Banking problems for purchasing a new property - Page 3

Same here , we purchased property through Bennecke . Had to give POA as lockdown started . We used currency direct and Sabbadal , thank the lord we had no pr

I think the problem is that Wise doesn’t have a Spanish IBAN 

WISE have a Belgian IBAN which is recognised by all European member countries. I have not paid the large sums of money required to purchase a property I used SMART for that 4 years ago.

However WISE is virtually free you can have a debit card, virtual card on your phone and pay by Direct Debt’s, transfer from any currency of your choice into another currency and use an ATM.

WISE is an online banking company.

Aware of Wise, I have an account with them but only use them for transfer of pounds to euros and straight into my N26 account which has a Spanish IBAN. When I bought my house 18 months ago - all payments went through TransferWise as it was then called and N26. It was all pretty seamless, fast and straightforward, can’t understand why Sabadell should behave like this. Hope it gets sorted for you.

Very stressful situation for you. My advice is close your Sabadell bank account the minute you have the purchase complete. Transfer all your Dr Debit mandates to Wise. You don't need a Spanish Bank Account. 

Bee

Hi Bee. We purchased in nov. We also are,with Sabadell. We took out their home insurance.  We would like to go to wise but are unsure about our direct debits. Being new to all this we have still a lot to learn

I was with Sabadell and without purchasing their insurance they wanted 40€ a quarter! So I moved to WISE and all of my DD’s went as well. Hidraqua, Helioelec (Electricity) Internet fees. The only fee is when I transfer money and it’s a fraction compared to the charges Sabadell wanted.

Yeah we are getting charged every quarter too. Thanks very much for all the info. We will transfer to wise in the New,Year sometime. We have some work needing done on the property so thought it would be easier paying workmen through the bank. We didnt get a bank card from saboddel. Maybe you get charged for having one?

I pay individuals using WISE which carries a small fee of around 0.28 cents per transaction. with WISE in my wallet on the phone it is very easy to pay for any goods or services in shops, petrol etc… Bear in mind WISE charge a one off fee of €5 for a debit card but you can have multiple cards on the account to give to your partner to use. No credit card as yet for WISE but I use a UK credit card which has no transaction or admin fees. WISE are now doing an account for holding STOCKS pay in as little or as much as you want, the stocks are top US stocks and it’s worth checking out. 

Update:

Just posted this on another post:

Hello All

Been reading this with interest and it reflects my current situation.

After 3 long torturous months we are hoping to complete today. 

Lo and behold we receive the famous insurance quote from the "bank" and the "offer" of 25% off the bankers draft required for purchase.

In my experience bankers drafts are usually £15 to £20, so I queried if that, by taking the insurance, also negates the 40 euros per quarter banking fees as previously stated in other posts.....Next thing, a call from my solicitor stating that we still have to pay 40 euros a quarter and that the bankers draft is 300 euros!!! 

Well, needless to say I nearly lost it and was about to tell them I'd had enough, but my wife calmed me down and we are biting the bullet for the umpteenth time!

I really don't know how they get away with it.

Soooo, another 200 euros rip off on the final day...feel like there's some people sat in an office in Cabo Roig laughing their heads off right now,,,