TicTac111

Hi, I've now some job interviews with Spanish companies, so - positive thinking - I hope can move there very quickly - lucky having EU passport-. Have just read through the Wise website, but not sure if I've understood everything and to be honest I haven't understood few things. Hope you don't mind asking?

- Transfers from Wise account to a non Wise account (both Euros) no fees right?

- No fees from Wise if I do online shopping in Euros (buyer and seller) right?

- Can I use the Wise account for direct debits, paying water bills, electricity and so on?

- Could my employer transfer my salary into the Wise account?

- Last one - I live at present in Germany (unfortunately don't like it), could I already open a Wise account from here and use it in Spain? Think I've read here it must have a Spanish IBAN or so?

Thank you in advance and sorry for so many questions, but I'm always uncertain with such things.

Christine

spainrico

Transfers from Wise account to a non Wise account (both Euros) no fees right? CORRECT

- No fees from Wise if I do online shopping in Euros (buyer and seller) right? I have their debit card but have not used it online

- Can I use the Wise account for direct debits, paying water bills, electricity and so on? With most companies yes, I understand there is the odd one who will not accept

- Could my employer transfer my salary into the Wise account? You will have to ask them, one of my pension companies does the other will not (yet)

I have been using Wise for years now and always found them excellent (no hidden scams) and their customer service is fast and helpful - and now they are paying interest for the monies held in Wise accounts

tebo53

I agree with the above....

I have been using Wise for many years and made hundreds of transfers with no problems.

I have one pension company pay into my Wise UK account as they won't pay into a foreign account. Wise do an automated transfer 3 days later into my Spanish account. No fees.

Anyone can pay into your Wise account as you can have a variety of IBAN numbers.

I think you get a Belgium IBAN for the EU account and not a Spanish one.

Steve

spainrico

Yes my EU account has a Belgian IBAN and the tax is paid in Belgium on the interest.

Loafing Along

Debit Card is excellent and well worth having , use it online no hassles and for shopping. Transfers often instantaneous and a good exchange rate . Just back from Buenos Aires trip and no issues there although a small conversion fee applied by them to ATM usage. Also they always use the "most favourable" exchange rate - I have sterling and Euro accounts and they swop automatically on any card transaction.

Barriej

I have the Wise card with UK£ Euros and AU$ and it works fine.
HOWEVER I have noticed if I load UK£ to the account from my Uk bank via Wise there is a small charge.
But if i transfer from Nationwide to Wise there is no UK£ to UK£ charge.
They also charge the same fee when moving UK£ to Euros or AU$, no charges from the Euro balance to my Spanish Santander account though....
Last week I had to put the card in the machine because it would not allow me to just tap chip n pin, still worked but asked for the physical card in the machine (something Ive not done since moving here).

And with them paying interest on the Uk balance Ive started moving my pension a month in advance (took money from Uk savings, transfered to UK wise and when I move the next months over Im keeping a balance to earn interest. Its only pennies as my pension is only a small one but why not?)

TicTac111

You're so great thank you so much!!!!! I think now I've understood everything, because your explanations were really good and I'll open an account thanks to you,

Barriej > Very clever, but how much do you need to earn the interest.

Thanks to all and wishing you a very nice evening. Christine

tebo53

If you look at the main page it explains the interest account which is paying me about 4.5% at the moment.

Steve

Jon-Bxl

Note that there is ...

1: an Interest account that you have to activate.

https://wise.com/gb/interest/


2: An automatic 'cashback' depending on balances here

https://wise.com/help/articles/b8sVS...-cashback-work

It was a nice surprise a while back when they started cashback, something I previously didn't expect. How good is that!

Note both are classified as 'interest' from a tax perspective. Since Euro accounts are held in Belgium they withhold 30% for the taxman and pay net. On both the above accounts. Whether you can claim that back, if your tax system allows it, depends on your individual circumstances.

In Belgium tax payers are allowed a certain amount of bank interest on 'normal daily' interest accounts tax free. Not term accounts which pay the withholding tax. But how its claimed back i haven't researched, perhaps with higher interest rates its more interesting to find out.

I think Wise is excellent and have no complaints, Im delighted to be with them. Its great for travelling and other things (like unexpected cash backs . )

Jon

britobar

Very interesting post. I have another question now that we're talking about Wise.
If I fund my Wise account with GBP and want to send money to a Spanish bank account, is there any limit I can send without violating any tax law?

Cheers,
Hector

spainrico

Wise have just paid my interest - on €uro = 1.99% and on Pds = 3.12% - OK not top interest rates but given Sabadell and Lloyds pay nothing it is a nice little monthly bonus - I think I will make around 400€ a year for doing nothing and risk free.

tebo53

No, there is no transfer limit.

Steve

britobar

Not from Wise but would the Spanish government ask questions about it? i.e. they may want me to pay taxes on that.

Hector

spainrico

Sorry, I may inadvertently be confusing people - I should have used the word cashback and not interest - they pay cashback at the rates I quoted for the balances held in Wise accounts.

They offer an option to earn interest on a type of investment which I do not have or want at the moment:-

https://wise.com/gb/interest/

Barriej

No questions were asked when I moved the money for the flat purchase. OK it was well below 100k but Wise automatically broke it up into smaller amounts without me asking.

​​​I like the ease of use as I have my occasional artwork sales and the junk I get rid of on Ebay, etsy etc sent to the account. Ebay in €., Etsy in £...

Can't get my pension paid to them as it has to go to a UK bank. So I setup a direct monthly payment from Nationwide to Wise and then I move it to my Spanish bank account as needed...