• Home
  • Property Finding
  • Design & Project Management
  • Rentals
  • Blog
  • Island Guide
  • Meet the Team
  • Contact
Morgan-Morgan

Open a bank account with a local branch in Mallorca

  • Home
  • Property Finding
  • Design & Project Management
  • Rentals
  • Blog
  • Island Guide
  • Meet the Team
  • Contact

Open a bank account in Mallorca

by Mark Stücklin

You are certain to need a bank account with a local branch in Mallorca in order to make many of the usual payments that are part and parcel of owning a property in Mallorca.

It is highly likely that you will also need an account in Mallorca in order to buy a property. This is because many private vendors will only accept a bank-guaranteed cheque drawn from an account in Mallorca. Developers selling new properties are also starting to insist on payments being made from a local bank account as recent laws on money-laundering make accepting payments from other countries more complicated. Therefore you would be well advised to open an account in Mallorca in good time before you buy a property.

If you use a mortgage in Mallorca to finance your purchase it often makes sense to open an account with the bank that lends you the mortgage. In this case, your choice of the bank will be determined by the mortgage conditions you are offered. However, if you do not take out a mortgage with a local bank you will need to do some research on the retail banking conditions being offered by different banks.

 

Retail banking services and charges vary significantly and it is important to look into these issues before you open an account and buy a property. One has to pay particular attention to the fees that different banks charge for receiving transfers from abroad and for issuing bank-guaranteed cheques, both of which can add thousands of Euros to the cost of your purchase if you are not careful. To avoid a nasty shock you need to negotiate these fees in advance with the branch where you open your account.

This article is a part of the Comprehensive Guide to Buying Property in Mallorca. Click here for all the steps from defining property needs to the costs of owning a holiday home. 

Morgan and Morgan are well versed with the banking system in Mallorca and can guide you through the process of opening a bank account.

Recent Posts

  • A true Mallorcan welcome for our guests
  • Unforgettable Experiences
  • The Townhouse Revival
  • Where luxury comes to life
  • Our approach to Project Management
  • The power of yoga to change lives
  • The Mallorcan holiday rental market is on the up
  • It’s wine o’clock
  • All Your Questions answered: The Latest Travel Advice To Mallorca
  • Your Week In Mallorca

Categories

  • Cycle
  • Experiences
  • Food
  • Holiday Homes
  • Island guide
  • Mallorca
  • Morgan and Morgan
  • North of Mallorca
  • Property Development
  • Property Finding
  • South east Mallorca
  • Walking
  • Wellbeing

Want to read more about Mallorca?

LATEST NEWS

 

A true Mallorcan welcome for our guests

A true Mallorcan welcome for our guests

Mar 9, 2022

There are many things Mallorca is famous for. When you sit in the office dreaming of your upcoming holiday to the island you envision crystalline waters that glisten in the summer sun, golden sand beaches and historic towns dotted along dramatic coastlines. What many...

« Older Entries
Unforgettable Experiences

Unforgettable Experiences

Dec 9, 2021

Relaxation or adventure, it's your choice Morgan and Morgan villas are the stage and setting for your holiday. We perfect everything behind the scenes to make your stay flawless. But it’s the people you meet, the experiences you enjoy and the places you visit on this...

« Older Entries

Subscribe to Our Newsletter

Be the first to know about off-market opportunities and exclusive offers on holiday rentals.

* indicates required

 

Let’s Talk

 

 

 

Let’s Talk

 

 

 

TELL US WHAT YOUR ARE LOOKING FOR?

Via social media, email, telephone or face to face. You choose…

 

Leigh Morgan
Sales & Marketing
Mobile (00 44) 7577 408 598
leigh@morgan-morgan.co.uk

Kristan Ashton
Booking & Reservations
Mobile (00 44) 7495 680 314
info@morgan-morgan.co.uk

Leigh Morgan
Sales & Marketing
Mobile (00 44) 7577 408 598
leigh@morgan-morgan.co.uk

Kristan Ashton
Booking & Reservations
Mobile (00 44) 7495 680 314
info@morgan-morgan.co.uk

 

   

 

Contact Form
Contact Form

 

 

Morgan & Morgan

 

Morgan & Morgan is trading name of Morgan & Morgan Mallorca Ltd.
Registered Address: 24 Hermitage Road, Higham, ME37RB
VAT No: GB174841488 | Company registration: 08525926.

We use the ground handling services of Morgan Morgan Mallorca SL.
Registered Address:  Carrer de la Reina Maria Cristina, 9, 07460 Pollença, Illes Balears 
Company registration NIF B16628042.

© 2018 morgan-morgan.co.uk

 

Terms & Conditions | Privacy Policy | Cookies | Design by Lumisi

 

 

 

 

 

Recent Posts

  • A true Mallorcan welcome for our guests
  • Unforgettable Experiences
  • The Townhouse Revival
  • Where luxury comes to life
  • Our approach to Project Management
  • The power of yoga to change lives
  • The Mallorcan holiday rental market is on the up
  • It’s wine o’clock
  • All Your Questions answered: The Latest Travel Advice To Mallorca
  • Your Week In Mallorca

Categories

  • Cycle
  • Experiences
  • Food
  • Holiday Homes
  • Island guide
  • Mallorca
  • Morgan and Morgan
  • North of Mallorca
  • Property Development
  • Property Finding
  • South east Mallorca
  • Walking
  • Wellbeing

Newsletter