Before some smart arse pipes up to say ” but it is not a bank”, let’s put this in context. Most people of the older generations, associate financial transactions as being ‘ banking ‘ transactions. So I decided to use the phrase in this blog post. Oh and Wise is regulated by the Financial Conduct Authority (FCA) in the UK!
Wise (formerly TransferWise) is not technically a bank. Here’s why:
Limited Services: Unlike banks, Wise doesn’t offer traditional banking services like mortgages, loans, or overdrafts. Their primary focus is facilitating international money transfers.
No Banking License: Wise doesn’t hold a full banking license in most countries it operates in. They rely on partnerships with local banks to hold customer funds and complete transactions.
Focus on Money Transfer: Wise specializes in currency exchange and international money transfers, often at lower fees compared to traditional banks.
However, while Wise isn’t a bank, it’s a regulated financial institution authorized to operate as a Money Services Business (MSB) in many countries. This means they adhere to specific regulations regarding money laundering and consumer protection. We use other services too and these technically are not banks either.
The Complete Guide On How To Open A Bank Account In Spain With Wise
Bank on saving money when moving to Spain with Wise! If you’re looking for a reliable and cost-effective way to make international payments while living in Spain, opening a Wise currency transfer account is a smart move. With an online account you can manage your international transfers easily. real exchange rates, low fees, and trusted service, Wise has become a top choice for over 10 million people worldwide. From easy transfers to convenient payment options, Wise offers a range of features to help you manage your finances seamlessly in Spain.
Traditional banks such as if you have a Sabadell account or if you have a Santander account, keep in mind that their fees can also vary quite significantly from bank to bank and also if you have a resident or non-resident account.
In addition to the physical card, Wise also offers a virtual card so if and when you settle in Spain permanently. this removes the need to pop back to the UK to pick up your bank card or risk it getting lost in the post.
Paying Spanish Utility Bills with Wise from the UK (as of May 2024)
Wise offers a convenient way to pay your Spanish utility bills directly from your UK account. Here’s a step-by-step guide:
Before You Begin:
- Ensure you have an account with Wise with both a GBP and EUR balance. If you don’t have one, you’ll need to create one here.
- You’ll need the bill details from your Spanish utility provider. This typically includes the payee name, account number, and reference number (if provided).
Steps:
- Log in to your Wise Account: Head to the Wise website or open the Wise app and log in to your account.
- Go to “Payments”: Look for the “Payments” section or a similar option. This might be located on the main dashboard or under a menu for sending money.
- Set Up a New Payment: Select the option to “Set up a new payment” or something similar.
- Choose “Pay a Business or Organisation”: Wise offers personal and business transfers. Make sure you select the option for paying a business or organisation.
- Enter Recipient Details: Fill in the recipient information based on your utility bill. Here’s what you’ll likely need to open an account:
- Country: Select Spain.
- Currency: Choose EUR (Euros).
- Recipient Details:
- Bank Details: If your bill provides these details (IBAN, BIC/SWIFT), you can enter them here to help open a bank account.
- Business Details: Alternatively, you can open a bank account online. some providers might require a business name and account number instead of bank details. Use the information from your bill.
- Your Reference: (Optional) If your bill includes a reference number, enter it here to help your utility provider identify the payment for your non-resident bank account.
- Enter Payment Amount: Carefully enter the exact amount you owe for your utility bill in Euros (EUR).
- Review and Confirm: Double-check all the payment details you’ve entered, including the recipient information, amount, and currency. Once you’re sure everything is correct, confirm the payment.
- Pay with Your GBP Balance: Wise will display the rates of exchange and fees upfront. Choose to pay for the transfer using your GBP balance.
- Complete the Payment: Follow any additional prompts to authorize the payment using your preferred method (online banking, debit card, etc.).
Additional Information:
- There may be a small fee associated with paying bills through Wise. Check their website for current fees.
