Posted: Mon Jan 8, 2024 11:02am
We use BBVA online account. Third bank we tried and are more than happy with them. However, free banking is only available to new customers who are already residents. It might therefore be necessary for you to go with another bank until you are a resident and can then apply to BBVA
Our first bank was Sabadell who charged us 100€ for about 3 months banking, with no transactions, and they were extremely rude to us when we queried it and then asked to close our account. Also, it was at times very difficult to get into the bank (in Caleta) as their doors are always locked and they can't always be bothered to buzz and let you in. One time the bank was empty but a queue was outside, they didn't even bother looking out. Next one was Caixa who told us we HAD to take out health insurance and that was a legal requirement (that was a lie) and then tied us to them for a year. Very difficult to close our account).
With regard to exchange rate, never transfer foreign currency direct to a Spanish bank, it will cost you an arm and a leg! We have used 3 different FX companies and all were good. We just rang round for the best rate. It might be better to do it in one go if you can as you might get a better deal, although we did it in, I think, 3 transactions. Just ring a few FX companies for quotes. Now we just use Wise as we only have smaller amounts, but get a quote from Wise too.
My name's Alex and this is my website all about Fuertuventura in Spain. Register now for free to talk about Banking and finances in Fuertuventura and much more!
