Best bank account for the Med

[kunyang]

I know this is raised regularly on this forum, but we're heading away in a couple of months and need to sort out the most economical way to spend our money. So what is the best bank account / card to use with the least charges and best exchange rate?

 

[sailorman]

Saga = no transaction charges & the day rate seems ok
How about a pre-paid FX card, you can then buy € if / when the price is good ( like 6 months ago, when i should have filled me boots :disgust: ). easily managed a/c via a cell phone

 

[rivonia]

I know this is raised regularly on this forum, but we're heading away in a couple of months and need to sort out the most economical way to spend our money. So what is the best bank account / card to use with the least charges and best exchange rate?

Do you want a UK account or a new account with a bank in the Med?

 

[longjohnsilver]

I have a Euro account with Lloyds in the Isle of Man, costs about 8 Euros per month, but it means I can load it up when the exchange rate is favourable. More importantly it gives me a debit card that can be used virtually anywhere in Europe.

 

[RichardS]

I have a Euro account with Lloyds in the Isle of Man, costs about 8 Euros per month, but it means I can load it up when the exchange rate is favourable. More importantly it gives me a debit card that can be used virtually anywhere in Europe.

I have exactly the same but luckily I opened it before the small monthly charge was introduced and Lloyds have not applied that retrospectively ..... yet!

Richard

 

[sailaboutvic]

If your looking for a account in the Med , I wouldn't worry most bank are happy to take your money and will open one for you , unlike in the UK with all their rules .
Rates are crap it you looking at saving

 

[Carmel2]

If your looking for a account in the Med , I wouldn't worry most bank are happy to take your money and will open one for you , unlike in the UK with all their rules .
Rates are crap it you looking at saving

Which Med banks can you just waltz into off the street and get an account with Vic?

 

[NornaBiron]

Which Med banks can you just waltz into off the street and get an account with Vic?

None in Greece since the capital controls were introduced

 

[jimbaerselman]

I have a Euro account with Lloyds in the Isle of Man, costs about 8 Euros per month, but it means I can load it up when the exchange rate is favourable. More importantly it gives me a debit card that can be used virtually anywhere in Europe.

+1.
Also, if you use a currency broker (of which there are many) you can buy your €'s at a much lower spread than any high street bank will offer.
Transmission fees are typically £10 for amounts below around £5,000, and nil for bigger sums (different thresholds for different brokers).

 

[Carmel2]

None in Greece since the capital controls were introduced

Spain no, unless get a tax ID number a NIE, even then most won't touch you if your not a resident.

See who does the best internet banking for a start.

 

[RobbieW]

Spain no, unless get a tax ID number a NIE, even then most won't touch you if your not a resident.

See who does the best internet banking for a start.

I have an account with Sabadell on the basis of ID from a UK passport + UK address, opened Aug 15

But for general purpose use I have a Saga card for CC purchases, I dont use it for ATMs though as my Nationwide card has a better rate; conversely Nationwide charge for card purchases.

 

[sailaboutvic]

None in Greece since the capital controls were introduced

( are you sure about that .? Or just hear say .
I have both Alpha and Bank of Greece .
In Spain I had , closed it now Banco Cooperativo Español .
BOV in Malta was always happy to open account with just passport .

 

[sailaboutvic]

Spain no, unless get a tax ID number a NIE, even then most won't touch you if your not a resident.

See who does the best internet banking for a start.

Non-residents need to provide a passport or an identification document valid in their country (such as a passport or ID card, but you might have problems with driving licenses, this depends on the bank). In addition, within 15 days after opening the account, you technically must justify your non-resident status by providing acertificado de no residencia. You can apply and collect this certificate at a local police station.

WHAT you don't have to do unlike he UK prove where you live. , two utility , driving lic , passport and God know what else then they start credit checking you before they decide if they want you money .
So yes it a lot easier to get an account away from the UK

 

[Carmel2]

I think things are changing and fast, Sabadell said maybe over Christmas, in the end we went with Deutsche Bank with a passport and an NIE to get it rolling. Last time I looked at Malta it was a flat no, not unless you had a property.

 

[sailaboutvic]

I think things are changing and fast, Sabadell said maybe over Christmas, in the end we went with Deutsche Bank with a passport and an NIE to get it rolling. Last time I looked at Malta it was a flat no, not unless you had a property.

I am back there in a few weeks and I let you know what the deal is now , although I personally know someone who not long open an account with BOV in Dec who on a boat . And doesn't not have a property 100%

 

[Trident]

Get a Nationwide Flex Plus account and credit card - pays interest at 3% on the first £2500 balance, free Euro cash withdrawals (i.e. you just get the market exchange rate on the day, no exchange fees or poor buy exchange rates) and the credit card has free use abroad so again you just get the prevailing rate of exchange on the day

All can be administered online or by phone ap

 

[colind3782]

I have an account with Sabadell and it was a doddle to open. Maybe they're changing now but it's great for internet banking etc.

 

[Carmel2]

I have an account with Sabadell and it was a doddle to open. Maybe they're changing now but it's great for internet banking etc.

Did you have a Spanish address at the time?

 

[sailaboutvic]

Just one thing to note .
If an bank will give an outside a account or not , also depend on the type of account you want .
If you looking for OD filcily and credit card , then it could be a very different story then an account where you just transfer money from one account to another and use a ATM card .

 

[colind3782]

Did you have a Spanish address at the time?

No, they are happy with my UK address and mail comes to me here. They openly market their services to the expats with "multilingual" staff. When I use TransferWise to send funds from HSBC in the UK it is often credited to my Sabadell account same day.