Banks are on the lookout for money launderers and have very strict parameters within which to operate. It’s not the best account to choose if you’re here in Spain temporarily or if you’re a non-resident. This is the future of banking, so they give you best in class digital facilities such as an app and website to go with it, while also helping you track your expenses. The reason for it not being completely reliable is that Monzo is not yet connected to the SEPA or SWIFT network³. Finally, you can make an educated decision on which account to use. I have been searching online about this “blacklist” problem, but I can’t find the right answers or links to solve it. Please remove this comment to prove you're human. Hi! A debit card is also available once the account gets opened, but my question being very specific to know if there are any criteria or conditions to be met in order to not charge clients a fee for the debit card and the account. Min: it’s very frustrating indeed. Self Bank is an online bank with no offices. I already have two – Sabadell which used to be good and Caja Rural local to my property which I felt I needed at the time. BBVA is consistently rated among the top 3 banks in Spain. I have tried at least 4 times with the application process blocked before completing the form. If you’re not familiar with P2P lending, read my review of the best P2P lending sites in Europe, which includes a thorough guide on how this sector works. Transfers should happen instantly, but can sometimes take up to 4 hours. Raisin puts more than 70 savings products at your disposal. You can then proceed to visit the local offices of the shortlisted banks and get a feel for the kind of people that work there and get more information about their products. Pretty please… Are you planning to update this soon? How can I add money using my linked bank account? I have tried contacting many other banks, including BBVA, where I had all the requisites – NIE, spanish property (address) etc but lack a spanish telephone number. Browse the Swift Code / Bic Code listings by choosing the specific country starting with "U" below and look up any bank and / or its branch.. I have lived in 6 other European countries and I have to say that Spain has the worst banks I have seen (in terms of hidden fees, lacking customer service, and doing simply dumb things like blocking a transfer or an entire account for no reason whatsoever). Swift Codes also known as BIC Codes is a unique bank identifier used to verify financial transactions such as a Bank Wire Transfer. Nonetheless, it’s impossible to complete the BBVA online banking application. You will then have to wait a few days until the papers arrive at the Self Bank offices in Madrid. There are a number of features that come with each account tier, such as free ATM withdrawals plus exclusive features that come with the Premium and Metal accounts. The first two 2 characters ("CC") specify the country code in ISO 3166-1 alpha-2 format. Most of Rebellion’s native customers are students, so another helpful feature of having a Spanish IBAN is that they can now use their account to enter scholarships, as well as receiving monthly payments from the bank of mum and dad because one IBAN can be paid to another IBAN. I am also concerned about any changes due to brexit, but guess no one knows the implications currently (though please tell me if you do! Absolute joke. Unless you put minimum of 800 euros a month into the account and accept the obligatory credit card you will be charged for every debit and transaction. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs'); Participate in this conversation via email, Read my full TransferWise Borderless review, investing through the Mintos P2P lending platform, review of the best P2P lending sites in Europe, best property investment platforms in Europe, A valid passport or national identity card, Your Spanish Tax identification number (NIE), A document to confirm your address such as a utility bill or Title Deed, A document to prove you have an income – this could be a payslip, tax return or an official form connected to your pension (optional), The IBAN number of your other bank account, Cuenta para residentes = resident account, Cuenta para no residentes = non-resident account, Account number – usually a ten digit number, Sort code  – four digits for your bank reference and four digits for your branch, BIC – Bank Identifier Code. It seems impossible to open an online acct at BBvA with a european NIE, since those have no photo attached. Their website and documentation are only available in Spanish, so I wouldn’t recommend this account if you’re not very fluent, especially since everything is done online. Revolut received its European banking license from the European Central Bank in December 2018. Otherwise, you will need to invite three or more friends to use the app to unlock the feature. Let’s move on to Bankia now. Hi Jean, Their savings account offers 0.15% returns. Now that we have the option, I recommend opening an account with N26, which is a new breed of bank that is totally app-based. The best thing about Cuenta ON is that it is completely commission-free. I added money with my linked bank account, but I can't see it on my account in Revolut; Can you do anything if I have a problem using my linked bank account to add money? Perfectly fine for me, as I find it way more comfortable doing everything