From today, Spanish banks will not be able to charge more than €3 per month per client as commission for basic bank account operations, a measure that is the result of Spain translating an EU directive into national law ECE/228/2019 (see HERE). These include up to 120 basic operations annually, include opening and closing an account, paying in or withdrawing money, whether by machine or over the counter, debit card operations, transfers, and direct debits, etc.

Those who have heavier use of their accounts, commissions may not exceed the average set for the type of operation being charged, and these rates will be published quarterly by the Banco de España. The maximum monthly commission of €3 will be updated every two years by the national Bank.

Many bank account holders will be interested, and no doubt pleased, that the measure prohibits the banks from offering “products” for customers to benefit from this maximum rate, and that transfers of accounts must by law now be free.

Source: Janet Anscombe: https://www.janetanscombe.com/news/banks-must-charge-customers-no-more-than-e3-per-month-for-basic-services-from-today.html

The Brexit post: summary of latest chaos

The Brexit post: summary of latest chaos

Updated 10 September: I normally only update this post when there is firm information or an announcement, but with 51 days to Brexit, I thought a summary might be welcomed. We are hopefully at maximum chaos with calmer waters to come, but I wouldn’t bet on it. As of...

This weekend in Tenerife

This weekend in Tenerife

Updated 29 August: This weekend has a couple of fiestas in south Tenerife and a couple of very popular cultural events in north Tenerife. For tomorrow until Sunday, there is the Bavarian week and Oktoberfest in Puerto de la Cruz and the Pinolere ethnographic village...

New British ambassador arrives in Spain

New British ambassador arrives in Spain

Updated 22 August 2019: Hugh Elliott, a member of the UK’s Diplomatic Service since 1989, succeeds Simon Manley as Her Majesty’s Ambassador to Spain and non-resident Ambassador to Andorra. The Ambassador takes up this new role having previously been Director of...

Advertisements

Pin It on Pinterest

Share This