bringing cash to Tenerife

[degsy]

I am moving to Tenerife soon and will be opening a bank account when I get there, can I bring cash to do this, and if so is there a limit to the amount I can bring

[eltel]

Yes there is a limit, think its 10,000

[junglejim]

You would probably better using an exchange in Tenerife to convert it to Euros first rather than depositing Sterling (I presume) as the exchange are likely to give a better rate .
Or use a currency transfer site for safety - several options have been mentioned on this forum .

http://www.tenerifeforum.org/tenerife-forum/showthread.php?22337-Has-anybody-used-a-currency-exchange-service-when-buying-a-property-in-Tenerife

[languagefan]

Don't bring cash with you. Open a bank account here and use "transferwise" to get the best rate through online transfer. The banks and exchange shops won't give you good rates and for a big sum of money that makes a big difference. If you ended out bringing cash don't forget to keep the bank withdrawal receipt that may be needed at the airport and definitely at the Spanish bank. Good luck

[essexeddie]

Unless you're a local you are not allowed more than €3k in your account. That's the case with my bank anyway.

[languagefan]

Unless you're a local you are not allowed more than €3k in your account. That's the case with my bank anyway.

Not true! 3k! Thats a joke!

[essexeddie]

Not true! 3k! Thats a joke!


I didn't laugh when they told me. (La Caixa}

[doreen]

I didn't laugh when they told me. (La Caixa}

Maybe the confusion is over paying in more than 3,000 euros cash ... I know many non residents with over 3k in the bank

[essexeddie]

No. When my original bank (Barclays) was transferred to Caixa I was told that I am not allowed to have more than €3000 in the account at any one time. Don't forget I did say unless you are a local. If you are Spanish then its different. Don't ask me why, I don't make the rules. It is Spain don't forget.

[degsy]

Thanks for all the replies, what if I changed sterling into euros in the UK, then opened an account with them in Tenerife

[lesbroz]

Thanks for all the replies, what if I changed sterling into euros in the UK, then opened an account with them in Tenerife

I am non resident and have more than 3K in the Sabadell Bank. However, I would open an account with a couple of hundred euros, then do further transfers using a company like Currencies Direct (I think they also have an office in Los Cristianos.)

Your exchange rate would probably be less if you exchanged in Britain.

[doreen]

No. When my original bank (Barclays) was transferred to Caixa I was told that I am not allowed to have more than €3000 in the account at any one time. Don't forget I did say unless you are a local. If you are Spanish then its different. Don't ask me why, I don't make the rules. It is Spain don't forget.

Interesting (I am also ex Barclays) I guess there must be new money laundering rules.

[bulldog]

Not true! 3k! Thats a joke!

I agree I,ve sat with bank managers or their bosses ,saying you need this ,this and this I,ve gone to stand up saying I,ve got non of them
there reply usually is not to worry we,ll get round it depends on what you are bringing to the table:whistle:

[essexeddie]

Thanks for all the replies, what if I changed sterling into euros in the UK, then opened an account with them in Tenerife


I was assuming you was going to do that anyway. Don't think you can pay in pounds.

[delderek]

Someone is getting confused over something. You are allowed much more than this in your account. But a limit of 3000 euros paying in with cash applies. More flexible rules apply in the UK, but if you are not known to your bank, 5000 pounds or more in cash being paid in, will trigger all sorts of investigations.

[languagefan]

No. When my original bank (Barclays) was transferred to Caixa I was told that I am not allowed to have more than €3000 in the account at any one time. Don't forget I did say unless you are a local. If you are Spanish then its different. Don't ask me why, I don't make the rules. It is Spain don't forget.
I am British, a Caixa customer, and have way way more than 3000 Eu in my account and my bank director helps advise how to manage it!
The only way your news can be correct is about depositing more than 3000 Eu cash without receipt or showing the source of your money.
When I first moved to Tenerife 5 years ago I banked with Santander and transferred 70,000 eu to my account.
3000 limit is rediculous and impossible.

- - - - - - - - - - merged double post - - - - - - - - - -


Thanks for all the replies, what if I changed sterling into euros in the UK, then opened an account with them in Tenerife
1) you get much worse rates in the UK
2) this is the worst time to exchange £ to Eu, if you don't have to exchange now sit on your money for a while until Eu goes higher post Brexit
3) get your green permanent residence card before opening a bank account and doing major movements of money. The commission you pay for each move in or out would be significantly different.
4) you can open £ accounts here in Tenerife. You got to negotiate with your bank director to make your £ account commission exempt arguing that you are bringing in a lot of money (if so).(>30,000eu)
5) you can ask your bank director to offer you the best exchange rate on grounds of exchanging a lot of money.(>30,000)
6) if the sum you are bringing is smaller than above, bring a smaller amount that you need and exchange the rest with better rates later. "transferwise" is easy to use and makes huge difference in the amount of Eu you get.
Good luck

[bulldog]

This is what I know you cannot open a bank account in Tenerife with cash they need proof where the money came from ,so bank transfer, certified cheque,
street money has to stay on the street:whistle: or donated to charity

[Leam_Lin]

This is what I know you cannot open a bank account in Tenerife with cash they need proof where the money came from ,so bank transfer, certified cheque,
street money has to stay on the street:whistle: or donated to charity

Could this be why some places have no custom but stay open even with a PR, I often wonder how much they are putting through their books each week.:devil:

[languagefan]

This is what I know you cannot open a bank account in Tenerife with cash they need proof where the money came from ,so bank transfer, certified cheque,
street money has to stay on the street:whistle: or donated to charity

You can open a bank acc in Tenerife with cash provided you have the UK withdrawal documents to demonstrate where the money comes from. That is how I originally opened my first acc in Tenerife.

[essexeddie]

Someone is getting confused over something. You are allowed much more than this in your account. But a limit of 3000 euros paying in with cash applies. More flexible rules apply in the UK, but if you are not known to your bank, 5000 pounds or more in cash being paid in, will trigger all sorts of investigations.


If I'm wrong then I stand corrected. But that was what I was told. I shall check next time I'm over. I don't like to leave too much in the account only enough to pay the bills.



.

[amanda]

I dont believe thats a the case

[eltel]

When we came over a few months ago Banca March wouldn't let us open account with less than 20,000e

[Mia]

I thought that one of the things you need before you can apply for a Certificado de Registro (to obtain residence) is to have 5000 Euros in a bank account. So 3000 Euros maximum in a non resident's account can't be right.

[rotchie]

We have owned a property in Tenerife since 2007 and come over for three months twice per year; I regularly transfer between £4k - £7k into my account for household bills and living expenses. I have always used a currency transfer company and received very good rates. My account very rarely dips below €4k. I think someone had their wires crossed when they gave you the figure.