DO I NEED A BANK ACCOUNT IN SPAIN, TO BUY A HOUSE?

Buying a home in Spain is pretty straightforward. In fact, there are only 3 simple steps to purchasing a resale property!

1. You choose which property you wish you buy.

2. Pay a deposit.

3. Complete the purchase and move in!

But what if you’ve never bought a property in Spain before? How do you actually pay for it?

Once you’ve chosen a home to buy, you’ll need to pay a reservation deposit. The property will then be removed from the market and this will stop anyone else from buying it. The deposit can be paid by credit card or bank transfer direct from your bank in the U.K. However, the outstanding balance will need to be paid from your Spanish bank account.

If you’re not in Spain, you are now able to open an account online. Most banks nowadays offer online banking in English, so you don’t have to worry about the language! Alternatively, if you’re in Spain and prefer face to face service, then it’s easy to make an appointment with your chosen branch.

Besides having a Spanish bank account to receive your funds to pay for your home, payment of the utility bills can be set up as a direct debit from this account too.

Tip: When transferring your balance money to your own private bank account in Spain from the U.K., use a currency company. They usually offer better exchange rates than the banks. However! As the U.K. is no longer a member of the E.U., the Spanish banks will charge to receive the transfer. From experience, if you transfer separate amounts of under €25,000 i.e. €24,999 you should be able to avoid these costs! Be sure to check with your chosen currency company first!

For information on the buying process in the Costa Blanca, head to www.BuyMyHomeInSpain.com to download a complimentary “Spanish Property Buying Guide for 2021”.