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Transferwise banking

Posted: Thu Aug 6, 2020 1:39pm
30 replies1491 views12 members subscribed
Alan mc

Posts: 13

1 helpful points

Location: Playa Flamenca

Joined: 22 Sep 2019

Due to ongoing bank charges i am looking into changing my bank.

I currently pay approx €14/month for a Bankia account I mainly use to pay standard direct debit Bill's I.e. electric, water etc, as well as cash withdrawals when we are in Spain (approx 8 weeks / yr).

I have heard that Transferwise now offer a banking facility that allows you to pay direct debits and also provides a debit card for cash withdrawals or card purchases.

I would be interested if anyone has one of these accounts and if it would be suitable for a non-resident who has monthly direct debits but only visits Spain for approx 8 weeks/yr.

Mags03169

Posted: Thu Aug 6, 2020 3:07pm

Mags03169

Helpful member

Posts: 292

210 helpful points

Location: Algorfa

Joined: 7 Feb 2020

Posted: Thu Aug 6, 2020 3:07pm

I opened a Transferwise account but was unable to transfer an Iberdrola direct debit as the IBAN wasn’t recognised by their systems so I’m now considering a Starling account as recommended by others on this forum .

calypso52

Posted: Thu Aug 6, 2020 6:01pm

Posts: 58

40 helpful points

Location: Rojales

Joined: 23 Feb 2020

Posted: Thu Aug 6, 2020 6:01pm

Mags03169 wrote on Thu Aug 6, 2020 3:07pm:

I opened a Transferwise account but was unable to transfer an Iberdrola direct debit as the IBAN wasn’t recognised by their systems so I’m now considering a Starling account as recommended by others on this forum .

No but you can pay iberdrola from your transferwise account into their IBAN account. I have a euro balance account and it has an IBAN number which is in Belgium. I put money into it from my.pound balance which comes from my.uk bank. It takes about 10 mins from start to finish including money being sent to spain. I have a us dollar balance also for my vpn. Yes there is a debit card and I use it for all my purchases. You can take out 200€ cash per month without any fee except for the atm. I wouldnt be without mine. Works so well with the 3 balances. The exchange rate is the top rate and transfer costs one of the lowest around. Starling is only any good if your main address is in the uk.  I pay all my Spanish Bill's from my transferwise account. 

craig245t

Posted: Thu Aug 6, 2020 7:06pm

craig245t

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Posts: 421

622 helpful points

Location: Playa Flamenca

Joined: 13 Apr 2018

Posted: Thu Aug 6, 2020 7:06pm

TransferWise limit you to €200 per month cash withdrawal which is really low.

I've opened a Starling account, my broadband provider will accept direct debit payments from it but my urbanisation Administrator won't - I'd have to remember to do a manual payment.

Alan mc

Posted: Thu Aug 6, 2020 8:51pm

Alan mc

Original Poster

Posts: 13

1 helpful points

Location: Playa Flamenca

Joined: 22 Sep 2019

Posted: Thu Aug 6, 2020 8:51pm

This post that was quoted has been deleted.

Thanks for the responses.

I do not have, nor am i applying for residencia, so proof of income is not required. I am looking for a cheaper alternative primarily for paying direct debits.

I have looked into the lower charge for the bank accounts (€3/mth) but this so far has been riddled with caveats such as I need to make 2 credit card payments a month or must put €700 / mth into it. Both of which are not feasible as at the moment I only holiday for short periods in Spain.

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craig245t

Posted: Thu Aug 6, 2020 9:09pm

craig245t

Very helpful member

Posts: 421

622 helpful points

Location: Playa Flamenca

Joined: 13 Apr 2018

Posted: Thu Aug 6, 2020 9:09pm

Alan mc wrote on Thu Aug 6, 2020 8:51pm:

Thanks for the responses.

I do not have, nor am i applying for residencia, so proof of income is not required. I am looking for a cheaper alternative primarily for paying direct debits.

I have looked into the lower charge for the bank accounts (€3/mth) but this so far has been riddled with caveats such as I need to make 2 credit card payments a month or must put €700 / mth into it. Both of which are not feasible as at the moment I only holiday for short periods in Spain.

I was sure last year there was a European law that said banks had to provide a free basic bank account. At that time Sabadell listed a "Key Account" which was fee free. Reading the blurb on their website I was eligible. I made an appointment at my local branch but was told I couldn't have one. They couldn't explain why and I don't speak Spanish. I found them quite rude and dismissive. Totally my fault that I don't speak Spanish though.

What's going to happen when we crash out of the EU? Higher charges?

calypso52

Posted: Thu Aug 6, 2020 11:18pm

Posts: 58

40 helpful points

Location: Rojales

Joined: 23 Feb 2020

Posted: Thu Aug 6, 2020 11:18pm

This post that was quoted has been deleted.

