Bank accounts for Spain and portugal (1 Viewer)

[Northernraider]

As my departure grows nearer one of the things I've not sorted yet is my bank account.

How do people travelling long term in Spain etc access their funds without incurring loads of charges and conversion fees ?
Normally when I'm just away a week or two I carry my euros in cash but I can't do that for a years travel.

I bank with bank of Scotland at the minute
Any recommendations?

 

[tonka]

Have Nationwide current flex plus account..
Put my card in the Spanish hole in the wall. Take out Euros thingys.. Sorted. No fees..

OK, a fee of £13 a month but.
European breakdown cover, up to 7.5t and 8mtr so includes motorhome.
Travel insurance (limited days but handy for some trips)
Free withdrawals
Plus several other benefits.. Keeps some cash in the account and pays 5% interest so that pays some of the fees.

 

[chaser]

Halifax clarity

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[denisejoe]

If you're only travelling in Spain then a Santander debit card has no fees. Also the Zero credit card has no fees as long as you pay in Euros and not pounds.

Denise

 

[Northernraider]

Have Nationwide current flex plus account..
Put my card in the Spanish hole in the wall. Take out Euros thingys.. Sorted. No fees..

OK, a fee of £13 a month but.
European breakdown cover, up to 7.5t and 8mtr so includes motorhome.
Travel insurance (limited days but handy for some trips)
Free withdrawals
Plus several other benefits.. Keeps some cash in the account and pays 5% interest so that pays some of the fees.

I currently pay 15 a month for my account but I don't want that , mainly as for this year I'm living off savings so there will be no income being paid in , the travel insurance is no good for my long-term trip I need different insurance for that, the breakdown cover I have already with my motorhome insurance so I no longer want to be paying 15 a month for an benefits I don't need

But I do want to be able to withdraw euros from cash machines in Spain Portugal and gran canaria and pay for fuel etc with my debit card
I had wondered if it was worthwhile me opening a Santander account and transferring the savings I'll be living off in to that

 

[magicsurfbus]

If you're only travelling in Spain then a Santander debit card has no fees. Also the Zero credit card has no fees as long as you pay in Euros and not pounds.

Denise

I agree. Santander is the logical choice for Spain, given where Santander is - I'm pretty certain there's no charges for using their local cashpoints as well as the above benefits.

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[davanne]

Nationwide flex plus for us too

 

[Just smiffy]

You need the Revolut card, that’s all @JJ uses ..... I’m sure he’ll tell you about how good it is...

It’s all we use...

 

[The Nomad]

Just be aware that Santander bank in the UK is a totally different company to Santander bank in Spain.
Same parent holding company, but they are completely different and separate operating companies.

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[JockandRita]

Metro debit card for fee free withdrawals, and Nationwide credit card for fee free purchases....................paid off in full when the statement comes out.

Cheers,

Jock.

 

[Yorick]

We have a Caixa bank account (Spanish). They have a special account for Johnny forriner. Stick some dosh in that when the rate is good. No problemo

 

[cantonalegod]

As previously stated Halifax Clarity...especially if you have a Halifax current account. As soon as the cash withdrawl appears on my app i pay it off! No interest and full bank rate!

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[Minxy]

Credit cards: a Halifax Clarity credit card and/or Aqua credit card (which pays 0.05% cashback) with no charges for using it abroad for purchases.

Debit & cash cards: for ATM and general spending a Revolut* pre-loaded card and a Sterling Bank debit card (pays you small amount of interest on account balances), both of which allow fee and interest free withdrawals abroad (*2% fee if you take out anything over €200 pcm with Revolut).

 

[2657]

The Revolut is not the best for euro cash withdrawals as the fee free limit is €200/month but is definitely best for conversion rates and use as a debit card.

 

[Minxy]

The Revolut is not the best for euro cash withdrawals as the fee free limit is €200/month but is definitely best for conversion rates and use as a debit card.

To be fair though the better conversion rates pretty much pays for the 2% fee anyway.

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[StephandJohn]

Caxton card. We load it with euros before we go and can carry on loading it from our Santander 123 current account as we need to when abroad.

 

[BreweryDave]

Easy to open a non-residents account in Spain, then transfer funds as and when it suits you or when the rate is better. Probably best to find a branch in a 'tourist' or ex pat favoured area for the best chance of English speaking staff. No need for a Spanish address, uk address is suitable. May need an NIE number but easy to get.
I use TransferWise every month or as and when needed, from uk bank where money is held direct into Spanish account, easy to use app, good rates and all done at the touch of a button. You then have a € account so no need to worry about the various cash cards out there, and can use the debit card all over €land with no charges, except small ATM fees if at a different bank. And no exchange rate worries.
TBH I don't know why more snowbirds don't do it!!!

https://transferwise.com/i/davidh806

 

[EuroTrotters]

Nationwide for us.

