tebo53

You have to pay taxes on all your income to the Spanish tax man, so it down to you to declare any income on your annual income sheet.

There is no set transfer limit (as far as im aware) to move funds through Wise into a Spanish bank account.

Steve

Jon-Bxl

Yes they might.... or actually the bank may do do for them via their compliance dept. Likewise Wise can ask for information... These days they are getting really serious about checking international transfers, being so nervous about money laundering. Of course the super rich have ways around it!!!! Small guy gets hit again!!

Finally check SEPA limits re charges for the question on transfer amounts....

Here is a post I did previously... reading through it may answer other questions
......

Money Transfer?

Jon

TicTac111

You're finance experts here, thank you. I've read the information about cashback and the interests and I do understand most of it though I'm a little bit confused.com with few little things.

If I have the "normal" account with Wise, the one we have spoken about at the start of this topic how do I get the "cashback" advantage? Do I've to open separate account?

Is the interest account a separate account too? I don't understand what they mean with "switch to Wise interest".

Sorry but I need to understand what I'm doing and I'm not so familiar (clever) with such things like you though the explanations on the website is quite good.

spainrico

Using their terminology to earn interest you need to make a sort of investment :-

'Earn returns on GBP, USD and EUR by opening a Wise account and investing in a fund that holds government-guaranteed assets. Spend any time, all while you grow. Capital at risk.'

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

this is different to a normal account which offers 'cashback' at the rates I quoted before (ie less than the above) and you just opt in and they will pay out once a month direct to your account in the currencies in which you have money with them.

TicTac111

spainrico > Thank you so much and sorry, but my brain is sometimes like a washing machine spinning all day, but I've got it now, thanks to you!

spainrico

So glad to have helped - and absolutely no need to apologise.

I remember when I was first introduced to Wise and I struggled to get my head around multi-currency accounts - it was all so new having been a Lloyds Bank man for 50 years...

I hope you are able to take advantage of their services like so many of us on this forum already do.

britobar

Thanks for your answer!

This is actually useful. I reckon we still have at least a good year with high interests and for sure, unless recession, we won't hit the 0% of interest or not even negative. So that account will grow the money more than if sits in the current account. I didn't know about it. Thanks for that, spainrico!

Thanks for this. Then I guess you had to pay a % to the spanish bank when receiving the money from the UK? Any recommendations there?

Yeah, but the money I made has been already declared and I paid taxes to HMRC. Then I don't think I need to be retaxed for that.

Thanks, Jon.

UKMS

I am a regular Wise user and it has always worked really well for me. Another good alternative/complimentery account is Revolut. Depending on your needs it also has quite a lot of added features. Depending on the currency Revolut can sometimes give a better exchange rate although its marginal. My wife actually uses Revolut as her day to day spending account and flips money between Pound/Euro/Dirham. If you live in the EuroZone you get an EU IBAN.

calman014

There are an awful lot of these new Internet based 'banks', or "MONEY SERVICES PROVIDERS" popping up now, Revolut being one of the most widely advertised.
Yes, they offer great flexibility, especially for us poor Brits who have been alienated by our home country despite still having commitments and responsibilities there.

Whichever system you choose, do your research well and make sure that they are at the very least FCA approved.

spainrico

Yes, time spent on good research and risk assessment is always well spent - but what I like about Wise is they do not loan money which eliminates the risk of bad debts - and remind me again how many billions (of our money) did the UK government use to bail out the 'safe' High St banks who now close branches faster than we can keep track of and pay virtually zero interest....and some of whom want to close Expats' accounts...

spainrico

Wise have launched another investment option

'You don’t need bags of cash to become an investor. We’ve just launched Stocks*, giving you the chance to hold your money in a fund that invests in some of the world’s biggest companies, like Apple, Tesla and Microsoft. And you can get started from just 1 EUR.

While this kind of product is best suited for long-term holdings, there’s no need to lock your money away. You’ll always have instant access to up to 97% of the money you hold.

*Fund has performed 11.34% average annual growth over the last 10 years excluding Wise fees. Capital at risk. Growth not guaranteed. Past performance is not an indication of future performance. The fund is the iShares World Equity Index Fund (LU) (LU0852473015).'

I hope all these new options don't detract from their main business.

VFR

This fellow is not a fan of Wise.
https://therealslog.com/2023/10/09/f...aindead-banks/

morpeth

I have generally had good experience with WISE, but a few times I had questions got the same run-around; I note recently some changes with WISE hopefully not indicative of problems in the future. For larger amounts I use banks or TorFX.

TicTac111

Hurray Hurray got a job offer near Torremolinos, so now I've a lot to do with my relocation.

One hopefully last question though I ask again for confirmation, but you know me now I'm very scared of such things and need always confirmations for the peace of my mind.

Is it right I could already opening a Wise account and need only to change my address after I've relocated to Spain?

Thank you so much
Christine

Jon-Bxl

Congratulations Christine.... Exciting times ahead.

I see no reason for waiting. Though you have a lot on your plates... Of course there will come a time when you will have to change your address to the new one. A small bit of admin.

My advice is open a normal 'cashback' account. In minutes you will be able then to open a £ and € account. It can hold zero till you add money. Cashback will automatically commence when you add funds. Transferring between the two, is so easy too at great rates.

Also pay the one off charge (a few £), for the debit card. Its so useful and in the UK it debits your £ account and ..... And automatically debits your € account in Eurozone. (And any other currencies you set up)

If you are used to use your phone to 'tap-and-pay' you can also add a digital card free which does the same without fishing out the plastic!

Get used to using the account... for a bit

Then I would look at the option of the interest account that I mentioned right at the start. Im sure its better this way than doing it all at the start. Especially when you are doing so much planning/arranging for the relocation (IMO).

Im guessing that any interest difference is not important. Most important is getting comfortable with using Wise. The next step will be incrementally easier once you have it sussed!

​​​​​​Good luck & best wishes for this wonderful new chapter in both of your lives

Jon