online. I really hoped I would get around it somehow but can’t. I’ve been meaning to leave Sabadell for a while as their conditions, charges and lack of practical app services are really frustrating. These were prepaid Mastercards which the user could top-up via bank transfer or via an existing … The most important requirement in order to keep this account commission free is that you conduct all operations online without visiting the branches. It’s quite maddening because they typically don’t even know what they need, they just ask you for documentation for everything, which of course can be incredibly time-consuming to retrieve given that some transfers might have been done years ago. Latest news, expert advice and information on money. I was asked to contact a branch to open an account but I am trying to avoid those crazy fees the banks are asking for doing nothing.. Perhaps you are already thinking of a loan or mortgage, or you’re interested in finding a bank with great stock brokerage facilities, or even other products such as life insurance or deposit accounts. Thanks again. And I want to complain to the ombudsman because of the way they never explain this properly, contract is not in English and also when my account status changed I did not get a warning , an SMS or email. So I’m still searching to find my bank at the moment. In just a few letters and numbers, the IBAN captures all of the country, bank, and account details you need to send or receive money internationally. IBAN Structure & Examples You can send money to friends with their Self Money app, all you need is your friend’s mobile phone number or email address. With these papers in hand, you can then ask for a UPS courier to collect the documents at your convenience and at no charge. You can withdraw money from Bankia ATMs (up to 600 Euro daily) and no commissions will be charged. julien 1 September 2016 08:05 #12. With linked accounts. Direct Debits are available to all Revolut users who have opened a Euro Revolut has three tiers: Standard, Premium and Metal. It’s designed for those who travel a lot and offers ways to spend abroad, including international money transfers with no hidden fees. Visiting a branch doesn’t help also, as they don’t help opening online accounts (I guess they don’t get their commission…). Monzo Bank Limited is a company registered in England and Wales (No. Calculation sample for Germany: choose country Germany (DE) Branch Code (BLZ) - 37040044 and account number - … Thanks for that. Agreed with all your comments. You can also set up a TransferWise Borderless account which gives you a debit card in multiple currencies that is perfect for travel. You can use your Self Bank debit card to withdraw money at no cost from more than 9,500 CaixaBank ATMs around the country. I have a BBVA account and there are no maintenance fees nor minimums for deposits. I hope to find an answer here, if possible. Before you even attempt to open a bank account, make sure you have the following documents handy as you will need them. Hi Jean, Iam thinking of closing my Santander 123 account due to the new increased charges so wondered if you have some info/feedback on the Openbank online account? That’s because the banks still use an old system to exchange money. Since the introduction of International Bank Account Numbers (IBANs), the countries which use IBAN have mostly integrated their local bank codes into the prefix of IBAN account numbers. Banc Sabadell is one of my favorites, if it weren’t for the requirement to make a monthly inbound transfer of at least 700 Euro to keep the account commission-free, I would probably have opened an account with them instead of ING Direct. The language used is easily understandable by the younger generation, who will most definitely find this account to be one of the most straightforward and easy-to-use among all the options available in Spain. Una aplicación para gestionar todo lo relativo al dinero. In Europe, they are just starting out but I’m betting Finizens will be a strong player in the space. I have been with sabadell for 1 year now and they have added yet more fees – not enough to charge us €35/month, now they’re charging a card maintenance fee of €30 as well. Note that many traditional Spanish banks do not provide sign up instructions on their website in English, but it’s pretty self-explanatory in most cases. Spain is one of the most incompetent countries when it comes to financial matters, from the government to private entities. They might also ask for things like your rental contract, statement from your foreign bank, tax statements from your previous country of residence etc. Hi! I work in Spain as an autonomo and I currently have a Banco Sabadell autonomo account together with a secondary N26 account. If you’re interested in making the most of your money, don’t leave it sitting in your bank account where it generates low returns. … However, don’t forget that while there’s no spending limit for card payments, free ATM withdrawals are limited to €200 per month with the Standard account (higher for Premium and Metal), after which you’ll be charged a 2% fee. I didn’t read the whole article I must say but IO cam here because my bank Banco Sabadell is charging me .80 cents for each transaction even if I pay for a metro ticket or parking which can be as low as €1. The same thing applies if you have an iPhone and want to use the Spanish app store; you