Just got beat up by my bank in making a wire transfer to Spain- charged me for the transfer, charged me a comission, and then used a real chungo exchange rate. And, I'm going to have to do it again when I transfer money into my own account I open there...
My question is about how bank accounts from other EU countries are treated in Spain. Are they considered foreign accounts or are things a bit more fluid? Since I'm technically not supposed to be in Spain while my work permit is being processed (and especially if they ask me to get a Carta de No Residente, I was thinking maybe I could open an account in Brussels when I am there next week. I know I'll still have to deal with transfer fees, comissions, etc., but my question is: once I get to Spain and use the credit card, will I be getting extra fees since it is a foreign account? Or is it considered all within the EU and not penalized? For example, if I used my US-based credit card there now, I'll get a bad exchange rate on top of a 3% fee for using it abroad.
Hope this makes sense. But perhaps this idea isn't even practical... Just wondering if anyone out there knows about this. Thanks!
Which bank ripped you off did like that? I assume it was a bank here in Spain... be aware that Spanish banks have green light from Bank of Spain to charge up to 0.9% (I think) of the wire transfer amount (la Caixa charges 0.5%)
Here is what I did: I spoke to the manager of my bank in US and explained that I will be making several wire transfers to Spain in the near future. My bank (credit union) charges $30 for each wire transfer. We established a password which I was to use when initiating a transfer - either over the phone or email. When I came to Spain I opened two accounts: one in dollars and second in euros. I chose la Caixa because thats where fiance of my very good friend works. He promised that they will not charge me any commission fees. So I wrote email to the manager of my bank in US, sent the account information (for the dollar account) and requested a wire. After my money arrived, my la Caixa friend took one day to gave me back the commission la Caixa took so I ended up with exact amount in dollars. Then I waited until exchange rate seemed a little better and got la Caixa to exchange into euros. I still have some money sitting in my la Caixa dollar account so I will try to negotiate with them to give me better exchange rate since its a larger sum of money.
Anyway, I know that this does not answer your question but its just an idea for you to consider. I would not send the money to Spain without negotiating the conditions with the bank here. I think its good to make them think you will be bringing lots of money to Spain so they will want to give you special treatment and agree to lift the fees. Well, just an idea - good luck to you and hope your move goes smoothly.
Posts: 194 | Location: Madrid | Registered: 02 November 2004
Bancaja is a vry good bank that opens account without asking u anything!lol esp. the one in avenidad felipe II
Now here is my advice..why don't you get a paypal account for both your account, it's VERY cheap and it's safe, it's dont almost immediately and you are the one that DOES it .. no need to go to a bank
ok, let me try to ask this another way: all of you that have a Spanish bank account, when you travel WITHIN the EU to another country and use your ATM/Debit card, do you get any surcharges or fees for using the card "out of country"?
Hi binkx, not only do I sometimes incur charges "out of country" using my ATM card, but also "in country" if I use my card in any other bank, bar the one the card is drawn on!!!!! My account is with Banco Santander, just so you know who not to bank with!!! At one point they were charging if I drew money from any branch except my "home" one too, though that has now stopped. Charges range from 50c per transaction to a percentage of what I am drawing.
If I use my ATM card in UK I have to accept the exchange rate they deem to give me, and I am waiting on a statement to see if I have been charged for drawing on the Bank of Ireland.
________________________________________ Growing old is mandatory; growing up is optional
Just another thing to keep in mind... if you use a US Visa check card as an ATM card, you will get charged a 1% fee for foreign transactions. This is above and beyond what your US bank might be skimming off. So try to bring a regular ATM card for your US bank, if you can.
I have to look into this paypal thing. It never occurred to me to set it up for my Spanish bank account and doing transfers from the US.
Posts: 1064 | Location: Madrid | Registered: 10 December 2002
A very good bank account to use is Nationwide in the UK - they don't charge anything for overseas transactions. I am paid in dollars and I use them in the UK and Spain - and I don't get charged a penny for it. Exchange rate is good too.
I don't know how easy it is to get a Nationwide account for US citizens, but it is worth a try. You can apply online, although you would need to go to the UK to prove your identity.
Thanks Cervantes- I can't really go to the UK right now but I appreciate the info! I actually tried calling Citibank here in Belgium (where I am for one week) and they won't charge for transactions w/in the EU either, but I'd need my paychecks deposited there, a letter from my bank back home, and other docs I don't have time for. I guess I'll go to a bank in Madrid and *hope* they don't ask for anything more than my passport for the non-resident account.
I'm also wondering- if I tell them I'm working then perhaps they will ask for additional things as well? Maybe it would be simpler if I just tell them I'm studying there, or just hanging out for the summer..?
The reason I need this to be simple and without too much papework is that I think I'm technically not supposed to be in Spain while my work permit is processed. Thus, having to go to the Comisaria for a Carta No Residente would not be what I want to do...
thanks for the tip on nationwide. i havve had an account at hsbc in u.k. (opened using my brit passport and my brothers address in u.k. as my proof of residency) and the bank sux in my opion. i am heading to u.k. in july and may just switch to nationwide.
binkx. don't trust citibank abroad, a bunck of thieves. citi belgium may not charge for sending money to spain but citibank spain will charge a chunk-o-change as commission to receive it
if you have a legit job with a "nómina" (pay slip), they will be more likely to open an account for you but as i have said many times, just go to one of the banks recommended on the "spanish bank accounts" thread.
hey jer! yes, i am definately trying your La Caixa branch first. I do have a legit job, but for now it's paid by our US office in dollars and into my US citibank account. I don't know if that's what they'd be looking for...
Ok, I have a question now about EU banks, in particular about being paid from the US (thought I'd keep it neat and put it on this thread to avoid the wrath of jer).
I am paid from the US and they send my cheques (checks if you are American, Czechs if you work in human trafficking) to the UK. But now my bank in the UK says I must be there to sign the back of the cheque as it is from a foreign account. This sounds pretty ridiculous to me as I am paying money INTO my account, not taking anything out. My father tried both my banks and they both said the same thing.
Has anyone had a similar experience? How did you get around it?
Apparently it is very difficult (read: expensive) to send money overseas from the US - apparently the US can't use IBAN numbers, is that true?
Is it possible for me to open a US account from Spain? That would be a solution. Or would opening a BBVA account be a way around it(they have branches in the US)?
Loads of questions for you money-minded people to mull over!
). the thread explains the ups and downs of using paypal here.
- rent or buy a cell phone from me for your stay in spain, more info at 
- already have a cell phone, get a spanish SIM card for it at 
anyone have experience with this?
My account is with Banco Santander, just so you know who not to bank with!!! 
At one point they were charging if I drew money from any branch except my "home" one too, though that has now stopped. Charges range from 50c per transaction to a percentage of what I am drawing.