- The processing time for the transfer can vary depending on your chosen payment method. Wise typically provides an estimated timeframe during the payment process.
- You can set up recurring payments for your utility bills through Wise for added convenience.
Tips:
- Keep a copy of your payment confirmation for your records.
- It’s always a good idea to check your utility bill carefully for any specific payment instructions from your provider.
By following these steps, you can pay your Spanish utility bills quickly and securely using your Wise account from the UK.
Open a Wise Account and start saving money!
Paying Endesa Electricity Bills In Spain With Wise
Here’s how to set up an account with Wise (formerly TransferWise) to pay your Endesa bills in Spain:
1. Create a Wise Account:
Sign up for a free Wise account using your email address and choose your home country as your residence country.
2. Verify Your Identity:
To unlock the full features of Wise, you’ll be required to verify your identity by providing documents like your passport or ID card.
3. Add Money to Your Account:
You can add money to your bank account with Wise using various methods popular in Belgium, such as bank transfer, debit card, or credit card.
4. Set Up Spanish Euro (EUR) Account:
Within your Wise account, open a Spanish Euro (EUR) balance. This allows you to hold and manage Euros specifically for paying your Endesa bills.
5. Find Endesa Bill Information:
Locate your Endesa bill and note down the following information:
Account Holder Name: This should be your name or the name under which your Endesa account is registered.
IBAN: This is the International Bank Account Number specific to your Endesa account. You will require this for making the payment.
6. Pay Your Endesa Bill:
Go to the “Send Money” section on your Wise account.
Choose “EUR” as the sending currency (as you’re transferring from your EUR balance).
Enter the amount of your Endesa bill.
Select “Bank Transfer” as the recipient method.
Fill in the Endesa bill information:
Recipient Name: Enter the account holder name from your Endesa bill.
Account Details: Enter the IBAN from your Endesa bill.
Reference: (Optional) You can add your Endesa contract number or reference number here for easier identification by Endesa.
7. Review and Send:
Carefully review all the details you’ve entered, especially the recipient name and IBAN.
Once everything is correct, confirm the transaction and send the payment.
Additional Tips:
Wise charges a small transparent fee for each transfer. Make sure to factor this into your payment amount.
The first transfer might take a bit longer as Wise verifies your account. Subsequent transfers should be processed faster.
Consider setting up recurring payments for your Endesa bills to avoid late fees. You can schedule automated payments within your bank account with Wise.
Keep your Endesa bills and Wise transaction confirmations for your records.
Remember:
While Wise offers a convenient and often cheaper way to pay bills internationally, it’s always recommended to check with Endesa directly for any specific payment instructions or fees they might have.
Types of Wise Bank Accounts in Spain
While setting up a accounts with Wise in Spain, you can choose from different types of accounts to suit your needs. Here is a breakdown of the various options:
| Personal Accounts | Business Accounts |
| – Ideal for individuals looking to manage their finances internationally with a non-resident bank account | – Tailored for businesses needing cost-effective international financial solutions |
| – Offers a range of currency options and convenient money transfer services | – Provides tools for managing payments, invoices, and expenses efficiently |
| – Secure and trusted platform with excellent customer support | – Ensures seamless transactions and currency conversions for business needs |
| – Easy to use interface for quick and hassle-free money transfers | – Supports various payment methods such as PISP, visa debit card, and bank transfers |
| – Cost-effective solution for individuals living or relocating to Spain, especially when they opt for a non-resident bank account | – Tailored options based on the size and requirements of the business |
Personal Accounts
Now, individuals looking for a convenient and cost-effective way to manage their finances in Spain can opt for Wise’s personal accounts. These accounts offer seamless international money transfer services and a range of currency options to suit your needs effectively, making it easy to open an account for non-residents.
Business Accounts
Spain has a growing number of businesses that need efficient international financial solutions. Wise’s business accounts are designed to cater to these needs, offering tools for managing payments, invoices, and expenses. With cost-effective options and secure transactions, businesses can streamline their financial operations effectively.
