Expat Advice: Financial Issues in Madrid, Spain

What is the name of the city or town that you are reporting on?

Madrid

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

No, I opened an account with an internet bank. The banking fess for the expat-based banks were ridiculous.

Expat Estate
Get Quote

Take the hassle out of buying property in Spain! Expat Estate is a bespoke buyer advisory firm helping foreign nationals purchase property in Spain. Providing end-to-end services from property search and acquisition to legals, mortgage broking, property management and support with Golden Visas, Expat Estate takes the stress out of home ownership in Spain.

Expat Estate

Take the hassle out of buying property in Spain! Expat Estate is a bespoke buyer advisory firm helping foreign nationals purchase property in Spain. Providing end-to-end services from property search and acquisition to legals, mortgage broking, property management and support with Golden Visas, Expat Estate takes the stress out of home ownership in Spain.
Get Quote

What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

If your country has internet banks, I would suggest using one. The pay YOU interest instead of charging ridiculous fees. This was good for me because I was able to arrange for direct deposit to my internet bank. The bank I chose (1st internet bank of indiana) also re-imburses me for any atm charges I incur, automatically. this was important since I'd be making a lot of withdrawls, and didn't want to have to send in the receipts. Overall, the best service I've ever experienced with a bank.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

Many investment houses need your actual signatures on forms to open accounts. Most will not accept faxes, so this means dl'ing forms, signing them and then shipping your vital info back to the us. i would only trust fedex some other carrier with this kind of info, not local mail.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Internet access to all accounts is a must if you have bills, etc to pay in your home country.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

I handle taxes myself.