New CaixaBank fees ... time to change banks?

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steve_w
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Re: New CaixaBank fees ... time to change banks?

Postby steve_w » Sat Mar 27, 2021 5:36 pm

Paddy Pumpkin wrote: Sat Mar 27, 2021 12:10 pm Have any of the DD gone through from a UK bank yet? Did they charge you?
Two SEPA direct debit payments have been taken from my Euro account with the UK bank Starling since 01 January. I wasn't charged any fee by Starling.

I've heard that some Spanish banks have been charging the recipient a fee for receiving a SEPA credit transfer from a UK bank.

anyroads
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Re: New CaixaBank fees ... time to change banks?

Postby anyroads » Thu Apr 08, 2021 3:16 pm

Had a letter stating from 1st April 2021, quarterly fee would be EUR 35.

Better than EUR 60, I suppose !

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Re: New CaixaBank fees ... time to change banks?

Postby Pamela1 » Thu Apr 08, 2021 5:27 pm

Caxia have taken over Bankia so i'm waiting to see what the changes are. Bankia increased their fees last year from 15e each quarter to 15e each month. Due to Covid and the travel situation I have resisted trying to change to another bank until things settle down. i also got the feeling that other banks could also follow with higher rates and changing banks could turn out to be a lot of trouble for nothing.

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Re: New CaixaBank fees ... time to change banks?

Postby anyroads » Thu Apr 08, 2021 6:00 pm

Guess you are right.

I was able to use my Caxton currency card for years without any additional charges at the "cash point". I noticed the last time I was in Spain ( not in the last 15 months or so of course ), I was only able to find one bank that was not charging. Name escapes me for now, but I would not be surprised if they had not joined the scrum by now.

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Re: New CaixaBank fees ... time to change banks?

Postby Dominic Lopecas » Fri Apr 09, 2021 7:34 pm

Spain banking isn't easy, I have used BBVA for very longed time always Transfer euros € to my account in Spain and so far up to January 2012 everything was OK, but in January a was charged 20€ for (intermediario) . so I contacted BBVA and their answer was that as the UK isn't in the EU that I have a minimum charges of 20€ and it would apply every time that may a payment into my account. Spain economic is in very poor heath with 143% of GDP so every business try to grip money in whichever possible way. "THERE IS ONE SOLUCION SALE THE PROPERTY IF I FIND A BUYER AND LEVE "

steve_w
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Re: New CaixaBank fees ... time to change banks?

Postby steve_w » Sun Apr 11, 2021 11:12 am

Dominic Lopecas wrote: Fri Apr 09, 2021 7:34 pm ... so I contacted BBVA and their answer was that as the UK isn't in the EU that I have a minimum charges of 20€ and it would apply every time that may a payment into my account ...
You could set up a Wise (formerly TransferWise) multi-currency account and move the money from the UK to Spain via that. The Wise account gives you a Belgian IBAN, so BBVA should not charge a fee to receive the money. Wise will make a small charge, but it should be a lot less than 20€.

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Wicksey
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Re: New CaixaBank fees ... time to change banks?

Postby Wicksey » Sun Apr 11, 2021 2:17 pm

You can have a euro and a sterling account with Wise. I transfer money from my UK bank to the Wise sterling account then change it to euros and get an excellent rate for a few pounds. I then transfer the euros to my Spanish bank (the last transfer for 700€ cost me 28 cents). I've yet to have any additional charges from my banks for doing this.

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Re: New CaixaBank fees ... time to change banks?

Postby Pamela1 » Sun Apr 11, 2021 4:59 pm

Sounds like you have got a good system in place Wicksey at very low cost. :thumbup:

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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Sun Apr 11, 2021 5:00 pm

Another alternative is Revolut. The whole process will be free

The transfer fees are zero and the FX rate has zero spread (commission).

So add GBP from your UK account to Revolut as a bank transfer or using debit card. This costs zero
The exchange it on Revolut to EUR. This costs zero
Then send it to BBVA. This costs zero and BBVA cannot charge you to receive funds as it is a SEPA payment from inside EU.

If you want to get rid of BBVA account if you are being charged a monthly charge for the account then open either an Openbank (only if resident) or N26 (you willl need a Spanish address) account in Spain...Spanish IBAN and completely free banking.

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Wicksey
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Re: New CaixaBank fees ... time to change banks?

Postby Wicksey » Mon Apr 12, 2021 10:33 am

You can have a debit card with Wise too. I used it when travelling outside of euro countries a couple of years back and it gave me bank rate exchanges without any fees, which I don't think my Spanish or UK banks would have done. In theory I could use it more as bank but it's not covered the same way if it went under, so any money in there isn't protected.

In the old days the UK bank didn't charge anything to use its debit card abroad, but now that's all changed I'm just glad that entities like Wise and Revolut exist as it's saved a huge amount over recent years. Sabadell now charge 15€ a quarter for their previously free account, but I can only avoid that by taking their insurance I think.

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firsttango
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Re: New CaixaBank fees ... time to change banks?