Factors to Consider When Choosing a Wise Bank Account in Spain
If you are considering opening a Wise account while living in in Spain, there are a few important factors to take into consideration:
- Exchange Rates: Assuming you will be making frequent cross border transfers, it is crucial to choose a bank account with competitive rates. Wise offers real currency rates, which can save you significant amounts of money over time.
- Fees and Charges: Account fees and transaction charges can vary between different accounts with Wise. Make sure to compare the fee structures to find the option that best suits your financial needs.
- Transfer Speed: Rates can vary depending on the transfer method you choose. Some options may be quicker but come with higher fees, while others may take longer but are more cost-effective.
Exchange Rates
Assuming you are looking to save money when transferring funds to Spain, using a Wise bank account with real exchange rates is a wise choice for a current account. By utilizing Wise’s services, you can benefit from transparent and competitive rates for all your international transactions.
Fees and Charges
Account fees and charges can have a significant impact on the overall cost of using a Wise account. Understanding the fee structure and comparing it to your transaction volume can help you choose the most cost-effective option. Be sure to consider any additional charges for specific transaction types to make an informed decision.
Transfer Speed
Rates of transfer can vary based on your chosen transfer method with Wise. While some options may result in quicker transactions, others can be more cost-effective but take longer to process. Understanding the trade-offs between speed and fees can help you choose the most suitable transfer method for your needs in Spain.
Pros and Cons of Using A Wise Account in Spain
| Advantages of opening a bank account in Spain | Disadvantages |
| Transparent fees | Potential for transfer delays |
| Real exchange rates | May not be supported by all banks |
| Quick and easy transfers | Possible additional fees for certain payment methods |
| Ability to hold and convert money in multiple currencies | Limited physical banking options |
| Trusted by over 10 million people worldwide | Limited customer service availability |
| Convenient mobile app | Potential security risks |
Advantages of Wise Bank Account
There’s transparency in fees, competetive rates, and quick transfers offered by Wise. Additionally, the ability to hold and convert money in multiple currencies can be beneficial for those living in Spain.
Disadvantages of Wise Bank Account
Any potential for transfer delays and limited support from all banks could be drawbacks of using Wise. Additionally, some payment methods may incur additional fees.
To gain more information about the disadvantages of using Wise in Spain, it is necessary to consider factors such as possible transfer delays, bank support, and associated fees associated with opening a bank account.
Comparison with Traditional Banks
| Wise Bank Account | Traditional Banks |
| Transparent fees and real exchange rates | Potential hidden charges and poor exchange rates |
| Quick and easy transfers | Possible transfer delays and complex processes for opening a non-resident bank account |
| Convenient mobile app | Limited digital banking options |
When comparing Wise with traditional banks for banking in Spain, it is important to consider factors such as fees, ease of transfers, and the availability of digital banking options for convenient financial management.
How to Send Money with Wise
Step-by-Step Guide to Sending Money with Wise
Unlike traditional banks, Wise offers an easy way to send money internationally. Follow these simple steps to send money with Wise:
- Enter amount in GBP
- Choose recipient in Spain
- Send GBP, receive EUR
Benefits of Using Wise for International Transfers
Assuming you are looking for a cost-effective and efficient way to transfer funds, Wise is the perfect choice. With Wise, you can save up to 7 times compared to traditional banks.
For individuals or businesses looking to make cross border financial transfers, Wise offers real conversion rates and transparency in fees. You can trust Wise for secure and reliable money transfers to Spain and beyond.
Send money with peace of mind knowing that Wise follows strict security measures to protect your funds and personal information when you open an online account. Your transfers are safe and secure every step of the way.
Other Features of the Wise Account
Borderless Account
While using Wise, you can enjoy the benefits of the Borderless Account, which allows you to hold and convert money in over 50 currencies. With the real conversion rates and low fees, this feature makes managing your finances across different countries seamless. The means you don’t need to open a Spanish bank account.
