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Advice on setting up Banking for our holiday villa

Advice on setting up Banking for our holiday villa

Postby Jonathandunwell » Sun Aug 26, 2018 7:31 am

hello everyone,
We have agreed to buy a Villa and have paid our deposit.
I am just wanting some general advice,
I think its best to use a transfer line to move our money into euros.
Is this correct and can anyone recommend someone please.
If it isnt can you please asvise.

Also our solicitor has offered to set us up a Spannish bank account.
We want one that we can use cash cards in and around benimar and Quesada area with noncharges from using it either in shops or getting money out of a machine.
Can anyone recommend one please.

Many thanks in anticipation.
Kind regards
Jon
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Re: Advice on setting up Banking for our holiday villa

Postby mondo » Sun Aug 26, 2018 7:57 am

We have a UK bank account and have our pensions paid into that, then Currencies Direct transfer a set amount every month... I can and have changed the amount to pay for extras and there is no problem with that... Lots of folk will recommend other companies and it is difficult to sort the wheat from the chaff... some will say their transfer is free, but then the exchange rate is a bit higher... you must make your own decision. We use Bankia and it is free. They have a bank in Rojales. Free credit card, almost free to withdraw money from ATM.... easy English online banking etc...

But it will also depend if you are resident or use the house just for holidays...

...
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Re: Advice on setting up Banking for our holiday villa

Postby iant » Sun Aug 26, 2018 8:27 am

As Mondo says You will get many differing replies. We use transferwise to transfer money as and when needed. My advice is to shop around and see who will give you the best deal especially for the money to purchase. For living expenses use a bank you are happy with and can trust, as a cent here or there is not going to change your life. Best be happy with your bank and sleep easy. If you are not going to be here all year perhaps your UK bank has a spannish link.
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Re: Advice on setting up Banking for our holiday villa

Postby Yan » Sun Aug 26, 2018 9:00 am

Santander in Quesada, the initial setup was easy, it's a bit of a sleepy branch but once the main business was concluded we only use the free hole in the wall now. Lots of branches throughout the region. Currencies Direct to transfer sterling to euros have always been very reliable. Just set up the account yourself online. You'll then spend the rest of your life studying the money markets lol and decrying the state of the pound against the euro.
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Re: Advice on setting up Banking for our holiday villa

Postby suzi wong » Sun Aug 26, 2018 9:44 am

We use Sabadell in Benijofar for Spanish bills,one free debit card,free to draw money out of their ATM & free to use for shopping,but charges for account are 30euro a quarter.As as been said before if you transfer 700e amonth account is free,but if you are not going to live here you probably wont move that ammount. We just transfer £150 a month just to cover bills etc. & use Sabadell for transfer because even with best user the rate is poor for such a small amount. If you have a UK Santander debit card that's the most economical way to draw euros in Spain,as long as you use the Santander ATM,the withdrawl is free & you get the libor bank rate,but don't use it to spend as they charge £1.50 every time you do.We use a Santander zero credit card for large spends no charge & again get the libor bank rate.There are one or two other UK credit cards that do the same. Hope that helps.Of course you need to settle the bill every month so as not to pay interest.
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Re: Advice on setting up Banking for our holiday villa

Postby Paul Stotesbury » Sun Aug 26, 2018 2:14 pm

Sabadell for banking and Currencies Direct for transfers. We have no problems!!
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Re: Advice on setting up Banking for our holiday villa

Postby daz » Sun Aug 26, 2018 10:22 pm

In response to all those who pay any kind of bank related fee, I write this again in the hope it helps you.

I’m always looking to save money and after a thorough hunt, I now have a Santander ZERO account, - free to use just like any regular uk account, ''IF'' you pay 600eu a month in, (which I do via ‘’Transferwise’’), and have 2 DD's set up (electric and water). branch advised me would still be free for me even if missed paying in on the odd month. so far (8 months) has been totally free, free Santander machine withdrawals, free debit card payments, so for me, the best one so far. Go see them, see if it’s for you. good luck in your search.

Likewise, if you find a better deal, then I would like to know too.

select your branch location carefully though, because unlike the UK when any branch will help you if you are their customer, in Spain, that is the only branch that will work with you when you need to query something. good luck
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Re: Advice on setting up Banking for our holiday villa

Postby maryann » Mon Aug 27, 2018 12:51 am

Sabadell is our bank and Smart Currency transfers money each month to Spain. Works well.
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Re: Advice on setting up Banking for our holiday villa

Postby pjdkca » Mon Aug 27, 2018 9:25 am

I've just last week bought a villa in CQ. I am using Sabadell for banking and have a mortgage with them Great and quick at replying to emails. I use currencies direct to transfer from my UK bank account. They are recommended by money saving expert as well
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Re: Advice on setting up Banking for our holiday villa

Postby iant » Mon Aug 27, 2018 9:47 am

Most banks have a zero charge account if you pay an set amount in every month. I am with BBVA and have been for a long time satisfied,but a bit miffed when they closed Quesada branch and never even left an ATM Now a trip to Rojales to draw money.
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