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Remote account management

Remote account management

With the remote transfer system, from your usual bank, you can manage and access:

  • Centralizing accounts: an account in which you centralize your collections and payments in our country. In this way you can fulfill your operating needs simply and regularly with your accounts in Spain.

  • Subsidiary accounts: if you have subsidiaries in Spain and are looking for centralized cash management, you can access your subsidiaries' accounts remotely.

With the following advantages:

  • facilitates account management, since you continue operating with your usual bank
  • enables you to make payments in Spain from Spain
  • centralizes your collections in Spain, benefitting from the prices and efficiency of interbank payment systems

Operation

A bilateral agreement is required between SabadellAtlántico and your bank in connection with the remote transfer request.

  • SabadellAtlántico receives the withdrawal orders from the accounts through a SWIFT MT101 message issued by the foreign company's bank that manages the account located in Spain. The accountholder in Spain must authorize us to fulfill these orders.
  • Information on balances and movements in accounts are supplied through MT940 and MT942.


Legal obligations

Requirements of Spanish legislation:

  • If the accountholder is a subsidiary in Spain of the company that, through a financial entity, will give withdrawal orders: powers of attorney must be arranged by the subsidiary in Spain for the persons authorized to operate the account from abroad

    Generally, anybody giving instructions in connection with a company's account should have sufficient powers of attorney of the said company to give the said instructions

  • If the holder of the account is a resident company in Spain and payments or charges are carried out with individuals or legal entities non-residents in Spain: the resident must notify the payment or collection item when it exceeds 12,500 € or par value.

  • If cash management is centralized between a resident account in Spain and an account overseas: an authorization must first be obtained from the Bank of Spain

    The resident company should directly contact the Companies Unit of the Bank of Spain's Balance of Payments Department (telephones 91 338 54 69 and 91 338 54 87) and provide in writing the details of the cash management centralisation in the terms required by this unit.