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Thinking of going fully to Wise

Thinking of going fully to Wise

Old Feb 8th 2024, 7:15 pm
  #46  
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Default Re: Thinking of going fully to Wise

Why? If they're asking for a residency card I don't think they're going to be fobbed off with a white piece of A4 paper.
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Old Feb 12th 2024, 10:07 am
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Default Re: Thinking of going fully to Wise

Originally Posted by spainrico
As regular forum posters will know I am a big advocate of using Wise for currency exchange/transfers etc.

As I have had another dispute with Sabadell I am thinking of switching over completely to Wise

I am a full-time resident in Spain and need to pay the usual direct debits and twice a year AEAT - my question is to any full-time residents here

Are you using Wise only for all of your banking needs or are there any exclusions/problems with ditching a 'high street' bank and trying to use Wise for everything?
We use N26 bank https://n26.com/en-eu
Free banking, Spanish IBAN, links on app to AEAT to pay Spanish tax, communication in English (if you want) and excellent customer services.

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Old Feb 12th 2024, 12:38 pm
  #48  
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Default Re: Thinking of going fully to Wise

Just had a good Google on N26 - I must admit it looks good and importantly easy to open (I tried to open an account with Openbank which was a nightmare - they wanted so many documents uploaded!) Bit of a concern over this:

German neobank N26 is forecasting a 30% increase in revenue in 2023 — alongside a sharp uptick in net losses due to spending on regulatory compliance. Net losses at the Neobank accelerated in 2022, increasing by 24% to €213.4m, from €172m in 2021. In 2021, losses increased 14%, up from €151m in 2020.Nov 29, 2023

But worth considering especially as you get a Spanish IBAN
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Old Feb 12th 2024, 1:20 pm
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Default Re: Thinking of going fully to Wise

Originally Posted by spainrico
Just had a good Google on N26 - I must admit it looks good and importantly easy to open (I tried to open an account with Openbank which was a nightmare - they wanted so many documents uploaded!) Bit of a concern over this:

German neobank N26 is forecasting a 30% increase in revenue in 2023 — alongside a sharp uptick in net losses due to spending on regulatory compliance. Net losses at the Neobank accelerated in 2022, increasing by 24% to €213.4m, from €172m in 2021. In 2021, losses increased 14%, up from €151m in 2020.Nov 29, 2023

But worth considering especially as you get a Spanish IBAN
Yes I would be concerned if I had shares in the bank. However, I'm only a customer and my paltry funds are protected by the 100,000 euro bank compensation scheme, unlike WISE.
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Old Feb 13th 2024, 12:08 pm
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Default Re: Thinking of going fully to Wise

Originally Posted by DLC
Why? If they're asking for a residency card I don't think they're going to be fobbed off with a white piece of A4 paper.
So why do they specifically request an NIE (not residency)?

After all, all they need is an NIE for tax purposes - residency is irrelevant
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Old Feb 13th 2024, 9:49 pm
  #51  
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Default Re: Thinking of going fully to Wise

Originally Posted by snikpoh
So why do they specifically request an NIE (not residency)?

After all, all they need is an NIE for tax purposes - residency is irrelevant
The website says:
Necesitarás:

Tener el DNI o la tarjeta de residente, vigente y a mano.
Then:
Ver más requisitos e información

Ser mayor de edad, residente en España y con capacidad de obrar plena.
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Old Feb 14th 2024, 8:29 am
  #52  
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Default Re: Thinking of going fully to Wise

Originally Posted by DLC
The website says:

Then:
Yes, I know but their T&C's say something different as I quoted earlier.
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Old Feb 14th 2024, 8:31 pm
  #53  
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Default Re: Thinking of going fully to Wise

Maybe the T&CS stay the same for the non-residents account holders they already have, but they don't have to allow new non-residents to open an account if they don't want to.

I guess there's only one way to find out, which is a non-resident trying to open an account, but the text is a pretty strong indication they don't want non-residents to do that.
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Old Feb 15th 2024, 7:55 am
  #54  
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Default Re: Thinking of going fully to Wise

Thanks, everyone for all the comments - over 2000 hits, I didn't think this thread would be so popular

BTW I just renewed my Wise debit card and it is a Visa 'Infinite' which appears (not tried them yet) to come with all sorts of amazing benefits
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