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View Full Version : Is there any way of avoiding Bank Charges in Tenerife?



polremy
03-11-2011, 20:13
We are swallows who spend around 6 months a year here in Tenerife.
We have an (over 60's) account with Bancamarch.
It seems that we are charged around 52 euros a year "commission" by the bank, as well as 12 euros for a debit card and around 25euros each (2 of us) every other year for non residents tax.
Given that my OAP pension is paid in to them every month and tends to build up over the summer months it seems a little unfair that we are being charged by the bank while they have use of all this money.
Does anyone out there have an ideas?

slodgedad
03-11-2011, 20:21
Unfortunately, banking here is similar to the UK in the 60s and 70s, ie a charge for everything.

God don't I miss the days of the current account when they paid me. (Only a few pence, but )

ruffus
03-11-2011, 20:23
So are they any banks that pay interest over here?

slodgedad
03-11-2011, 20:42
Of course there are but I think the OP is more about free banking, which as far as I have found, does not exist here as it does in the UK

9PLUS
03-11-2011, 20:51
Close your account



cheers

x

atlantico
03-11-2011, 21:06
let me mind it for you . . . . free of charges !

garlicbread
03-11-2011, 21:25
Well now, there have been a lot of people on this forum who have slagged off Banco Santander, however I have lived here for 8 years now and have enjoyed FREE banking with Santander since day one. I do pay 18 euros per annum for a CREDIT card but otherwise zilch, nada,nowt. If you live here for 6 months per annum you should register as a resident and hence get totally free banking with Santander. You'd be foolish not to.

dixie4
09-11-2011, 11:55
I am also now a 'Swallow'.

I was totally cheesed off as I had deposited 500 Euros in a bank to open an account in preparation for living out here part time and two years later after never using the account for anything whatsoever my balance was only 350Euros! The rest had been gobbled up in charges. Total thieves.

Santander have given me completely free banking. All my standing orders are taken care of. I have a cheque book and a Mastercard thrown in. I receive a statement in UK every month. Also the manageress is extremely helpful sorting out any translation problems when I have received official paperwork that I fail to understand. She even sorted out Telephonica when I had a problem with my telephone. She is worth her weight in gold.

All I had to do was buy some Santander shares and I get quarterly dividends. As a shareholder all bank charges are free.

Worth looking into.

polremy
09-11-2011, 13:25
Hi, Dixie. That's very interesting. Is there a Santander branch somewhere on the island? - in the south preferably. Or do you do all your banking online with them? And, how did you open your account with them? - In England or here in Tenerife or online? We do have a couple of accounts with Santander back in England - is there any point going into the branch over there?

Angusjim
09-11-2011, 13:28
I am also now a 'Swallow'.

I was totally cheesed off as I had deposited 500 Euros in a bank to open an account in preparation for living out here part time and two years later after never using the account for anything whatsoever my balance was only 350Euros! The rest had been gobbled up in charges. Total thieves.

Santander have given me completely free banking. All my standing orders are taken care of. I have a cheque book and a Mastercard thrown in. I receive a statement in UK every month. Also the manageress is extremely helpful sorting out any translation problems when I have received official paperwork that I fail to understand. She even sorted out Telephonica when I had a problem with my telephone. She is worth her weight in gold.

All I had to do was buy some Santander shares and I get quarterly dividends. As a shareholder all bank charges are free.

Worth looking into.

It is OK if you have spare cash currently around 6000 euros as the Santander offer is for a minimum of 1000 shares I only know this as they are currently asking me to buy an additional 200 shares to maintain free banking with them in Tenerife or are they just winding me up

dixie4
09-11-2011, 15:51
Hi, Dixie. That's very interesting. Is there a Santander branch somewhere on the island? - in the south preferably. Or do you do all your banking online with them? And, how did you open your account with them? - In England or here in Tenerife or online? We do have a couple of accounts with Santander back in England - is there any point going into the branch over there?

Yes I am sure Santander operate all over the island. I am up North where they have two branches in Puerto.

I have also noted many Santander cash machines all over the island there is no charge to use these. Perhaps a google search will show where the branches in the South are.

I do have the facility to bank online from UK but I have not really looked into this.

As for opening an account I just walked into my local branch in Avenida Venezular in Puerto de la Cruz and asked for the manager. No 'ivory towers' here, my wife and I were invited straight into her office. It was she that suggested the purchase of shares to gain free banking. I can also use my Spanish Mastercard in UK without any penalties apart from the currency exchange so not a good idea.

Santander UK and Spain do not have any integration as yet which is quite annoying when I want to transfer funds from UK Santander to my Spanish account. The only thing that is common is the name. Hopefully they will resolve this in the future. So no point in asking to open a Spanish account in UK at present.

Added after 13 minutes:


It is OK if you have spare cash currently around 6000 euros as the Santander offer is for a minimum of 1000 shares I only know this as they are currently asking me to buy an additional 200 shares to maintain free banking with them in Tenerife or are they just winding me up

I do think you are right at 1000 shares. This may be a bit much for some people to invest and rightly so, it would not suit everyone but for me it seemed OK. You still have your shares at the end and you do get a small dividend and free banking.

Angusjim
09-11-2011, 16:19
Added after 13 minutes:



I do think you are right at 1000 shares. This may be a bit much for some people to invest and rightly so, it would not suit everyone but for me it seemed OK. You still have your shares at the end and you do get a small dividend and free banking.[/QUOTE]






Problem is my "investment" has went a bit Pete Tong when I bought the shares they were about 9 or 10 euros I think I am right in saying that you do not get cash dividends but they are in form of shares.This is the second time they have raised the threshold for free banking in the time I have had my shares so how long before they ask that you have 1500 shares to continue the free banking !! Bankers are just a bunch of -ankers the world over:(

polremy
09-11-2011, 17:17
Have just investigated and there is a Santander branch in Las Chafiras. That would do us. There's also an agency in San Blas (but no cash machine there).
Am definitely going to look into this.
There's something about paying a bank to have use of my money that really niggles. We went through the same thing when we lived in France and eventually managed not to pay our bank a cent, although we had to forego a debit or credit card as well as internet banking!

CIM
09-11-2011, 17:37
For an easy account with no hassle, Deutsche Bank. I use them a lot for clients who are buying here. Wander in with a passport - account open, jopb done. Nice and simple. They might not be the cheapest but they are always quiet in branch so if you need to get something done you dont have to hang around in the branch for two hours waiting for your number to be called.

grumps
09-11-2011, 17:51
Here`s an interesting 1..i`m going to Australia in Dec and don`t know if/ when i`ll be back to Tenerife.I use a bank book with bbva only to pay Telefonica. The bank have, in the past, taken money out causing me to be overdrawn then taken more out because of this.! Robbing barstewards...Anyway what will happen if i don`t cancel, will they keep applying charges with nothing in there..?