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Bank Account for Non-Residents

Posted: Fri Jun 24, 2022 2:22pm
14 replies617 views8 members subscribed
Ozzie

Posts: 3

1 helpful points

Location: La Marina

Joined: 19 Dec 2021

My wife and I are about to purchase a property to spend the winters in La Marina. I am aware that we need a bank account for utilities and government agencies who are going to take fees by direct debit. My question is: Does a Wise account qualify or does it have to be a local bank? I would like to keep the bank fees to a minimum. Can I open an account from abroad without being physically present?

Mani

Posted: Fri Jun 24, 2022 5:45pm

Posts: 11

7 helpful points

Location: Torrevieja

Joined: 5 Jan 2022

Posted: Fri Jun 24, 2022 5:45pm

Hi

The Wise account does qualify,  I do not have a local account.  Just Wise with a Euro account for all direct debits.

tebo53

Posted: Fri Jun 24, 2022 5:49pm

tebo53

Legendary helpful member

Posts: 3190

3399 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Fri Jun 24, 2022 5:49pm

Ozzie wrote on Fri Jun 24, 2022 2:22pm:

My wife and I are about to purchase a property to spend the winters in La Marina. I am aware that we need a bank account for utilities and government agencies who are going to take fees by direct debit. My question is: Does a Wise account qualify or does it have to be a local bank? I would like t...

...o keep the bank fees to a minimum. Can I open an account from abroad without being physically present?

Normally if you want to open an account at a (physical) bank you will need to be there to produce documents and to sign several forms and documents. 

Non residents accounts are quite expensive to maintain. 

Steve 

Cheryl

Posted: Fri Jun 24, 2022 9:59pm

Cheryl

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Posts: 2996

3481 helpful points

Location: Albatera

Joined: 8 Jun 2017

Posted: Fri Jun 24, 2022 9:59pm

Ask your solicitor how the payment will be made on completion day as it is quite often with a banker's draft and banks have different charges so if you do need to open one specifically for this then check what they will charge you. Once the property is yours you can close the bank account down and use Wise but opening and closing accounts usually has to be done in person unless you have given PoA to someone.

Stevec2x

Posted: Sat Jun 25, 2022 11:27am

Stevec2x

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Posts: 961

570 helpful points

Location: Playa Flamenca

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Posted: Sat Jun 25, 2022 11:27am

Hi 

I use Wise for direct debits, but you won't be able to use them directly for buying a property because they don't support bankers drafts.

Cheers 

Steve 

Ozzie

Posted: Sat Jun 25, 2022 12:01pm

Ozzie

Original Poster

Posts: 3

1 helpful points

Location: La Marina

Joined: 19 Dec 2021

Posted: Sat Jun 25, 2022 12:01pm

Mani wrote on Fri Jun 24, 2022 5:45pm:

Hi

The Wise account does qualify,  I do not have a local account.  Just Wise with a Euro account for all direct debits.

Are there any charges for transfers in or out of the account (deposits and direct debits)?

Bob82

Posted: Sat Jun 25, 2022 12:03pm

Posts: 59

43 helpful points

Location: La Marina

Joined: 16 Jul 2017

Posted: Sat Jun 25, 2022 12:03pm

Mani wrote on Fri Jun 24, 2022 5:45pm:

Hi

The Wise account does qualify,  I do not have a local account.  Just Wise with a Euro account for all direct debits.

How does the Wise account work? As a non-resident I pay €40 per quarter plus small transaction fees on a Key Account with Sabadell which is their cheapest non-resident account.

Mani

Posted: Sat Jun 25, 2022 12:34pm

Posts: 11

7 helpful points

Location: Torrevieja

Joined: 5 Jan 2022

Posted: Sat Jun 25, 2022 12:34pm

Ozzie wrote on Sat Jun 25, 2022 12:01pm:

Are there any charges for transfers in or out of the account (deposits and direct debits)?

No charges.  You just need to have sufficient funds in the right currency.  When you top up the account you do have the usuall fee for currency exchange etc (I top using gbp which is converted to Euro’s).  There is a limit of 3k euro that can be held in the account.  Anything above this will attract charges.

Mani

Posted: Sat Jun 25, 2022 12:41pm

Posts: 11

7 helpful points

Location: Torrevieja

Joined: 5 Jan 2022

Posted: Sat Jun 25, 2022 12:41pm

Bob82 wrote on Sat Jun 25, 2022 12:03pm:

How does the Wise account work? As a non-resident I pay €40 per quarter plus small transaction fees on a Key Account with Sabadell which is their cheapest non-resident account.

Wise is just a normal account with an ibahn number which you use to setup the direct debits.  If you want a physical card there is a small fee (was £5 a couple of months ago) and they send you a debit card.  No other fees besides the currency exchange fees or when you hold more than 3k euro’s in the Euro account.  you are allowed to withdraw 200 euro a month from the cashpoint with no charges.


I did get some push back from the internet company not wanting to accept Wise but they accepted it in the end as it is a European bank.  I think the Iban number they provide for the euro account is registered in Belgium.  I pay all bills,  community charges and have no local Spanish bank account.

Stevec2x

Posted: Sat Jun 25, 2022 12:54pm

Stevec2x

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Posts: 961

570 helpful points

Location: Playa Flamenca

Joined: 23 Jan 2020

Posted: Sat Jun 25, 2022 12:54pm

Mani wrote on Sat Jun 25, 2022 12:34pm:

No charges.  You just need to have sufficient funds in the right currency.  When you top up the account you do have the usuall fee for currency exchange etc (I top using gbp which is converted to Euro’s).  There is a limit of 3k euro that can be held in the account.  Anythin...

...g above this will attract charges.

Hi  

For direct debits, your funds don't even have to be in the right currency - Wise will automatically convert the required amount from the other currency.

Cheers 

Steve 

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