On reading a leaflet I got from my British bank (in Britain), a couple of points come out. Of course you�ll always pay for currency conversion, but the question is what else?

i) to do wire transfer *TO* Britain, they would charge me only GBP 7 (less than 11 euros), flat rate. This makes Spanish banks look very expensive.

ii) there�s a special scheme for electronic transfer of EUROS from UK *TO* Spain, which is cheap (they would charge me GBP 5.50) but the value can�t exceed 4500 euros. It�s called Economy International Money Mover. You�d
still need to pay the Spanish bank as well.

iii) apparently SCH (Spanish bank) changes Amex travcheques for free.

This is a rather solipsistic thread, but here goes anyway:

i) Uno-e actually charges 0.25% for wire transfer,
I said 0.5% before.

ii) It seems that the amount you get charged for cash withdrawals using a card is less if you�re withdrawing from a EURO account within the EU (i.e. not just the eurozone): 2% rather than 4%

iii) There�s a magazine called Inversion which
has comparisons of banking products.

iv) A glossary of business/banking terms...
I found this using Google, there seem to be lots
of thers too.

http://www.ctv.es/USERS/amiles/glossaryhome.htm

Hi Stephen2,

quote:

This makes Spanish banks look very expensive.

Yes indeedy, tis well known that they are amongst the most most lucrative banks on earth.

quote:

iii) apparently SCH (Spanish bank) changes Amex travcheques for free.

BSCH (Banco Santander Central Hispano) offers that service but one should check the exchange rate they give you on the Amex travellers checks. They may change them for free but give you a lower exchange rate than another bank, hence making their profit there. Always have to question those great deals and "free" services.

Thanks for all your info on this thread, it is proving itself invaluable

Saludos,
jer...

Hey all, just wanted to give a bank account update. This morning I went to a few banks, Caja Madrid, BBVA, and they wouldn�t allow me to open the bank account without the certificado de non residente. But as Jer said, I went to la Caixa en Arenal and they know the multimadrid ppl and they were so nice, they said no problem, photocopied my passport and ya esta! So I dunno what the deal is with other banks, but la Caixa, at least that one, no problem! -Joy

i have been to several banks and it was always the same:
it depends on your dress and appearance. when i went there during work with tie and suit i was treated perfect and nothing was a problem. but when i tried this on a free day in my "casual" look (maybe to scruffy??), they started to ask for docs and things got much more complicated. don't ask me why, because they should have some rules for everybody, but that's the way things go in spain...
anyway, a tarjeta residente is very helpful if you want to work with internet-banking etc. a few weeks ago citibank offered you 50 euros for opening an account there (1st year free, afterwards they bleed you white...). the guys at bancaixa seemed to be quite trained and helpful (in compare with the rest of the bunch)...

Hey Joy, glad my peeps at La Caixa let you in without any questions nor problems

I always have them laughing (with me, not at me ) whenever I go in.

Jordan, I agree that they should treat everyone the same but this is not only a Spain thing, it happens everywhere.

However... when I opened my account at La Caixa on Calle Arenal I recall I was most likely dressed a mess (as usual) and no problems.

Guess we can't make heads or tails of this banking thing but I can recommend that EVERYONE go to the La Caixa branch on Calle Aerenal #24 (just off Puerta del Sol).

They are the BEST!!! and WILL treat ya right.

Tell em I sent ya (enchufe baaaaaabyyyy!!! )

Saludos,
jer...

hey all, maybe i didn't get that, but did/can anybody explain the difference between opening an account as resident/non-resident?
just read the thread about tarjeta residencial (which yo don't need anymore as eu citizen)...

Hey Jordan, the differences between a resident and non-resident account...

1) The aforementioned NIF (N�mero de Identificaci�n Fiscal) is not needed to open a non-resident account.

2) The account maintenance fees are a bit higher for non-res. accounts than they are for res. accounts. The fees will depend on the bank but even for a non-res. account they do not usually exceed 4€ (Euro) per month.

3) The interest paid on your savings in a resident account is subject to "retenciones", or in other words, it is considerd taxable income (no matter how little it may be). The interest you earn on a non-res. account is not subject to taxes (the govt. has no idea you even earned it due to the lack of a NIF).

That's it!!!

Ok, I was at my bank this morning and asked why Queensite ("Besos Joy" ) was told at 3 different banks (BBVA, Caja Madrid and Banco Santander Central Hispano) that she could not open a non-res. account without a "carta de no-residente" (non-residency letter) and they said that it was probably because the bank employee did not want ot bother opening the account or just wanted to give her a hard time. Chalk it up to that "excellent" Spanish custmer service

So, I told them (my branch of La Caixa) that I was going to send them EVERYONE I know who wants to open a non-resident account and they said that you are all VERY welcome... "�Que vengan!" ("bring em on!!!" )

quote:

La Caixa
Calle Arenal 24
28013 Madrid

On a related note, somebody asked me if it is better to open an account at a branch close to where you will live.

When you open an account at a bank here, there are some transactions (albeit very few) that you can only do at the branch that you opened the account at but 99% of the things one will need to do can be done at any branch of that bank (or online).

So, for day to day banking it does not matter if you open the account at a branch that is not close to your home.

Saludos,
jer...

