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Message started by Farway on Dec 15th, 2006 at 11:25am

Title: Banks
Post by Farway on Dec 15th, 2006 at 11:25am
Hi.
Since most of the forum users are Brits, where better to ask the question??? Is there a bank (1 group) that covers the UK and Spain, NOT USE THE SAME NAME but literally is the same group. As most of you know, when one arrives in Spain ,we have to start a whole new line of credit history  and so-on. Some of us have to do that in both countries and I am trying to kill two birds with one stone. Any suggestions???

Title: Re: Banks
Post by Nigel on Dec 15th, 2006 at 5:17pm
Santander Central Hispano bought Abbey National a year or so ago. There are banks such as Barclays which have branches here but normally only in the major cities - i.e. there is one in Barcelona. You might find that this is irrelevant however as group companies such as Direct Line and ING operate in both countries but don't interchange information so it's pretty irrelevant if you have a UK account and want a Spanish one.

Personally I haven't had any problems obtaining credit here (I'm not a credit person but a credit card is useful, as are trade accounts). I've been checked by Mapfre (who secure a lot of the credits here) and so far no problem.

It might be that you are worrying over something that isn't a problem.

Nigel

Title: Re: Banks
Post by sabineopp on Jan 6th, 2007 at 7:26pm
Halifax. If you have an account with them in the UK you can easily get one in Spain. Get free bank transfers at excellent exchange rates etc. Nearest branch is in Barcelona but you can do internet banking with them. Look on the Halifax website:

http://www.halifax.co.uk/bankaccounts/international.shtml


don't use them myself as I am a happy La Caixa customer but some friends do and they are very happy...

If you need cheap bank transfers in EURO currency to Spain ask your UK bank about Tipanet. Shouldn't cost more than £7-8 per transfer and you get commercial exchange rates and pay no fees to your Spanish bank. Beware: you can only transfer up to EUR 12,500 as otherwise your Spanish bank will inform the central bank in Madrid (money laundring laws). Having said that, we transferred a whole lot more when we purchased our finca and nobody bothered us - probably because we said it was for a property purchase...


Title: Re: Banks
Post by Nigel on Jan 6th, 2007 at 9:37pm
If you are transferring a large amount then try Foreign Currency Direct (link from the main page of this site). I've used them myself so can recommend them (I wouldn't put on a link if I didn't!)

They gave us an excellent exchange rate and we got the funds transferred without ANY sending or receiving charges - these can easily amount to several hundreds of pounds so beware!

They will transfer to any Spanish bank so you're not restricted on which one you use.


Nigel

Title: Re: Banks
Post by HazeandAlan on Jan 6th, 2007 at 11:52pm
In addition to Nigel's comments - yes, Foreign Currency Direct give a good deal. We have just completed our property purchase - I registered with both Foreign Currency Direct and Moneycorp and found them both to be most helpful.  We also let them both know that we were registered with someone else and looking for the best deal - and in the end we got a lot better rate ( in the end with Moneycorp) by playing them off each other.
Regards, Haze

Title: Re: Banks
Post by nobrot on Jan 7th, 2007 at 9:17pm
Yes,I agree with hazel.We did exactly the same about 2 years ago and have done so since.Open accounts with 2 separate currency dealers and play one of against the other.We saved 800 pounds in about 1/2 hour and ended up using FCD,Tom Holian is the man to talk to.These guys are on commision and probably have BMWs to pay for......

Title: Re: Banks
Post by old nelson on Jan 7th, 2007 at 9:37pm
There is another way to make comparisons. Get a sterling account and euro account with La caixa and when this is up and running you can get sterling transferred from your UK bank into the sterling account in Spain then watch the euro rate which at the moment is something about 1.485 and  the Spanish bank will give you about 1.465 to put into your euro account and a charge which will maybe cost a lot less than money dealers who live off your money,and you can negotiate with both banks. I have been doing this on a regular basis for the last two years.

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