Non-Resident Mundo Account - Banco Santander

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Screagle
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Non-Resident Mundo Account - Banco Santander

Postby Screagle » Fri Apr 23, 2021 11:14 am

The contract on my Cuenta Zero 123 expires next month. By adhering to the T&C's I've avoided paying the 12 euro monthly fee.

Now, as a non-resident, I was informed by letter last month that I'll be moved onto the Santander Mundo account at a monthly fee of 16 euros per month! Their web-site states 10 euros per month which I thuoght was reasonable so when I queried the discrepancy I received an apology for the web-site being out-of-date and confirmation that the fee stated in the letter was correct.

As now is not the right time for me to be changing banks it looks like my only option is to go for the Cuenta Santander One at 10 euros per month for the same T&C's as Cuenta Zero 123. The 10 euros fee reduces to zero if you have savings, investments or insurance products with them which I'm considering.

I'd be very grateful for any thoughts or suggestions from the forum on the One account and my situation. For example, could I insist that they offer me the advertised monthly Mundo fee?

Saludos

Paddy Pumpkin
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Re: Non-Resident Mundo Account - Banco Santander

Postby Paddy Pumpkin » Fri Apr 23, 2021 1:09 pm

Just get an N26 account using your Spanish address and it will come with a Spanish IBAN.

Then you won't have to play any games and it is totally fee free permanently. App is available in English or Spanish and so is customer services. Deposit guarantee protected.

Maybe they may give you hassle if you only have a British passport but worth a try. It takes 10 minutes to open the account.

Screagle
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Re: Non-Resident Mundo Account - Banco Santander

Postby Screagle » Fri Apr 23, 2021 3:09 pm

Thanks, Paddy - just checked their web-site and "You’re a resident of a supported country" is one of the eligibility criteria. I'm a non-resident with just a Spanish NIE.

Saludos

steve_w
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Re: Non-Resident Mundo Account - Banco Santander

Postby steve_w » Fri Apr 23, 2021 3:13 pm

Screagle wrote: Fri Apr 23, 2021 11:14 am I'd be very grateful for any thoughts or suggestions from the forum on the One account and my situation.
As a non-resident, why do you think that you need a Spanish bank account? Is it just to pay regular bills, like water, electricity, IBI, etc?

Screagle
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Re: Non-Resident Mundo Account - Banco Santander

Postby Screagle » Fri Apr 23, 2021 4:56 pm

Pretty much so, steve_w - I suppose I don't really need one in the longer term but I don't feel comfortable closing the account now to change banks now as I don't know when I'll be over there next. Mid-June is looking realistic but beyond the expiry of my current account contract.

Saludos

steve_w
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Re: Non-Resident Mundo Account - Banco Santander

Postby steve_w » Fri Apr 23, 2021 5:33 pm

Well, you could leave your Santander account as it is for the moment but try moving the direct debits to a UK bank account. Once you've successfully moved them all, you can then close the Spanish account.

For the UK account, there are a couple of options that spring to mind. The first is a Euro account with Starling Bank and the second is a multi-currency account with Wise (formerly TransferWise).

The Starling account will have a UK (GB) IBAN, which some Spanish entities are having difficulties with at the moment.

The Wise account will have a Belgian (BE) IBAN, which should get around the UK IBAN problem. However, it isn't a true bank account, so any money that you leave in the account isn't protected in the same way as money in the Starling account would be.

You should be able to move the direct debits online.

Screagle
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Re: Non-Resident Mundo Account - Banco Santander

Postby Screagle » Sat Apr 24, 2021 9:45 am

I was considering the Wise option as I'm already a money transfer customer. As it seems that most, if not all Spanish banks, are ratcheting up their monthly fees then as a non-resident have little choice. Also with the Wise multi-currency account I can choose to top it up when the exchange rate is in my favour.

Saludos

Paddy Pumpkin
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Re: Non-Resident Mundo Account - Banco Santander

Postby Paddy Pumpkin » Sat Apr 24, 2021 11:23 am

Another option if you are 66 or over is to open a bank account in Ireland.
Bank of Ireland, AIB and PTSB all offer free banking for pensioners. The other banks there do also but you cannot be sure they won't merge or close and you have to get a new account in a few years
If I had to choose one I would go AIB as I find the app to be the best.

The only advantage over WISE is that the money is deposit protected. You could use WISE (or Revolut) to exchange the money and then credit it to the Irish account which you could use for direct debits etc. In all my dealings with Irish banks I have never had any problems with payments etc so I would expect them to apply the EU law on payments etc correctly.

On a side note has anyone ever managed to try to invoke the right to a basic bank account? It might be an option for anyone who is being forced to pay the ridiculous standing charges.

I tried once in person and the bank refused. Telling me I did not live in the country so they could refuse me. I showed them their own webpage which said it was for any EU resident. I also showed them the EU law webpage and told the lady that it was the law and that refusing may cause problems for her and the bank as I would complain to the regulator. She replied that I was threatening her and she picked up the phone to call security. At which point I just stood up and left. Needless to say I never took it further as life is too short!

Screagle
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Re: Non-Resident Mundo Account - Banco Santander

Postby Screagle » Sat Apr 24, 2021 11:55 am

That's an interesting angle, Paddy - alas, I've many years to go. Did you know Santander offer a Cuenta de Pago Básica "The bank account for all residents in the European Union" - have you tried that?

Saludos

Paddy Pumpkin
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Re: Non-Resident Mundo Account - Banco Santander

Postby Paddy Pumpkin » Sat Apr 24, 2021 1:10 pm

I knew that by law all banks in the EU had to offer a basic bank account, but not specifically Santander's offering.

I operate only one bank account in Spain, essentially because I am forced to because otherwise I cannot pay my taxes (and other companies whose automated systems will only accept an IBAN beginning ES).This bank account contains the minimum amount possible at all times. Basically I don't trust the customer service at any Spanish bank and also want to prevent the Hacienda being able to freeze my assets without a court order. I have heard to many horror stories of people taking years to get embargoes lifted.

This was covered at length on other threads, whilst it illegal that I am forced to do this the only way to enforce it wou,d be to complaint to the EU. Which I have no doubt guarantee me the most painful relationship with the Hacienda for the rest of my life.

The solution I use is Openbank (a Santander internet only subsidiary) which gives totally free banking to any Spanish resident.


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