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Opening a Cajamar Bank Accou

Posted: Fri May 26, 2023 7:43am
18 replies545 views9 members subscribed
Wendy1

Posts: 7

3 helpful points

Location: Roldán

Joined: 30 Apr 2023

hello All

We are currently in the process of buying  an apartment at Las Terrazas. We have given the solicitors Power of Attorney. They are now setting up a bank account for us with Cajamar. We want this account purely for paying our utilities etc and don’t intend to withdraw cash whilst holidaying as we pay for most things whilst abroad with a Revolut card. We have been offered the following two options:

  • €183 per account holder – €30 every 3 months maintenance commission on the account. €18 commission a year for bank cards. 
  • €1,037.50 Social Capital – Account would be completely commission free. €0 Maintenance fee and €0 card fees

  • . The bank have advised that option 2 which involves the Social Capital Investment, is in fact returnable when we close the account. Has anyone done this before, is it a common procedure? Would be very grateful for your feedback. Thanks, Ade and Wendy
Roland

Posted: Fri May 26, 2023 9:58am

Roland

Legendary helpful member

Posts: 3489

2561 helpful points

Location: Camposol

Joined: 23 Feb 2018

Posted: Fri May 26, 2023 9:58am

Do NOT take the advice of the solicitors regarding the opening of either of those accounts.

The fees you have listed are absolutely shocking !!

They are probably getting a commission for getting you to open those accounts.

The account you really need to open is the Cajamar Wefferent account, you can find details on the Cajamar website.

No fees at all as long as you operate the account online.

Debit card provided with no fees.

Only snag is that as a non resident you can only open the account by going into a branch in person.

But that's easy enough to be honest, just take passport ,NIE number, UK driving licence & a copy of your house deeds.

Make sure the bank understands that you want a Wefferent account NO other account.

I only use my Wefferent for withdrawing small amounts of cash if I need it.

I transfer money from my Wise euro account to my Wefferent account as & when I need it.

I pay all my utilities from my Wise account.

HTH

eduardo3332

Posted: Fri May 26, 2023 11:13am

eduardo3332

Super helpful member

Posts: 1530

1155 helpful points

Joined: 21 Jan 2016

Posted: Fri May 26, 2023 11:13am

Wendy1 wrote on Fri May 26, 2023 7:43am:

hello All

We are currently in the process of buying  an apartment at Las Terrazas. We have given the solicitors Power of Attorney. They are now setting up a bank account for us with Cajamar. We want this account purely for paying our utilities etc and don’t intend to withdraw cash whilst holidaying ...

...as we pay for most things whilst abroad with a Revolut card. We have been offered the following two options:

€183 per account holder – €30 every 3 months maintenance commission on the account. €18 commission a year for bank cards. €1,037.50 Social Capital – Account would be completely commission free. €0 Maintenance fee and €0 card fees
. The bank have advised that option 2 which involves the Social Capital Investment, is in fact returnable when we close the account. Has anyone done this before, is it a common procedure? Would be very grateful for your feedback. Thanks, Ade and Wendy

I agree with what Roland has said and your solicitor will be getting a fee from the bank if you set up either of those accounts recommended by them.

The Wefferent account is the way to go details below

https://www.cajamar.es/en/particulares/productos-y-servicios/ahorro-e-inversion/cuentas-a-la-vista/pack-wefferent/

There is also a phone number attached to the above information for assistance and they will speak English,

Jan1961

Posted: Sat May 27, 2023 12:08pm

Jan1961

Helpful member

Posts: 236

96 helpful points

Location: Sucina

Joined: 1 Jul 2017

Posted: Sat May 27, 2023 12:08pm

When we bought our apartment we opened a Sabadell account the fees are really high for just having Direct debit coming out.

Open up a Euro Wise account yourself online provide the Solictor with them details to set up your Direct debits to cover your utility Bill's community fees etc.I did this myself about 8mth ago it wasnt easy for me transferring Direct debits across but be much easier for Solictor as they'l speak Spanish.

I just top up my Wise account every couple month through the App using my UK debit card.Some companies may come back stating they carnt use Wise but Wise can accept Sepa Direct debit and you can report the Companies if they refuse.

Hope this helps.

Jan

Wendy1

Posted: Mon May 29, 2023 10:58am

Wendy1

Original Poster

Posts: 7

3 helpful points

Location: Roldán

Joined: 30 Apr 2023

Posted: Mon May 29, 2023 10:58am

Jan1961 wrote on Sat May 27, 2023 12:08pm:

When we bought our apartment we opened a Sabadell account the fees are really high for just having Direct debit coming out.

Open up a Euro Wise account yourself online provide the Solictor with them details to set up your Direct debits to cover your utility Bill's community fees etc.I did this myself about 8mth ago it wasnt easy for me transferring Direct debits across but be much easier for Solictor as they'l speak S...

...panish.

