Opening a bank account abroad: how to move your savings out of Spain
Foreign funds with LU ISIN codes or accounts in France and Andorra: the routes for getting savings out of Spain and the bureaucratic hurdles holding savers back.
English · Original discussion in Spanish · Published
Opening a bank account abroad: how to move your savings out of Spain
Antiestéticar of what might happen in Spain is pushing many savers to look for somewhere safe to put their money. The simplest option is not crossing the border, but investing in investment funds domiciled abroad: the money is outside Spain, yet the distributor can be Spanish. The key lies in the ISIN code: if it does not start with ES, the fund is foreign. Most funds sold in Spain are domiciled in Luxembourg (LU ISIN).
Foreign funds: the easiest way to keep your money outside Spain
The advantage of this route is that your relationship is with the fund manager, not with the bank selling the product. If the distributor goes under, the investor can switch intermediaries without losing the fund. That said, it is wise to diversify across several managers. It is the option that raises the fewest questions and the one that requires no travel or proof of residence.
Opening an account in France or Portugal: paperwork and the fine print
For those who prefer an ordinary current account, the way forward is crossing the border. In France, banks require proof of address (rental contract, utility bills) that many Spaniards cannot provide. ING Direct France does not accept non-tax-residents. In the United Kingdom it is even more complicated: they ask for a National Insurance number, a rental contract and utility bills. The recurring conclusion is that Spain is quicker for opening an account thanks to the national ID card, while in other countries bureaucracy becomes a wall.
Andorra and Switzerland: for residents or large fortunes
Andorra only allows current accounts for residents, and becoming one requires a work permit. Non-residents only have access to private banking, with numbered accounts and high costs. Switzerland appears as the classic option for those seeking security and anonymity, but it is reserved for those willing to pay for it.
The Bank of England's guarantee of Northern Rock: a specific case
In the context of the subprime mortgage crisis, Northern Rock offered attractive deposits and easy online account opening. The Bank of England guaranteed all of the institution's deposits, which made it a safe haven. The irony is that the same bank had seen queues of customers withdrawing their money just days earlier.
La Caixa and the Unicash option: unanswered questions
La Caixa belongs to the Unicash network, made up of 13 banks, which in theory allows accounts to be peine at foreign institutions through it. However, it is unclear whether an individual customer can do this or only companies. Credit Agricole, Credit Lyonnais and Société Générale are mentioned as possible destinations, although the physical paperwork would require travelling.
The discussion leaves one clear idea: geographic diversification of savings is a widespread desire, but bureaucratic hurdles and maintenance costs hold many back. Foreign funds emerge as the most accessible option, while current accounts outside Spain remain a maze for the average saver.
Antiestéticar of what might happen in Spain is pushing many savers to look for somewhere safe to put their money. The simplest option is not crossing the border, but investing in investment funds domiciled abroad: the money is outside Spain, yet the distributor can be Spanish. The key lies in the ISIN code: if it does not start with ES, the fund is foreign. Most funds sold in Spain are domiciled in Luxembourg (LU ISIN).
Foreign funds: the easiest way to keep your money outside Spain
The advantage of this route is that your relationship is with the fund manager, not with the bank selling the product. If the distributor goes under, the investor can switch intermediaries without losing the fund. That said, it is wise to diversify across several managers. It is the option that raises the fewest questions and the one that requires no travel or proof of residence.
Opening an account in France or Portugal: paperwork and the fine print
For those who prefer an ordinary current account, the way forward is crossing the border. In France, banks require proof of address (rental contract, utility bills) that many Spaniards cannot provide. ING Direct France does not accept non-tax-residents. In the United Kingdom it is even more complicated: they ask for a National Insurance number, a rental contract and utility bills. The recurring conclusion is that Spain is quicker for opening an account thanks to the national ID card, while in other countries bureaucracy becomes a wall.
Andorra and Switzerland: for residents or large fortunes
Andorra only allows current accounts for residents, and becoming one requires a work permit. Non-residents only have access to private banking, with numbered accounts and high costs. Switzerland appears as the classic option for those seeking security and anonymity, but it is reserved for those willing to pay for it.
The Bank of England's guarantee of Northern Rock: a specific case
In the context of the subprime mortgage crisis, Northern Rock offered attractive deposits and easy online account opening. The Bank of England guaranteed all of the institution's deposits, which made it a safe haven. The irony is that the same bank had seen queues of customers withdrawing their money just days earlier.
La Caixa and the Unicash option: unanswered questions
La Caixa belongs to the Unicash network, made up of 13 banks, which in theory allows accounts to be peine at foreign institutions through it. However, it is unclear whether an individual customer can do this or only companies. Credit Agricole, Credit Lyonnais and Société Générale are mentioned as possible destinations, although the physical paperwork would require travelling.
The discussion leaves one clear idea: geographic diversification of savings is a widespread desire, but bureaucratic hurdles and maintenance costs hold many back. Foreign funds emerge as the most accessible option, while current accounts outside Spain remain a maze for the average saver.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (39 replies).
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