UKMS

ok thanks ….. I’m aware of the high street banks …. I was more asking in relation to the online banks quoted earlier.

UKMS

Agree regarding Wise ….. I’m using this in combination with Revolut …. It’s working very well for me.

DLC

But those are the Spanish high-street banks, not the Spanish Internet banks (Wefferent, imagin, openbank, BBVA online, etc). AFAIK the Spanish Internet banks require you to be resident, at least when opening the account.

Blades

Hi everyone.
This subject is one that I am currently looking into myself.

I have set up a Wise account, and have already made some payments and transfers, and also now have a card.

Everything has been good, so far.

I am now trialling a direct debit with Iberdrola, with a view to closing my Deutsche bank account, and operating without a local bank account.

One thing bothers me though. Every 2 years my bank charges both myself and my wife for 'Peticion Certif no residencia'

Does anyone know what this is. And do you need this if you don't have a Spanish bank account?

I own a house in Gran Alacant, but am not a resident.


Thanks in advance

avionisto

I think it is only Spanish based banks that charge for non-resident accounts (from memory, the charge is levied every two years). I don't think such non-resident charges would apply to a Wise account.

spainrico

Can't see a problem - Spanish banks have to know whether you are resident/non-resident for account maintenance purposes - once you close it no problem - and like avionisto this is not an issue for Wise.

I have a Wise account but have not tried the direct debit service yet - everything else has been excellent.

keithBT

Hi Blades, we've had a BBVA account for seven years that we want rid of due to charges. We've never been charged for a non resident certificate although they did freeze the account without warning, because we had not been into the branch to update our non res status. I do all my sterling transfers to euro via (Transfer)Wise but don't have a debit card. Are you saying a new account with Wise acts as a bank account ? I was about to open an N26 bank account to replace BBVA, but if I have understood your post above I can do same with a wise " account" I would be grateful if you could confirm this. I did look at their website but didn't get the impression it was a bank account as such ? Thanks... Keith

spainrico

It is not a bank account as 'such' - but all depends on what you expect and what you need - this might help

https://wise.com/help/articles/27360...a-bank-account

I have been using them for transfers for a couple of years and I think the service is fantastic - I now have their account and have both €uros and pounds in it ready to move to where ever I need funds.

stevesainty

Yes, a fully funtional bank operating direct debits with spanish utilities etc. You can also hold currency in euros, dollars ad GBP if required, everything you need to know is here https://wise.com/gb/multi-currency-account/
You can even have up to 3 virtual debit cards at once for internet purchases etc.

keithBT

Wow, I just clicked the link for multi currency account. Seems to be like a virtual bank account and would pay utility direct debits with a euro IBAN. No point in having an N26 account as it offers no advantages as far as I can see. Thanks for the info..... Keith

Blades

Thanks for the replies.

The non resident charge is indeed every 2 years, and cost around 80Euros per time. So a saving of 40 Euros per year.
What with annual admin charges, plus the charge to transfer funds, the opportunity, if I can get the Wise account to work as I want, is approaching 200 Euros per year!

Hi Keithbt.

I think that you have had the answers that you sought already.

The Wise account enables you to hold various currencies. The charges to put money in and transfer or pay in Spain is negligible

I've used the card for the first time today (you have to use it to activate it) to pay for my hair cut. All worked well.

They take money from the correct currency fund until it runs out and then from the best fund in terms of exchange after that.

The app is very good.

Not much to dislike at the moment.

The only thing that I cant check at the moment is how much it costs to draw money form an ATM in Spain. Does anyone have any experience of this?

I'll let you know how the direct debit exercise goes. First Iberdrola money due to come out early June.

One other thing. Whilst this operates very much like a bank, with IBAN number etc, I believe that it isn't covered under the Financial services cover. So probably shouldn't hold large sums of money at any one time. Transfer using the app is simple anyway.

stevesainty

This is the only downside to the Wise account. You are allowed 2 free withdrawals per month totalling a maximum of 200€ for both withdrawals. Every extra withdrawal it willcost you 50 cents and for withdrawals above 200€ you will pay around 1.75%. However, if you are non resident in Spain and are a UK resident, you can get a Halifax Clarity credit card where there are no charges for atm withdrawals and no extra charges other than the spot exchange rate at the time of the withdrawal.
You can use the Wise debit card for purchases in shops and restaurants, without extra charges other than those contained within the exchange rate.

As for funds security funds are kept ring fenced within Wise.com and if they became insolvent your funds would be safe. If the banks where Wise.com were to become insolvent, then your funds would not be protected. The banks used, though, are main stream big named banks.
The other thing to bear in mind is that Euros are kept in Belgium where there are negative interest rates and any holdings of more than 15,000€ will attract a fee to cover the negative interest charges.

Blades

Thanks stevesainty

50 cents per withdrawal seems ok?

I do have a Halifax clarity card, but thought that drawing cash on a credit card was a no no due to instant interest costs?

Up to now I have tended to just use my debit card at the ATM.

DLC

When you say euro IBAN you mean a non-Spanish IBAN?

Many Spanish companies can't set up direct debits with non-Spanish IBANs even though in theory (and the law says) it should be possible.

stevesainty

Yes there are no extra charges to use a Halifax Clarity card for withdrawals from ATM´s, just that interest is applied from date of withdrawal to the point of paying it off, for people who settle their accounts in full each month, not very much interest at all,