stevesainty

You need either a Spanish bank or more easily, and cost free, Wise, or N26

TicTac111

Ok thank you. I'm really not good with such things sorry and need always to understand it, so I hope you don't mind to ask again. I'm keen to get a Wise account, because it has been recommended in this forum several times. I've read about the Wise Multi Currency Account but I'm too stupid I just don't get it how it works :-(

Do I transfer money from my English bank account to the Wise account and give for example the internet provider my Wise account details for a direct debit??

stevesainty

The wise multi currency account lets you deposit funds, amongst others, in Euros and GBP. You can then use these funds to either pay bills in the same currency or convert them into the other currency and then either leave them or use them to pay bills.
Wise will give you a quote for how much in the other currency will be deposited, and their charges are included, the resulting deposit will almost always be larger than most other companies, so forget about exchange rates and charges and look at how much of the other currency you get in the end.
I depost, via bank transfer from my UK account, GBP to my euro account in Wise whenever the exchange rates are good, and I leave the resulting euros sitting in the Wise Belgium bank. When I need funds in my Spanish bank, Sabadell, we are lucky because our Sabadell account is totally free, I transfer funds, using my phone, from Wise into Sabadell and it takes seconds; the charge for this is 0.28€.
I can also set up direct debits from my euro account in Wise to pay my Spanish utilities. I can also use my Wise debit card, both actual and up to 3 virtual debit cards, to purchase goods and services,. These services are totally without charge
You can use the Wise debit cards for cash withdrawals from ATMs but they are only free for up to 2 withdrawals a month and up to 200€ per month. After that it there is a charge.

TicTac111

stevesainty thank you so much taking the time explaining to me and I've understood it :-) hurray. Think now I can really put a tick on my to do list regarding bank account I'll do it like you. Thank you once again, have a lovely evening

anagerbera

Do you know the name of you account in La Caixa?, is it a normal current account? Many thanks indeed.

snikpoh

If the money comes from outside the EU (or Euro Zone?), then you may be charged depending on what account you have.

anagerbera

Hello, thanks for the explanation. At what stage do you send the money to "Wise"? I mean... I guess you need to send the money to "Wise", and then "Wise" sends the money to your Spanish bank account?... Is that how it works? Sorry I am new to all this. Thanks in advance!

anagerbera

Spainrico, which UK bank do you use, that allows to keep the UK bank account open and still live in Spain? A friend of mine has been told by Barclays that that they will close her UK bank account if she moves to Spain...any bank suggestions are welcome! Thanks in advance!

Joppa

Almost instantaneously - i.e. in a few seconds. You specify the Spanish account for the money to be sent, you transfer manually in sterling from a UK bank account (cheapest way) or debit card to a holding account in your name they set up in UK, and once the money reaches there, it will be transferred to Spain in euro at an agreed rate. If you, say, send £500, they make a small charge of £2.24 for manual transfer, and the rest of the money is converted into euro at interbank middle rate, currently at 1.14207. So you get 568.48€.

Ronnyone

You set up an account with wise- basically giving your Spanish IBAN etc. Wise will give you an account number and sort code which you transfer money from your uk bank to. Once the money arrives Wise sends it to spain. It can be very quick ( minutes . You can see everything in real time on the web page and then check using your Spanish bank app. if you do it on a working day. Weekends means it won't leave Wise until the monday. Its extremely easy to do.

anagerbera

Thanks a lot. I guess that if I use "Wise" or "Currencies Direct" or similar companies... the money will go from a "EU virtual account" to my Spanish accoun, so hopefull no problem! Thanks a lot!

anagerbera

Thanks a lot for that, very clear. kind regards.

bobd22

I have had this issue with Barclays. They no longer after brexit have the required licences for EU residents to continue holding UK current accounts. Some people retain them by using the UK address of a family member in fact Barclays suggested this to me. Problem I saw with was uncertainty re bank guarantees etc and fact they wouldn't send cards etc direct to me. I wasn't prepared to lie so I ended up going with HSBC who do all EU residents to hold a UK current account but not savings account. Also my wife who is with Santander was allowed to keep her account. Once I had my HSBC account I then closed the Barclays account. You are quite limited in choice ones you become an eu resident as the result of Brexit I'm afraid.

jackteet

Hi, forgive me for butting in here only not sure if your question has been answered. I think all UK banks will close accounts once they know you are moving to Spain. Simply move to spain and retain an address in the UK, friend or family member. Dont tell bank that you have left the uk.

Lynn R

This is not true of all banks. I still have my First Direct accounts (current and savings) 16 years after leaving the UK and they have always known I live in Spain, they send me statements every month and new cards when applicable, to my Spanish address.