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View Full Version : Looking for a suitable bank account in Tenerife to make free transfers from the UK



therealpopeye
03-10-2011, 13:29
Hi

I have just joined the forum and will be coming over to live in Tenerife at the end of October/start of November.

I am looking for a cost effective spanish euro bank account to set up while still in the UK, allowing free transfers from the UK to a euro based bank account in Spain. The best I have been able to find so far is LLoyds TSB's Premier International current account. This can be used with Lloyds/HBOS online banking allowing free transfers to the spanish euro account from a Lloyds group current account. They also allow free cash withdrawals with the account debit card. The rate is approximately 2.5 cents less than the previous days' market rate so probably about 1.135 at present. However, they require at least E2500 in the account to avoid a E20 monthly fee.

I am aware from another post that Banca March has been suggested as they have a good rate of exchange, but do they have an association with a UK bank allowing some form of online banking ? Would that then mean I would need 3 accounts: a UK based account and a Banca March sterling and euro account ?

I may just have to go with Lloyds TSB initially and open a local account later.

Any input would be much appreciated.

Gary.

wallyboyes
03-10-2011, 17:52
Try Barclays I think they do the same as Lloyds

karinagal
03-10-2011, 18:19
I have a Solbank account in Tenerife. It accepts unlimites international transfers in either sterling or euro, and for this plus all my direct debits I pay a quarterly charge of 22.50. My bank in the UK is Santander - I do not send money directly from this account, instead I use the services of Caxton FX. To do this, I opened a Caxton FX Fastpay account from here (http://www.caxtonfx.com/). Now when I want to send money over, I use the fastpay account service. I have my debit card registered as a payment method, I decide if I want to send a specific amount (either convert 200 to whatever euros I can get, or if I want to specifically send 200 it will calculate how much I have to pay in sterling) and the money is in my account in 3 working days or less. I've been using this method for 18 months now and not had any problems with it.

However, I would dearly love to find a bank in Tenerife that has a bank in the UK as well that would provide me with an easy transfer option. Caxton do not charge commission on their service (as such) but I'm sure it's reflected in the rate I get.....

Jackie
03-10-2011, 18:55
Before we moved here we opened a sterling bank account with Banca March in London, all done on the internet and by phone, and they in turn opened a euro account for us here in Banca March Los Cristianos. We transfered all of the money from the proceeds of our house sale via these accounts and it was all done there and then, no waiting, no charges. Also when transfering from the sterling to the euro account we normally get 2-3 cents more than the exchange places are advertising, doesn't sound much but when there are thousands involved it soon mounts up.

Added after 14 minutes:


Before we moved here we opened a sterling bank account with Banca March in London, all done on the internet and by phone, and they in turn opened a euro account for us here in Banca March Los Cristianos. We transfered all of the money from the proceeds of our house sale via these accounts and it was all done there and then, no waiting, no charges. Also when transfering from the sterling to the euro account we normally get 2-3 cents more than the exchange places are advertising, doesn't sound much but when there are thousands involved it soon mounts up.

Forgot to add that once you move here if you go into Banca March they will cancel the London account for you provided you don't need it anymore and open a sterling account for you at the same branch as the euro account is held.

therealpopeye
03-10-2011, 22:57
Hi

thanks to everyone who replied :thanx:

I contacted Barclays last week and although they only charge 5 euros per month for their euro current account, it is not actually based in Spain, but 'offshore' so they said payments to someone in Spain would cost around 25 to 40 per transaction!! Crossed them off the list.

Solbank sounds reasonable at E22.50 per quarter but I imagine I would need to open an account when in Tenerife.

Banca March have now been mentioned to me a few times and if it's possible to open an account here before I leave it could be the best option. I could combine the use of Caxton FX to pay money into the account in Tenerife or have money transferred into the Sterling account. I'll contact them tomorrow.

Thanks for the suggestions.

longtallalice
03-10-2011, 23:24
hi i had a lloyds tsb account in uk and opened a lloyds international account here with a sterling and a euro option not had any problems or charges when transfering and done most of it online

timmylish
04-10-2011, 00:28
hi i had a lloyds tsb account in uk and opened a lloyds international account here with a sterling and a euro option not had any problems or charges when transfering and done most of it online

But their office here does not deal in cash so you incur fees in drawing your money out at another bank!

Norm de Plume
07-10-2011, 15:55
Citibank Euro Account - commercial rate of exchange and no fees on transfer to Spanish Bank Account.