I got my residencia in 2010. They didnt exist then but dont forget my main bank is in the uk although I live here. My income goes into that then into the pound balance then i convert it into euros when the rate is good. Do you not have a uk bank account or do they want to.see it in euros? You can print out the balance of the euro part I think. Will be in the FAQ's. If you put the money into that for 3 months I think that is how long they want to see it for. You need to speak to one of the companies who take people to get the residencias as Translators who will know what they want. My pensions all come into my uk bank. This 7k or 9k per person required wasnt an issue until the 16m dum dums ruined it for everyone. We were living off savings then but wasnt even asked about. I can seriously recommend t.wise if you can get round it or even to use after. Their IBAN euro account is in belgium so not an issue for eu countries. I just get the IBAN numbers or set up a direct debit. I explained to my insurance company about them having a few numbers short. There is a letter on transferwise's site explaining it. The ins company sent that to liberty who then understood and added 3 x's at the end and set up the direct debit no problem. 

calypso52

Posted: Thu Aug 6, 2020 11:24pm

Posts: 58

40 helpful points

Location: Rojales

Joined: 23 Feb 2020

Posted: Thu Aug 6, 2020 11:24pm

craig245t wrote on Thu Aug 6, 2020 7:06pm:

TransferWise limit you to €200 per month cash withdrawal which is really low.

I've opened a Starling account, my broadband provider will accept direct debit payments from it but my urbanisation Administrator won't - I'd have to remember to do a manual payment.

It is a bit low but I pay for everything I can using my transferwise card. I cant use starling as no uk address but it people search comparison between starling and transferwise I bet t.wise come out cheaper for everything. Anyway if someone has a uk address then starling is applicable. I've looked at all the mobile banks and there has been a catch with everyone 

Kenbo

Posted: Fri Aug 7, 2020 7:28am

Kenbo

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Posts: 999

799 helpful points

Location: La Florida

Joined: 6 Dec 2017

Posted: Fri Aug 7, 2020 7:28am

Alan mc wrote on Thu Aug 6, 2020 1:39pm:

Due to ongoing bank charges i am looking into changing my bank.

I currently pay approx €14/month for a Bankia account I mainly use to pay standard direct debit Bill's I.e. electric, water etc, as well as cash withdrawals when we are in Spain (approx 8 weeks / yr).

I have heard that Transferwise now offer a banking facility that allows you to pay direct debits and also provides a debit card for cash withdrawals or card purchases.

I would be interested if anyone has one of these accounts and if it would be suitable for a non-resident who has monthly direct debits but only visits Spain for approx 8 weeks/yr.

My circumstances are exactly the same.

I can confirm that Iberdrola and Hydraqua do accept Transferwise IBAN numbers for direct debit because I did all of this when over in Spain in January, at the moment they are working perfectly, SUMA for the IBI is due this month but for some reason the administrator for our community fees could not make it work, no problem, this is only twice per year so I transfer it directly to the community/urb account from my Transferwise account rather than by direct debit.

I do not use Transferwise for atm withdrawals as I have a Santander account in the UK so this is free.

I also have a Starling account which is brilliant but my initial research suggested that because the IBAN is GB it could be problematical and decided to use the Transferwise account for direct debits.

Closing my Bankia account is proving to be more difficult as I can't get to Spain at the moment, I have written to the branch at La Zenia several times stating exceptional circumstances due to the pandemic, they don't want to know, they would rather the €14 per month stack up.

RayD. I too have thought about your question regarding these online banks being accepted in residency applications, my gut feeling is perhaps not, probably Spanish bank account only.

Mags03169

Posted: Fri Aug 7, 2020 9:13am

Mags03169

Helpful member

Posts: 292

210 helpful points

Location: Algorfa

Joined: 7 Feb 2020

Posted: Fri Aug 7, 2020 9:13am

Kenbo wrote on Fri Aug 7, 2020 7:28am:

My circumstances are exactly the same.

I can confirm that Iberdrola and Hydraqua do accept Transferwise IBAN numbers for direct debit because I did all of this when over in Spain in January, at the moment they are working perfectly, SUMA for the IBI is due this month but for some reason the administrator for our community fees could n...

...ot make it work, no problem, this is only twice per year so I transfer it directly to the community/urb account from my Transferwise account rather than by direct debit.

I do not use Transferwise for atm withdrawals as I have a Santander account in the UK so this is free.

I also have a Starling account which is brilliant but my initial research suggested that because the IBAN is GB it could be problematical and decided to use the Transferwise account for direct debits.

Closing my Bankia account is proving to be more difficult as I can't get to Spain at the moment, I have written to the branch at La Zenia several times stating exceptional circumstances due to the pandemic, they don't want to know, they would rather the €14 per month stack up.

RayD. I too have thought about your question regarding these online banks being accepted in residency applications, my gut feeling is perhaps not, probably Spanish bank account only.

Hi Kenbo , 

I spoke to Iberdrola who weren’t able to set up a direct debit on our Transferwise account, I was asked to email them with the request & was told again it couldn’t be done , so not sure why they can do for some customers and not others.

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Jennifer Cunningham Insurances SL
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