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Posted: Thu Jun 20, 2024 10:07am
4 replies3 members subscribed
Bolesim

Posts: 30

12 helpful points

Location: Torrevieja

Joined: 16 Mar 2023

Hi there 

Wondering who is the best non fee online bank to use for paying bills etc?  N26 seem good?  We are Non resident and can you pay your Spanish mortgage through Wise? Or is it best to set up a DD from bank here in Ireland 

Thanks 

Imelda 

George55

Posted: Thu Jun 20, 2024 10:14am

George55

Very helpful member

Posts: 510

501 helpful points

Location: Villamartin

Joined: 29 Dec 2020

Posted: Thu Jun 20, 2024 10:14am

N26 is only opening accounts in Spain if you are resident there - if you are, then I'd agree they are a good choice.

If you are non-resident, then Wise is probably the best option (note it isn't a bank and so doesn't have the same FSCS protection but it does allow you to set-up and pay DDs via their Euro account which has a Belgian IBAN).

Bolesim

Posted: Thu Jun 20, 2024 10:17am

Bolesim

Original Poster

Posts: 30

12 helpful points

Location: Torrevieja

Joined: 16 Mar 2023

Posted: Thu Jun 20, 2024 10:17am

George55 wrote on Thu Jun 20, 2024 10:14am:

N26 is only opening accounts in Spain if you are resident there - if you are, then I'd agree they are a good choice.

If you are non-resident, then Wise is probably the best option (note it isn't a bank and so doesn't have the same FSCS protection but it does allow you to set-up and pay DDs via their Euro account which has a Belgian IBAN)....

...

Thank you.  No meant to say non residents, just bought so only a hol home.  

George55

Posted: Thu Jun 20, 2024 10:34am

George55

Very helpful member

Posts: 510

501 helpful points

Location: Villamartin

Joined: 29 Dec 2020

Posted: Thu Jun 20, 2024 10:34am

I've never had a mortgage on a Spanish property - however, a direct debit is a direct debit and it doesn't really matter the purpose of the DD (be it for a mortgage or be it for electric/water/community fees/council tax etc).

So I would have thought it would be fine for that to be managed by Wise too (all both parties are bothered about is the DD, not what the DD is paying for).

I know nothing of the Irish banking environment, but if you get free banking then it probably makes sense to stick with an Irish bank as at least then you get the ECB protection of 100,000 Euros should the worst happen and the bank fail.

If it were me and Irish banking is free, I'd probably open a new Irish bank account and use that for all Spain related expenditure so as to make it easier to monitor how much it is all costing me. But that is just me and a habit I got into to make it easier to monitor costs/expenditure against each property in a portfolio.

Alan571

Posted: Mon Jun 24, 2024 12:56am

Posts: 58

23 helpful points

Location: Torrevieja

Joined: 12 Aug 2021

Posted: Mon Jun 24, 2024 12:56am

Bolesim wrote on Thu Jun 20, 2024 10:17am:

Thank you.  No meant to say non residents, just bought so only a hol home.  

I have a Wise account and can pay all my DDs via them for nothing. You can only draw 200€ per month after that there's a small fee. The 200€ resets on the 1st of the month. It's dead easy with a very good app. Transfering money into the Wise account gives a better exchange rate than even the currency brokers I used to use. Hope this helps.

Alan 

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Expat Services
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AA Free English TV
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POSITIVE BELIEFS
Thy Will Be Done
interior building work
Costa Blanca Building Specialists
Gentlevan Removals
Blacktower Financial Management
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