Opening a Spanish Bank account can save you money
Why do I need a Spanish bank account?
If you are planning to buy a property in Spain, you will need a Spanish bank account to pay utilities, local taxes and mortgage payments. Mortgage Direct can open an account for you as part of the pre-approval process. Firstly we assess your ability to obtain a mortgage in Spain and, when we are confident that we can secure the borrowing, we submit the case to the chosen Bank for a formal pre-approval. Once the mortgage is approved, the bank will open your bank account without you having to travel to Spain in person and waste valuable time and money.
What are the benefits of opening a Spanish bank account before making an offer?
The most important benefit is to save money on exchange rates. We all know the exchange rates fluctuate and having an account open in advance will give you the opportunity to transfer your deposit funds when the rates are advantageous. This could save you thousands.
£100,000 transferred at 1.14 would give you €114,000
£100.000 transferred at 1.18 would give you €118,000
That’s €4,000 savings! Be smart. Be prepared. And once you have your deposit in your Spanish account, it’s just one click away from being transferred and sealing the deal, preventing delays in the purchase process.
Another benefit of having your Spanish bank account opened in advance is that you can use it while on holiday/viewing trips. We’ve all done it: carefully prepared for our holiday only to find out after week one we need more cash. We find the nearest cash machine and get what we need. Result? Bank charges and very bad exchange rates. This can easily be avoided if you already have your own Spanish bank account.
What facilities will my Spanish account have?
Banks in Spain offers the same facility as banks in most other countries:
- A debit / credit card with PIN number.
- Access to internet banking so you can monitor money movements from the comfort of your own home.
- Access to telephone banking, with most banks providing an English speaking line.
How do I start the process?
Contact us and we’ll start the process by calculating how much you will be able to borrow. We will then support you through the whole process from initial enquiry to getting the keys, advising on interest rates, banks, estate agents, making an offer, organising a valuation.
Please complete our initial enquiry form to get no-obligation advice about Spanish mortgages and opening a bank account in Spain.