Spain Worst For Expat Banking

Expats in Spain report that hidden charges and language issues make there banking highly challenging

London, UK (Pryce Warner International) January 26th, 2012 – A new banking poll has seen Expats rate Spain it as having the most problematic overseas banking.

64% of individuals polled reported that they have no trust in local banks. The most frequent problems they encountered were hidden or unfair charges, inadequate translation of information and money being withdrawn from their account for undisclosed reasons.

Many of these problems reportedly stem from the financial crisis, which has taken it’s toll on Spanish banks. This has led many to introduce new fees on credit cards, account maintenance and transfers. In some cases this led to individuals having unused accounts go into the red due to maintenance charges, then being further charged for having those account overdrawn.

Graham Hunt, an Expat who runs a property website commented: “My experience is that if you have a good relationship with the bank manager then any charges on your account can be gotten back…you just have to threaten to take your business elsewhere.”

Despite this many foreign residents have little choice but to bank locally, as they have mortgages or loans that have to taken out in Spain.

Though Spain fared poorly in the survey, the United Arab Emirates (UAE), Kuwait and Germany rated highly for trust. 74% of UAE residents said they completely trust local banks, while this number increased to roughly 83% in Kuwait and Germany.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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