I just top up my Wise account every couple month through the App using my UK debit card.Some companies may come back stating they carnt use Wise but Wise can accept Sepa Direct debit and you can report the Companies if they refuse.

Hope this helps.

Jan

Thank you for your reply Jan. I take it we will need our NIE numbers to set us this online account?

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Wendy1

Posted: Mon May 29, 2023 11:04am

Wendy1

Original Poster

Posts: 7

3 helpful points

Location: Roldán

Joined: 30 Apr 2023

Posted: Mon May 29, 2023 11:04am

Roland wrote on Fri May 26, 2023 9:58am:

Do NOT take the advice of the solicitors regarding the opening of either of those accounts.

The fees you have listed are absolutely shocking !!

They are probably getting a commission for getting you to open those accounts.

The account you really need to open is the Cajamar Wefferent account, you can find details on the Cajamar website.

No fees at all as long as you operate the account online.

Debit card provided with no fees.

Only snag is that as a non resident you can only open the account by going into a branch in person.

But that's easy enough to be honest, just take passport ,NIE number, UK driving licence & a copy of your house deeds.

Make sure the bank understands that you want a Wefferent account NO other account.

I only use my Wefferent for withdrawing small amounts of cash if I need it.

I transfer money from my Wise euro account to my Wefferent account as & when I need it.

I pay all my utilities from my Wise account.

HTH

Thank you for your reply. We are slightly stuck as not able to go back out to open an account in person so have given the solicitors POA to arrange. This is what, we now know is limiting us. If we can’t sort something out online we are thinking of opening the second option and changing to your recommendation asap and getting the money back. This way we are not holding up the purchase in anyway. Thanks again , wendy

Wendy1

Posted: Mon May 29, 2023 11:05am

Wendy1

Original Poster

Posts: 7

3 helpful points

Location: Roldán

Joined: 30 Apr 2023

Posted: Mon May 29, 2023 11:05am

eduardo3332 wrote on Fri May 26, 2023 11:13am:

I agree with what Roland has said and your solicitor will be getting a fee from the bank if you set up either of those accounts recommended by them.

The Wefferent account is the way to go details below

https://www.cajamar.es/en/particulares/productos-y-servicios/ahorro-e-inversion/cuentas-a-la-vista/pack-wefferent/

There is also a phone number attached to the above information for assistance and they will speak English,

Thank you, very helpful information.

Roland

Posted: Mon May 29, 2023 11:42am

Roland

Legendary helpful member

Posts: 3489

2561 helpful points

Location: Camposol

Joined: 23 Feb 2018

Posted: Mon May 29, 2023 11:42am

Wendy1 wrote on Mon May 29, 2023 11:04am:

Thank you for your reply. We are slightly stuck as not able to go back out to open an account in person so have given the solicitors POA to arrange. This is what, we now know is limiting us. If we can’t sort something out online we are thinking of opening the second option and changing to your ...

...recommendation asap and getting the money back. This way we are not holding up the purchase in anyway. Thanks again , wendy

I certainly would not open a Spanish bank account & then close it.

Just be a right load of hassle & extra cost.

You can open a Wise.com euro account very easily & set up all your utility bills from there.

If your solicitor tries the 'You have to have a Spanish bank account & IBAN code tell him that he/she is totally wrong.

Jan1961

Posted: Mon May 29, 2023 2:44pm

Jan1961

Helpful member

Posts: 236

96 helpful points

Location: Sucina

Joined: 1 Jul 2017

Posted: Mon May 29, 2023 2:44pm

Wendy1 wrote on Mon May 29, 2023 10:58am:

Thank you for your reply Jan. I take it we will need our NIE numbers to set us this online account?

Hi Wendy I cannot remember if we needed an NIE number dont think we did.People who are just travelling open up Euro Wise Account so they wouldnt need NIE number.Just mention to Solictor you are going to set up a Wise Account for Direct Debits.We used Wise to transfer funds when we purchased property you dont need a spanish account if you just wanting it to cover Bill's.I just keep mine topped up every cpl months.I dont have a high Balance is as dont think they regulated under Banks Compensation Scheme.

Jan

Wendy1

Posted: Mon May 29, 2023 8:03pm

Wendy1

Original Poster

Posts: 7

3 helpful points

Location: Roldán

Joined: 30 Apr 2023

Posted: Mon May 29, 2023 8:03pm

Jan1961 wrote on Mon May 29, 2023 2:44pm:

Hi Wendy I cannot remember if we needed an NIE number dont think we did.People who are just travelling open up Euro Wise Account so they wouldnt need NIE number.Just mention to Solictor you are going to set up a Wise Account for Direct Debits.We used Wise to transfer funds when we purchased prope...

...rty you dont need a spanish account if you just wanting it to cover Bill's.I just keep mine topped up every cpl months.I dont have a high Balance is as dont think they regulated under Banks Compensation Scheme.

Jan

Thank you so much! Very helpful 😃

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