Postby firsttango » Mon Apr 12, 2021 12:43 pm

Have also found Wise excellent and very straightforward.

https://wise.com/help/articles/2949821/ ... se-account

Sabadell moved me on to a "Cuenta Expansion Premium"....no charges at all.

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Wicksey
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Re: New CaixaBank fees ... time to change banks?

Postby Wicksey » Mon Apr 12, 2021 1:29 pm

firsttango wrote: Mon Apr 12, 2021 12:43 pm
Sabadell moved me on to a "Cuenta Expansion Premium"....no charges at all.
I have the Expansion account. How is the Premium different? When I complained when the charges were first added, I was only told that I could take their insurance to avoid them.

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Re: New CaixaBank fees ... time to change banks?

Postby katy » Mon Apr 12, 2021 3:06 pm

Revolut is expanding into China.

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firsttango
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Re: New CaixaBank fees ... time to change banks?

Postby firsttango » Mon Apr 12, 2021 3:10 pm

Wicksey wrote: Mon Apr 12, 2021 1:29 pm
firsttango wrote: Mon Apr 12, 2021 12:43 pm
Sabadell moved me on to a "Cuenta Expansion Premium"....no charges at all.
I have the Expansion account. How is the Premium different? When I complained when the charges were first added, I was only told that I could take their insurance to avoid them.
No idea, just know that last Nov they changed our account to the "Cuenta Expansion Premium" one to avoid any fee's..to confirm I have no other products such as any insurance with them.

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Wicksey
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Re: New CaixaBank fees ... time to change banks?

Postby Wicksey » Mon Apr 12, 2021 3:36 pm

I'll have to have a look at that. I would prefer not to pay 60€ a year!

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Wicksey
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Re: New CaixaBank fees ... time to change banks?

Postby Wicksey » Mon Apr 12, 2021 3:46 pm

Just looked at the account on the Sabadell website. Seems that you do need other products with them including the 700€ pm income:

What do you need to open an Expansión Premium Account?
Only two things:
To have a payroll, pension or regular income domiciled of a minimum amount of €700. Deposits from accounts open with the Banco Sabadell Group belonging to the same holder are excluded.

One of these products contracted through Banco Sabadell:
1. Protection Insurance Policy3, which will offer you and your loved ones extra peace of mind. The policies included are: auto, health, dental, home, death, payment protection, accidents and life risk. Life insurance savings are excluded.
2. An autorenting contract.
3. One of these products with a minimum amount of 10,000 euros: in Investment Funds, an individual pension plan, an insured pension plan, an Voluntary Welfare Institutions Plan or a securities contract with any company.


Another option is to keep a minimum balance of 75k€ or to hold 10k€ of shares.

I also seem to remember it being a pension paid direct to them, as opposed to the transfer I make to them each month from my UK bank via Wise.
https://www.bancsabadell.com/cs/Satelli ... 714279/en/

anyroads
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Re: New CaixaBank fees ... time to change banks?

Postby anyroads » Mon Apr 12, 2021 8:33 pm

Wow !

The things you learn on andalucia.com.

WISE transfer :

As an experiment, I looked up the rate for transferring £100 in Euros to my account. It was quoted as 1.1446. At the same time, I looked up the rate on Caxton FX, which quoted 1.1280 ( and remember you will pay some fee to take this money out of a cash point in Spain ).

So, I went ahead with "WISE". The EUR 114.46 ( being the £100 which I paid with my debit card ). It said it would take seconds. It did, I have seen it on my account in Spain, and no fees deducted ( well, until now ! )

The whole business , from setting up an account, to transferring the money, and seeing it in my EUR account in Spain just took minutes.

Well done, andalucia.com !

anyroads

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firsttango
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Re: New CaixaBank fees ... time to change banks?

Postby firsttango » Mon Apr 12, 2021 8:50 pm

The Debit Card is very convenient as I keep money in Wise in both Euro and Sterling so when spending in Spain/Euro zone it debits the Euro account balance and when in U.K the Sterling balance....similarly you can hold balances in many currencies.

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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Mon Apr 12, 2021 8:54 pm

I know I keep banging on about Revolut...but it is better exchange rates

Example I did the same thing right now on wise and Revolut

1000 GBP convert to EUR
Revolut 1,153.65 EUR
Wise 1,149.94 EUR

I worked as a foreign exchange trader at a UK bank. My colleagues and myself use Revolut for personal foreign exchange as the rates were exactly the same as I got if I made a bank to bank deal with another bank. Putting it simply unless Wise make a loss on each deal they will not be able to beat Revolut on rates.

All EUR to GBP transfer payment to are free also on Revolut.

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firsttango
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Re: New CaixaBank fees ... time to change banks?

Postby firsttango » Mon Apr 12, 2021 8:59 pm

Ah Wicksey I have always kept a healthy balance with them so that is probably why they put us on to the Expansión Premium Account? And have a small private pension deposited monthly. But no other shares or insurances or investments etc.....


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