Wise account

I know I am being a bit thick here. I have a UK sterling bank account and want to set up a Wise account to transfer some money into my Spanish account. Can someone guide me through the process (idiot's guide please). I want to do this as I am led to believe that the transfer to the Spanish account comes from a Wise EU Iban account, so no fee to receive the money. Is that correct?

We transfer money from our UK accounts to Spanish bank using Wise all the time. It's not fee-free but is very small, and exchange rates are very good. The Wise website will guide you through setting up an account with them. Just make sur your Spanish iban account number is input correctly.

I have set up a Wise UK bank account but this obviously has a UK IBAN number. So I was just wondering (before I deposit a lot of money into that account) how it gets into a Wise European IBAN number. Does that make sense.?

If you already have a Wise £ account you should already have € and $ account available at the top of your Wise app screen by default. I do anyway. I only use the € account, but both the others are there. If you tap any of them and then tap 'Account details' it will tell the IBAN etc. Just transfer the £ into the € account and the € are ready to use. Test it out with a small amount first if you are unsure.

LizzyW56 wrote:I have set up a Wise UK bank account but this obviously has a UK IBAN number. So I was just wondering (before I deposit a lot of money into that account) how it gets into a Wise European IBAN number. Does that make sense.?

Didn't know this was possible thought Wise were based in Belgium ..now I need to look furter.

It's a straight forward process. First you set up the transfer with Wise £ to € they tell you how much you'll get in €. If happy you go to second step and transfer £ to wise's own bank acc with details they provide. Wise then forward the cash to your Spanish bank minus a small fee. The whole process takes seconds.

My Wise A/C is in Belgium, BE IBAN.

Not clear to me why anyone would want or need an A/C with a UK IBAN?

Whilst on the subject, and out of nothing more than idle curiosity, is it possible to have a UK state pension paid into an online A/C like Wise?

Anyone actually doing it?

Remember when they ask which country is Wise the bank your transferring too (iban) it’s Belgium not Spain.

We use our Revolut card to transfer £to €then into our Spanish bank, you also get the best exchange rate n no fee

Darro wrote:My Wise A/C is in Belgium, BE IBAN.

Not clear to me why anyone would want or need an A/C with a UK IBAN?

Whilst on the subject, and out of nothing more than idle curiosity, is it possible to have a UK state pension paid into an online A/C like Wise?

Anyone actually doing it?

I guess there are people without a UK bank account who use it as their main account the same way as we use the BE IBAN in the EU. Some banks closed their accounts to people without a UK address after Brexit so maybe also those people. If you are a UK resident you may also hold £ so you can use the card when travelling the world. And although I am not a pensioner myself you can get your pension paid into a Spanish account so I see no reason why you couldn't get it paid into a Belgian one. I don't think the fact it is online makes any difference.