Can I keep my old bank account if I live in Spain?
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- čas přidán 11. 09. 2024
- Can I keep my old bank account if I live in Spain?
If you've moved to Spain, can you keep your old bank account in the UK for example? Do all banks have the same rules? Do you actually need a UK bank account? What have expats said about their experiences?
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If you haven't yet moved to Spain (or elsewhere in the EU) it seems that the best/safest option would be to have at least 2 accounts with different Banks/Building Societies which state, in writing, that you can keep your account open if you move to Spain/EU . . That way if one of them changes their mind you still have the other to fall back on. Hopefully, in the dim distant future, the UK Government will get their act together and actually get Brexit done properly with things like for example, Financial services sorted out with a decent agreement. Some sort of sensible Border control agreement would be nice too!! We can dream! 🙂. There is also the likelihood/probability that more EU Banks will set up in the UK because they only need the one licence to operate in the UK whereas UK Banks now need multiple licences to operate in the EU. . . That would give us another route into keeping UK accounts. I think that's where a lot of internet Banks come into their own as many are registered in the EU so it is easy to trade cross border.
I agree Mike. I think even a hardened remainer like me has to admit that eventually agreements will materialise. The UK is famous for its financial services, and in the meantime the online banks will find ways to work with all parts of the Spanish system and hopefully sort out a way to personalise their customer service too.
Like the return to the traditional jingle. Interesting and informative video Skatz keep up the good work 😊
Yeah I’ve kept the old jingle for the midweek videos. 😀
Thank you. Excellent. I have the same experience. We have Barclays and as long as you have a UK address, it is all good. Watch out if you lose a card though. Make sure it is treated as if you lost it on holiday and you need the new card to be sent to where you are. What if you were in the deepest and darkest jungle of Sumatra for example? What will they do? They can be 'job's worth'. They will send the new card, but your local address will go in the system. Once you get the new card, make sure that address gets deleted. You can also maintain your are on a work engagement that has been extended for another 6 months or a year. You need somewhere to live. No???
Great loophole suggestions there, thanks!
Never give up your UK bank account ever....Tony Cuenca
Why not?
@@youtoospain you should know why,but you should keep some sort of identity eg UK bank account with an address will provide that, just like your UK electrol voting record....Expats should get a ING online bank account its free... Tony cuenca
@@craphead9842 I do know, but I wanted you to tell me why you thought so.
what about monzo. i was in uk as international student but i moved to spain permanently.???
Good for you. It’s the first I’ve heard about Monzo. Can you pay tax with it?
What's do you have any advise about how I can get my bank statements translated over to spanish if I go with starling online bank.. I have just moved to Tenerife and have my padron & TIE. I could manage my money from the UK as my bank will allow me to do this, however next year when I apply for second and third years residency I will be expected to provide bank statements in Spanish. When I applied for my NLV the translations had to be from a list of Spanish translator approved bye the Spanish Consulate costing £80 per sheet. This would be to costly. Do you have any ideas.
Susan McGee
Hi Susan, good questions. As you’re a resident there’s no reason why you can’t have a Spanish bank account without fees and have your money transferred monthly or at whatever intervals you wish from the UK. Then you can just get Spanish bank statements for your renewal. That will save you a fortune. And you’ll save even more if you fix a forward exchange rate by transferring your money from your bank through a broker. That way you have full control. You can still manage your UK money, get the best rate and transfer cash when you want, plus you can produce the evidence in Spanish in a year’s time. It’s a win win win with a cherry on top!
Broker details: bit.ly/SmartY2S
@@youtoospain thank you skatz. Coffee on its way xxxx
Do you have any information about keeping your Canadian bank accounts after moving to Spain?
Nothing specific I’m afraid. The general rule is the same as the UK by the sound of it. It’s possible with some banks to maintain an account when you move, but there could be restrictions and the possibility of your account being frozen due to lack of or unusual activity. Some banks’ computer systems just aren’t set up to handle a foreign address. I’ll be honest, the more I delved into this subject the more I realised there was to know, and the more I’d have to have insider knowledge of each bank to understand their systems.
I would speak directly to your bank to begin with an push to speak to someone who actually knows what they’re talking about.
I remember my bank branch in Ireland having no idea about international accounts and how they worked so they had to phone through various departments to find answers.
My issue is am about to use a currency exchange company to change sterling to euros but where can i store them.
Slightly scared of just an online bank with the money i plan to buy a house with. As not in Spain yet so dont have a Spanish account. Am from n.ireland.
My advice is to use my recommended currency broker. He specialises in property purchase exchanges. Use the link below to register and he’ll explain about how they can store your Euros safely until the moment you ask them to release it to your lawyer to finalise the purchase.
bit.ly/SmartY2S
Have you chosen your property lawyer yet? I can recommend one of those too. He was on my show not long ago.