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Expat Financial and Banking Advice for Spain
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Alicante
Madrid
Nice

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Expat Advice: Financial Issues in Madrid

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

Madrid

Did you switch to a new expat-focused bank when you moved abroad? What types of special services do they offer?

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

What advice would you offer others about banking abroad?

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?

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.

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