to time using Transferwise via the internet, which is far cheaper than using the usual interbank system.

Hope this helps! Tesco Bank is a bank like any other and should not be allowed to get away with telling porkies! It may be worth you contacting the banking ombudsman...

John99andrew

Fri Sep 6, 2019 10:24pm

Posts: 106

Location: Arboleas

18 helpful posts

Posted: Fri Sep 6, 2019 10:24pm

You have just said exactly as I have just said 

Heather0808

Heather0808

Original Poster

Sat Sep 7, 2019 8:47am

Posts: 12

Location: Mojacar

3 helpful posts

Posted: Sat Sep 7, 2019 8:47am

Thank you

Autotron

Wed Sep 11, 2019 12:07pm

Posts: 2

Location: Mojacar

Posted: Wed Sep 11, 2019 12:07pm

I live in the UK with a house here in Mojacar and used the Cajamar in Mojacar for the last year. If you get used to waiting in a que to open a new bank account they were very helpful and all (most) in English. I have debit and credit cards that used in any ATM anywhere are in English.

The online banking (which I access from the UK) is very good and also all in English. Setup my payments of the local bills and taxs to pay from the IBAN number of my account.

Payments from the UK or anywhere just go to the IBAN account number.

Just have to get used to calmly waiting your turn. Quite good really and I am happy to wait a bit in Mojacar rather than my local UK town bank (if there is one).

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