But Also have Santander Spanish and UK Accounts. Problem with Spanish 1-2-3 Accounts (Cuenta 123). You have to be a permanent resident. Banking can be very expensive in Spain.

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[JJ]

REVOLUT

(If you are a couple... get one each... €100 a week totally free and 2% after that on CASH only.)

Use the card for buying stuff free of charges... and at inter bank exchange rates.

There are SO many other advantages as well...


JJ

 

[Northernraider]

Thanks for the info I'll go look at some of these options

 

[SMB]

Caxton card for cash withdrawals. Halifax Clarity card for credit purchases. I also have a Barclaycard Platinum credit card which apparently gives a perfect exchange rate until 2021 I think, I have one but haven't tried it yet

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[Clickem]

Another vote for the Halifax Clarity CC and the Nationwide Debit, with the Caxton card as a backup

Having had a house and two bank accounts in Spain for over 12 years I would recommend that you do not open a bank account there. Spanish banks charge you for looking after your money and for anything and everything else that they can

If you find an account that seems to have reasonable/no charges, when they have signed up sufficient of customers, they move the goalposts

 

[denisejoe]

Just be aware that Santander bank in the UK is a totally different company to Santander bank in Spain.
Same parent holding company, but they are completely different and separate operating companies.

True but you definitely don't have to pay for cash withdrawals or Zero CC charges using it in Spain. There would be charges using the debit card in any country though so not good for Portugal.

I use a Metro debit card for cash and everything else goes on to a Santander Zero CC or Nationwide CC, both of which are paid off by DD every month. If I use my Metro CC then I pay it off immediately after using it.

Denise

 

[MitchandJenny]

Halifax Clarity here too.
Mitch.

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[Minxy]

REVOLUT

(If you are a couple... get one each... €100 a week totally free and 2% after that on CASH only.)

Use the card for buying stuff free of charges... and at inter bank exchange rates.

There are SO many other advantages as well...


JJ

Just to correct the info above, it's €200/£200/$200 each per month per person which is free of charge when withdrawing cash out of ATMs (unless the ATM provider charges), over that there's a 2% commission charge if you take out more (but only on the cash over the 200 figure) but no other charges. If you have a Revolut card each obviously you can get double this out per month.

The Revolut exchange rate is better than other pre-loaded card providers, beating some by a few cents, so even if you do incur the 2% charge you're not likely to be out of pocket anyway.

 

[Podney]

Just to correct the info above, it's €200/£200/$200 each per month per person which is free of charge when withdrawing cash out of ATMs (unless the ATM provider charges), over that there's a 2% commission charge if you take out more (but only on the cash over the 200 figure) but no other charges. If you have a Revolut card each obviously you can get double this out per month.

The Revolut exchange rate is better than other pre-loaded card providers, beating some by a few cents, so even if you do incur the 2% charge you're not likely to be out of pocket anyway.

The way I read it,you are both saying the same thing!? JJ/Minxy

 

[Minxy]

The way I read it,you are both saying the same thing!? JJ/Minxy

Not quite ... if you withdraw €100 each week then for example in a 31 day month which starts on Monday 1st the last withdrawal would fall on Monday 29th (week 5) so being in the same calendar month you would be charged 2%. Not a likely scenario for most but something to bear in mind.

https://www.revolut.com/faq?lang=en#are-there-limits-to-my-revolut-account

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[Northernraider]

Ahhh so much info I have brain freeze lol

I don't actually have a credit card never needed one and not sure they would give me one if I'm not working for a year.
I'll have a look at the revolut card that seems an idea and I'm going to go in to my local Santander branch tomorrow and ask them for advice on having an account with them.

I tend to use my debit card for fuel gas supermarket shops etc but cash for smaller purchases

 

[Dorset Diver]

In Spain use a Santander debit card to draw cash from Santander branches. Commercial exchange rate of the day and no charges.

Otherwise in most countries use a Santander credit card, pay in local currency and get the commercial exchange rate of the day and no charges. Used to only apply to Santander Zero cards but now applies to their standard card as well.

 

[Falcon 269]

Recent convert to Revolut here. Rate much better than Caxton and with two cards in our family, that's 400 euros per month we can withdraw without incurring the 2% surcharge.

Also, you can charge your Revolut in sterling and leave it in that currency until either you need it in euros, or the rate is particularly good in which case it makes sense to shift a bit from the sterling 'wallet' to the euro 'wallet'.

Another thing you can do if you have a Spanish bank account is use the Revolut to transfer sterling to euros and then send it to your Spanish account at the most advantageous rate. Quick, too.

Being able to manage all this in moments on the phone app makes Revolut a very convenient tool for money management, not just in Spain and the euro, but in many other world currencies, too.

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