Debit Card
Debit cards from Wise offer the convenience of spending in over 200 countries without hidden fees. Add the Wise Visa card to your digital wallets for easy access to your funds while you’re on the go.
Multi-Currency Wallet
For those who frequently deal with various currencies, Wise’s Multi-Currency Wallet is a game-changer. You can receive money in multiple currencies for free, allowing you to hold and exchange your funds whenever you need to, at real currency conversion rates for your non-resident bank account that are available for those wanting to open a bank account online up to 7 times cheaper than traditional banks.
How to Send Money in 3 Easy Steps
Step 1: Register and Verify Your Account
Many people find the process of sending money internationally daunting, but with Wise, it’s incredibly simple. There’s no need to worry about complicated paperwork or lengthy verification processes. Simply register for an account with Wise and verify your details to get started on transferring money to Spain.
Step 2: Set Up Your Transfer
To set up your transfer to Spain, send a specified amount in GBP, choose the recipient in Spain, and fund the transfer using your local bank account or debit/credit card. Wise ensures that your money is converted at the real currency conversion rates, offering you significant savings compared to traditional banks.
Step 3: Track Your Transfer
Register your Wise details to keep track of your transfer status. With over 75% of transfers arriving within 24 hours, you can monitor the progress of your money reaching Spain from the comfort of your home. Trust Wise for safe, secure, and efficient international money transfers.
How to Send Money to Spain from the UK
Comparison of Transfer Options from the UK
Here is a comparison of the different transfer options available when sending money from the UK to Spain:
| PISP | Payment Initiation Service Provider instructions |
| Bank Transfer | Fast and cheap option |
| Debit Card | Quick and usually cheaper than credit cards |
| Swift | More expensive and longer transfer time |
| Apple Pay/Google Pay | Quick and convenient, watch out for extra fees with credit cards |
Tips for Sending Money from the UK to Spain
When sending money from the UK to Spain, consider these tips to ensure a smooth transaction:
- Choose Wisely: Consider the most cost-effective and efficient transfer option
- Check for Fees: Be aware of any additional charges that may apply
- Double-Check Details: Ensure all recipient details are correct to avoid delays
Documents Required for Transfers from the UK
When initiating transfers from the UK to Spain, certain documents may be needed for verification purposes:
This includes providing proof of identification such as a passport or driver’s license, as well as proof of address like a utility bill or bank statement. Ensuring all documentation is accurate and up to date will help facilitate a smooth transfer process.
How Much Does it Cost to Transfer Money to Spain?
Wise Fees and Charges
For transferring money to Spain using Wise, you pay a small, flat fee of 0.59 GBP + 0.35% of the amount that’s converted. The total cost is always visible upfront, ensuring transparency in pricing.
Exchange Rate Margins
Transfer wise uses the real currency conversion rate to convert your money, making their service up to 7 times cheaper than traditional banks. This means you get the most accurate rate when forwarding money to Spain.
Comparison with Other Transfer Services
If you compare Wise with other transfer services, you’ll find that Wise is on average 7 times cheaper than old-school banks when transfering money to Spain. The transparency in fees and the real conversion rate make Wise a cost-effective option for transfers between different countries.
| Wise | Traditional Banks |
| Real exchange rate | Often higher conversion rate margins |
| Low, transparent fees | Hidden fees and surcharges |
Much more favorable rates and transparency make Wise a preferred choice for sending money abroad.
Best Ways to Send Money to Spain
Online Transfer Services
One convenient way to send funds to Spain or money around the world is through online transfer services like Wise. These services offer competitive conversion rate and low fees, making them a cost-effective option for transferring funds internationally.
Bank Transfers
Clearly, bank transfers are a reliable and secure method of sending money to or from Spain. By using traditional bank transfers, you can ensure that your funds reach the recipient safely and efficiently. This option may be slower than other methods but offers good value for your money.