need a Spanish debit or credit card. Therefore Cuenta ON is a good secondary or backup account. I would like to know whether opening the BBVA Cuenta Online will incur any maintenance or management fees ? Pensions, property and more. You’ll need the name of the person or company you’re sending it to, and their account number and sort code. Incredibly useful for those of us who have many debit and credit cards. IBAN: validate IBAN, show BIC : If a digit or two are unknown, enter question marks instead (e.g., DE12500?0?170648489890). Monzo does say that the payment might take several days, or may not reach your account at all. For example, if you make a gym subscription, or if you sign up for private health insurance, you will need to provide your bank details, and you need to give a Spanish IBAN number. IBAN (which stands for International Bank Account Number) is an internationally agreed code made up of up to 34 letters and numbers which helps banks make sure that international transfers are processed correctly.. If you get stuck, you won’t be able to visit a local branch and hope that someone there speaks English. I have the same problem as you. If you have any questions about currency exchange, leave a comment and I’ll try to help out. You can open a Cuenta Online with no commissions in 10 minutes using the mobile app. BBVA and N26 have worked well for me so far, I have had no issues whatsoever and both accounts are free. I now can’t just have Sabadell because of the 700 euro entry per month (which currently goes back and forth) I don’t like either due to so many charges and such incompetence (CR). See the IBAN Example page for examples of IBANs in various countries. Runner up are UK banks btw who milk their clients wherever they can (fully exploiting the fact that they stayed out of the EURO which allows them to charge ridiculous fees for simple transfers). or what might be a way to be able to sign up? I am not charged any fees with this account and there don’t seem to be any hidden charges. anon33247966. It’s a valid alternative to investing in index funds and like I said these kinds of platforms are already extremely popular across the Atlantic. Their best offering at the moment is Cuenta ON, which gives you zero commissions, similar to ING Direct. You are charged at least a 1% markup for currencies such as the Thai baht, Russian rouble, Ukrainian hryvnia and the Turkish lira. Although according to EU rules, businesses here in Spain should accept European IBANs for direct debit purposes, in practice there are some big companies that still refuse to do so. Or that it represents the right destination. Now that we have the option, I recommend opening an account with N26, which is a new breed of bank that is totally app-based. Bankia doesn’t have an online chat system, but you can ask for a callback for free, or use the contact form on their site to send in queries. Bank Code Checker & Lookup At Bank.Codes, we provide a lookup function to … Banks trust each other, so if one bank has done its checks and opened a bank account for you, you can then open another account at another bank by just providing basic identification and the IBAN number for your other bank account. When I sent the document they credited the blocked transfer only to block again the next one. My surprise was that I got a note that my Revolut IBAN number is blacklisted. It has a somewhat rocky past and is currently recovering, but that shouldn’t put you off. You can give this IBAN to the sender, to process the payment. It’s decent enough, don’t get me wrong, and most banks have very good online systems and apps, however, support and compliance can get very frustrating. I’m a non-EU foreigner with legal Spanish residency. See the IBAN Example page for examples of IBANs in various countries. Banks use these to determine whether the IBAN is in the right format. This allows banks to correctly process international money transfers. So there are some solutions to have the account for free although it’s not the online account. So far all I can find is my account number in the statements. Wizink is a bank specialized in credit and savings solutions through basic products that aim to keep things simple for its users. Our Financial Services Register … Our Financial Services Register … I tried to look at the above link to Sign up for BBVA online but the link doesnt seem to work? Let me share them with you: Here are some of the typical bank fees charged by banks here that I was not prepared to pay: After spending many hours in online research, speaking to people and visiting bank branches, these were my shortlisted banks: Before we delve into details about each of these banks and my top pick, I’d like to make a special note for those who will be transferring money from other countries. You get your own free local bank account details in Europe, UK, US, Australia and New Zealand so you can have a local bank account before arriving. If I apply to N26 will I be able to use it in UK and Spain when UK leaves the European Union without a deal. I haven’t been to a bank in years myself, so I much prefer these digital banks. That ’ s mostly targeted towards teenagers and people in their twenties just... All comments are moderated according to our comment policy, and your email address will not published. For an English agent, the account for free, is being a of. 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