Bank problem..

I suppose banking could get easier for TSB customers as Sabadell have taken over TSB banking.

Here is what they requested, fairly in depth information really....feels quite intrusive tbh....!

2Sheds wrote:What I find interesting is Sabadell having to know a persons UK bank account.

My experience is contrary to this. To the best of my knowledge, Sabadell haven't a clue about my UK bank account. I can't recollect ever being asked for it.
All of my transfers into my non res Sabadell account originate from my Currencyfair account.

I would be very cautious about keeping any serious amount of money in a Revolut account. Fine for day to day spending money but if it’s anything substantial I would have that elsewhere.

daz wrote:There seems from time to time many sabadell posts all to do with negative service. So Is it really worth the battle? Just switch banks, many other banks out there offer fee free banking with a few simple criteria met, I’m non res, with Santander zero account, the zero says it all, no fees. I won’t ramble on, go see them or any other bank and find out what they have.

Santander zero is ok for a day to day bank, but I would strongly urge anyone who is setting up in Spain to avoid using this account to make any substantial purchase (such as a property). The charges to draw a bankers draft are eye watering compared to other banks. It cost me a huge sum just to raise a cheque and comparing to other banks it was far greater. I was gutted to hand over such a fee for them to write a cheque...

Change to Bankia, the best of the Spanish banks

Algorfawoman wrote:Change to Bankia, the best of the Spanish banks

Everyone says their bank is the best when it works well for them but this topic is not asking for recommendations of other banks but is asking for advice to sort out a present bank problem.

Noel on Keys wrote:Thanks for replies and suggestions.... the problem actually started when we went for our residencia, we had transferred €15000 over from my pension lump sum from my Lloyd’s Uk account, Sabadell then accused us of having an undeclared German bank account ? It turned out that Transferwise sent the money from Germany...since then Sabadell has been been giving us hassle with our transfers...we will consider all the suggestions...someone recommended opening a Revolut online bank account and not using sabadell for general monthly spending....

In my earlier response, I suggested you contact Transferwise to ask them why the Eu 15k transfer was sent from Germany - have you done that? When "Sabadell then accused us of having an undeclared German bank account", what did they mean by "undeclared"? It's the Spanish tax authorities that would demand this information via completion of the Modelo 720 Declaration of Assets, prior to submitting your first tax return. Have you submitted your first tax return since obtaining Residencia?

In the absence of this, I can understand why Sabadell are asking for such detailed information. When the EU adopted FATCA (anti money laundering) regulations in 2015, most European countries made their banking industry responsible for collecting the required data. Not a lot happened in Spain for a couple of years, then in 2017 many of us started receiving requests from both our UK and Spanish banks to provide our National Insurance and NIE numbers, along with bank account details. Failure to provide the required information by the September deadline resulted in defaulters being reported to their respective tax authorities. It seems that, after a slow start, Spain is getting on top of this with a vengeance.

None of the information that Sabadell has requested, in the email which you've shared in this thread, goes beyond what you would have to declare to the Spanish tax authorities in your Modelo 720 and is almost certainly Sabadell's requirement for complying with anti money laundering regulations, so you're probably best to just give it to them and get your money released.