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Hi
We opened option 2 account with Cajamar about 3 years ago. No problems with accounts, option to download app onto phone for online banking, no issues.
Many thanks
Bill and Gill
Posted: Wed May 31, 2023 11:12am
Posted: Wed May 31, 2023 1:44pm
Hello Wendy,
We just purchased an appartment at HR and had to follow the instructions our lawyer recommended, we really would need a Spanish bank account, he recommended Caixa, so after we gave him the PoA the account was opened, costs €35 every three months and €30,25 including tax , per person every two years.
Also the bankdraft the lawyer was going to get from the bank had a price of €500 but would be free if we also took the home insurance from Caixa , €276 a year, contract had to be for three years somalso the bankaccount will be for at least three years…
We agreed although we are aware that everything is highly priced but since you really don’t know how everything works in Spain and you have to trust your lawyer , he should act in your favor while you pay him, we felt we didn’t have much choise..I understand you are in situation that is quite simple to ours , wish you luck , sorry that we done have helpful answers for you…
Posted: Wed May 31, 2023 2:32pm
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 ...
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...recommendation asap and getting the money back. This way we are not holding up the purchase in anyway. Thanks again , wendy
Hi. Our solicitor also had POA, but he chose the cajamar wefferent account for us so if I were you I would instruct my solicitor to open your proffered bank account.
Posted: Wed May 31, 2023 6:36pm
We have the second option. But you have to pay for a share in the company as per the 183 euros in the other option as it's a cooperative. As you say there are no fees,but we had to pay for the card. We check our account on line and it works for us.
Posted: Wed May 31, 2023 6:48pm
Hi Wendy,
We have the second option, set up by mam solicitors for us when we bought our property. Very straight forward so far... no complaints. Hope that helps.
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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 ...
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...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
In my experience we are paying all our DD’s via our wise account. Need to be careful here.
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. You do not need an NIE to open a wise account. It’s simple process on line.
Posted: Wed Jun 7, 2023 12:47pm
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 !!
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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
I'm assuming that you can pay all you DD's via the Wefferent account?
I currently have an Interbank account which MAM set up for me, so would like to get Cajamar to transfer all my DD's over automatically like the banks do in the UK. Does anybody know if they do that in Spain?
There is no system in Spain for transferring DD's to a new bank.
You can pay all your Dad's from your Wefferent account.
If your solicitors hold a POA ask them to transfer the DD's for you.
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