Online money transfers are a quick and efficient way to transfer funds to Spain from the comfort of your own home. With platforms like Wise, you can easily set up transfers online, specify the currencies, and complete the transaction securely.
Cash Pickup Services
Little more old-fashioned but still effective, cash pickup services allow your recipient in Spain to collect money in person from designated locations. While this option may not be as convenient as online transfers, it can be useful for recipients who prefer physical cash.
The most important aspect when sending money is to ensure that the service you choose is safe and reliable. Always verify the recipient’s details and use trusted platforms like Wise to complete your transactions smoothly.
Tips for Using Wise in Spain
Now that you have set up your Wise bank account for your move to Spain, here are some tips to make the most out of it:
Managing Your Account
Wise offers a user-friendly platform where you can easily manage your account, track your transactions, and organize your money into different currencies. Take advantage of the features such as jars to segregate your funds for specific purposes.
Avoiding Fees and Charges
With Wise, you can avoid high fees typically charged by traditional banks. By choosing cost-effective transfer methods like bank transfers or debit cards, you can minimize the fees associated with your transactions. Ensure you select the most suitable payment method to keep costs low.
Maximizing Exchange Rates
Now, to maximize your Currency fluctuations with Wise, consider timing your transfers strategically to benefit from favorable rates. By staying informed about currency fluctuations and using Wise’s real exchange rate, you can ensure you get the best value for your money.
Wise Account Limits and Restrictions
Transfer Limits
Even with Wise, there are restrictions on the amount of money you can transfer at one time. These limits depend on various factors, including the currencies involved and the verification level of your account. Make sure to check the specific transfer limits for your account to avoid any surprises.
Account Limits
Restrictions on your account may include limits on the total balance you can hold, as well as any restrictions on certain types of transactions. It’s important to be aware of these limitations to avoid any disruptions in your financial transactions.
Compliance and Regulatory Requirements
With Wise, there’s a strong emphasis on compliance with financial regulations and requirements. This ensures the safety and security of your funds, as Wise is regulated by the Financial Conduct Authority (FCA) and multiple regulatory bodies worldwide. By adhering to these regulations, Wise maintains a high level of trust and credibility among its users.
Wise Customer Support in Spain
Contact Options
Now, if you need to contact Wise customer support in Spain, you have multiple options available. You can reach out to them by phone, email, or social media to get assistance with any queries or issues you may have.
Language Support
For language support, Wise offers services in multiple languages, making it convenient for customers in Spain who may prefer to communicate in languages other than Spanish. This can enhance the customer experience and ensure that language barriers are not an issue.
Resolution Process
With the resolution process at Wise, customers in Spain can rest assured that any issues or concerns they may have will be addressed promptly and efficiently. Wise strives to provide effective solutions to problems, ensuring a positive experience for all users.
Wise Security and Regulation in Spain
Regulatory Compliance
For ensuring the safety and security of your funds, Wise is regulated by the Financial Conduct Authority (FCA) in the UK and complies with regulations in Spain.
Security Measures
You can trust Wise’s robust security measures, which are in place to protect your financial information and transactions.
Regulatory bodies like the FCA and other regulators worldwide hold Wise to stringent standards comparable to those of traditional banks.
Data Protection
Wise prioritizes data protection and confidentiality, ensuring that your personal information is safeguarded and not shared with unauthorized parties.
Understanding the importance of data security, Wise employs encryption methods and secure servers to prevent any breaches or unauthorized access to your sensitive information.
Final Words
So, if you are looking to save money if you plan to settle in Spain or making international payments, opening a Wise account is a smart choice. With low fees, real conversion rates, and a range of convenient features, Wise makes it easy and cost-effective to send and receive money in different currencies. Trusted by millions worldwide and regulated by financial authorities, Wise provides a safe and reliable way to manage your finances while living in Spain. Say goodbye to hidden fees and high charges – Wise is the way to go for hassle-free banking.
