Spanish expats do not trust local banks

Spanish expats do not trust local banks
Published:  27 Jan at 12 PM
A recent survey concerning the banking habits of expats has revealed that those living in Spain tend to have the most problems. The research was conducted by Just Landed, and expat website, on behalf of Lloyds TSB International. Just under two-thirds (64 per cent) of the respondents from Spain said that they did not trust the local banks.

Examples of the problems being experienced were money being deducted from accounts for no obvious reason, the language barrier and unfair charges. Graham Hunt, a Brit who runs a website on property in Spain, said that trust in the Spanish banking system seems to have fallen away over the past couple of years because of new charges which have been introduced for services such as account maintenance, cards and transferrals.

He added that communication was a big problem and advised people who were banking in Spain to get on with their bank managers. He explained that a friendly bank manager would usually sort out any issues, especially if the customer threatens to take their business elsewhere.

Over 11,800 expats took part in the Expat Banking Poll and more than half (59 per cent) said they did not trust foreign banks. In Kuwait 83 per cent of respondents said that they had complete faith in their local banks, In the United Arab Emirates the figure stood at 74 per cent.

In Germany, 68 per cent said that they completely trusted the local banks. Just Landed managing partner Daniel Tschentscher said that although there were obviously some issues, a large percentage of respondents seemed to be perfectly happy with the banking services they were receiving.