Bank Account for Non-Residents

Hi

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

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 

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.

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 

Are there any charges for transfers in or out of the account (deposits and 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.

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.

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.

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