Jer, I don't know about that! When I opened an account with Banesto, I couldn't open a resident account at the time because you need papers for that, so they let me open a nonresident no problem. There used to be a law (stupid, but true) that you couldn't get an atm card with a non resident account- which was the most invonvenient thing about it. I used to have to go to the bank every week to get out whatever money I wanted. I'm sure things have changed since then, but there are reasons why non resident accounts exist.... although maybe with a simple letter of empadronmiento it would suffice? I wonder...

Hey espe3, things sure have changed. Don't take this the wrong way but I really think you need to be here to know what is going on with these situations (and even then it can be confusing ).

What I wrote above is the reality of the situation, believe it or not.

quote:

"...but there are reasons why non resident accounts exist...."

You lost me here I never said there was no reason for the existence of non-resident acounts.

Yes, non-resident accounts exist for those without residency.

Never tried (nor did Joy) at Banesto so I can't tell ya anything about that.

quote:

"... although maybe with a simple letter of empadronmiento it would suffice?"

I got it direct from my bank this morning. No law nor statute CURRENTLY exists to keep them from opening a non-resident account for you with your passport. If they refuse to do so, they are simply being pains in the ass or are lazy (back to that awesome Spanish customer service again ). A letter of empadronamiento has never been necessary (nor accepted) for this, it used to be the "carta de no-residente" (letter of non-residency) but as they told me at the bank today, that has been done away with.

En fin, we have 2 options here and we ALL fall under one of the 2...

1) Resident Account - need to be a legal resident.
2) Non-Resident Account - only need a passport.

Saludos,
jer...

p.d. if one of you non-residents out there want to open an account and they say you can't do it without the "carta de no-residente, I suggest you get nasty with them (diplomatically of course ) and make them show you, IN WRITING, the law/statute/rule/etc... that states this.

I�ve not posted on this thread before, because I opened my account a million years ago!! I have never heard of a carta de no residente!!! We opened a non resident bank account with a cheque drawn on a foreign bank and our passports. Obviously, it does follow that as we didn�t have a residencia at the time we must be non-residents!!! We waited a few weeks for the cheque to clear and then were presented with a cheque book.

Our problem arose when I became a resident and my husband didn�t. It was/is illegal to hold a non resident account when you are resident. The banks solution to this was to close our bank account, open a residents account in my name only and that was it!!! Therefore, I get all the money and my husband has no right to any of it!!!!
Thats what I call sensible bank procedure!!!!!

Citicorp - Does anyone have any experience with them in Madrid - It seems like they have many locations all over Spain -

http://www.citibank.com/locations/eu/es/es/comunidddemdrid/comunidddemdrid.htm

I asked my local bank, here in San Francisco, but they weren't much help. If someone has any info on Citi's usefullness, I'd love to hear about it.

I'll try and get info here in California, and post what I find - I'm hopeful that it will be as simple as accessing my American account, as it is with the same Bank....

Fingers Crossed,

Tony

Sorry for the double post -

OK, I've come to a bit of a dead end, and hope someone can offer some more info - I've talked to my local CitiCorp branch and just got off the phone with the 1-800 number - They all assure me that the CitiCorp branches in Madrid act just the same as my local branches here in San Francisco, and I will have full functionality. I'll be able to withdraw money, whether in person or at their propriaratary ATM's, with no charge, get money orders, issue bank checks, etc.

If I'm to believe them, things couldn't be easier... my question to the board is, what am I, or they, missing. It just seems too good to be true..

Thank you.

Tony

Jer hadn't seen your reply on the thread. No offense taken! I should clarify though, I meant that as a non-resident, you can't open a resident account. For a resident account you need to prove you're a resident (DNI I guess) but like I said (and it has been a few years) the only really diff. I had with a non residence was that I couldn't get an ATM (never quite understood that) I guess you can now with a non-resident account if I'm understanding some of the other posts- which if that's true, cool- the other way was a bit of a pain- but it won't make any difference when I go back!

Liberty-
I don't think your bank in the US really knows. Its possible.. but from having investigated these avenues before (not with Citicorp mind you, but yes with Citibank) Yes, you'll have access to your bank account (you do pretty much anywhere) but even though its the same company- it works differently in another country. Banks in Spain have different rules and laws that they have to abide by than in the US. Yes you can access your account, but you will be charged service fees, commissions- as although you do have an account with that company- they don't recognize your account when it comes to stuff like the commissions etc. because its really in a foreign bank (again even though its the same Corporation). So there will be limitations. I could be wrong- they could have changed things since I last looked into that 2 years ago now. But I would be cautious- as you're right it seems too easy! Otherwise we'd all just keep our bank accounts in the US and work with he same accounts in Spain instead of having to open new accounts!

Hey liberty, have been to the CITIBANK ON CALLE ALCALA 21 just off Puerta del Sol here in Madrid.

Your local SF branch not having a clue is no surprise, with these big multinationals one hand NEVER knows what the other is doing

I too am curious about them as I have only gone in to pay into my CItibank SONY credit card and I have no real account there.

That is great news you got about Citibank!!! Hope they have the same understanding about "full functionality" as you do.

I am going to ask about an account in $USD$ as I would like to have one here that I can use since most of my clients pay me in Dollars. I will ask about the connection between Citibank USA and Citibank Spain and post back here. It should be interesting to see what they say about each other (or if they even know about each other :jeje: ).

Saludos,
jer...