Talk Quesada forum

Posted: **Fri Mar 06, 2020 8:34 am**

Mooseh wrote:Maybe I can look into this in the future, you need a Spanish address to open an account.

RE N26 account........
Not necessarily, we have a Spanish address but used a local mail drop address as our communal mailboxes aren't very secure. I don't think they'll accept a post box address (try it?) but they will accept a mail drop address. You only need this to receive your debit card.

Posted: **Fri Mar 06, 2020 9:44 am**

Still in the process of buying so i dont have an address yet. The address you give them would be the address they send all future personal information to so it would have to be a permanent or secure address.

Posted: **Fri Mar 06, 2020 1:41 pm**

Kenbo wrote:
Mooseh wrote:Great, not sure why they state that it will only be possible with iban numbers starting with BE?

So after you close your Bankia account, you will only have your transferwise account to pay bills, d/d's etc.

Hope this works for me too, I will create a Sabadell account for the house purchase and close it down afterwards.

Yes, once the Bankia account is closed I will just have the Transferwise, well I have a Starling account as an option for drawing Euros, oh and a Santander too lol....but for house running costs, paying any trades people, shop purchases in Spain its Transferwise.

As for the IBAN numbers, when Transferwise first started up their bank account was based in Germany and therefore the number was prefixed DE, they are moving their account to Belgium so its BE, its not a problem, the direct debits work.

Have you asked your Solicitor of the possibility of completing your house purchase with Transferwise? Maybe the problem with them is the bankers drafts ??
I think it was PGA who posted that he got stung by Santander's costs for bankers drafts, if your Solicitor insists that you have to have a Spanish account to complete the process maybe shop around for the costing of the bankers drafts and then as you said close it, I think that you will have to do this in person and they will have their first year charges out of you, so maybe another reason to shop around initially.

I can only speak for myself but I have read so many mixed reviews about Sabadell, plenty of people who post on here are with them and have no problems but others seem to say that they charge you just for drawing breath lol, horses for courses I guess, the Solicitor's seem to refer new clients to them ? Wonder who's best interest that is in ? Lol.

I think that is the best bet. To be fair, I have been more than happy with my Santander Zero account, other than that initial punch in the face with fees.

Just dug out an email I sent at the time. Santander charged me 0.7%. When I researched, Sabadell's Key Account was 0.4%. When buying something for six figure sums, that can be a big enough difference to smart.

I do think if I were to do it again I would be inclined to focus on the "right" account to buy the house, and once bought then perhaps look at it all again. Hopefully it wont be long before these challenger banks like N26, Revolut, Monzo etc can deal with the direct debits etc so to be able to solely run one of those. There are a few threads recently suggesting this may now be possible, albeit I pay no fees for my Santander account so haven't read into them in any detail.

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