Wise transfers

Hi, just opened a sterling account with them and wanting to send money to my sabadell euro account over here ..do I need to also have a euro account with them to exchange to euros before then transferring to my Spanish bank account so I don't get charged at this end ..or can it come directly from my wise £ account to sabadell spain with no charges at this end ? Have been reading one thread on here that said I need £ and € accounts ..

No, I have € and £ accounts with Wise but before opening them I regularly transfer sterling from Sabadell UK to Sabadell here and Wise make a small charge for doing so. For example if I transfer £1000 to Sabadell Wise charge about £3 for the transfer and its done in seconds. I still use this system even though I have accounts with them

Money will be going from Halifax to my £ wise account then to euro sabadell account here in Spain..dont want to get charged at this end ...ie sabadell...Will wise change it to euro using their Belgium account or do I have to move it from my wise sterling account to a euro account in my name first?

Terry the gardener wrote:Money will be going from Halifax to my £ wise account then to euro sabadell account here in Spain..dont want to get charged at this end ...ie sabadell...Will wise change it to euro using their Belgium account or do I have to move it from my wise sterling account to a euro account in my name first?

Wise convert it to Euros

OK thanks

It makes more sense to open a Euro account on Wise. So you convert from Pounds to Euros and you know what exchange rate you get.

But why keep the Sabadell account, they charge around €140 a year. Wise charge nothing.

Small points
(from Wise, their own words) if they should be a concern to you, (they do not stop me having Euro & £ accounts and deposits with them - I use them frequently):

Wise is a non-bank payment provider. This means your Wise account is an electronic money account.
This makes your Wise account different from a bank account.
Some of the differences are:
Your money is safeguarded and not covered by the Financial Services Compensation Scheme (FSCS), or another protection scheme that you would get with a bank account
You can’t get an overdraft or loan , You won’t earn interest
The main benefit to having a Wise account, over a traditional bank account, is being able to manage your money without borders — without international transaction fees or outrageous exchange rates.
You’ll always get the real exchange rate and low fees with Wise.

Terry the gardener wrote:Money will be going from Halifax to my £ wise account then to euro sabadell account here in Spain..dont want to get charged at this end ...ie sabadell...Will wise change it to euro using their Belgium account or do I have to move it from my wise sterling account to a euro account in my name first?

This is how I operate mine now. I transfer from U.K. into the wise account where I hold a few hundred euros, each month I then transfer the minimum amount needed for my Spanish account to remain fee free. The beauty is now, that because I have wise euro account, if I don’t spend all the Spain account money, I simply transfer some back to the wise account at a one off fee of just 28cents. This is far better than transferring money to Spain, every month and end up stockpiling it just keep the Spain fees at zero. Sending it back to the U.K. incurred a loss for the exchange rate and a couple of quid fee. So, now I just top up the wise account to a mount needed, and send that to Spain. And the cycle goes on. Just 20 minutes of my time a months means u get the best of both account with virtuallly no fees. Hope that makes sense.

Iancorker wrote:It makes more sense to open a Euro account on Wise. So you convert from Pounds to Euros and you know what exchange rate you get.

But why keep the Sabadell account, they charge around €140 a year. Wise charge nothing.

I don't get any fees on my Sabadell account, but have read that they charge for money coming into the account from a none euro account ...like from a money transfer company's...that was why I asked ..

Terry the gardener wrote:Money will be going from Halifax to my £ wise account then to euro sabadell account here in Spain..dont want to get charged at this end ...ie sabadell...Will wise change it to euro using their Belgium account or do I have to move it from my wise sterling account to a euro account in my name first?

I don't use a Wise £ account or a Sabadell account and I've never attempted the route you are proposing, but if no one has done the exact same thing and can confirm otherwise, I would get the funds into the Wise € account with a non-UK IBAN before attempting the transfer. However, this would involve an extra set of Wise fees (I think) and is surely not the simplest route. To get funds from the UK (Nationwide) to Spain (BBVA) I just use the Wise money transfer service. That is what it is intended for and that way you will definitely avoid Sabadell charges as Wise will fund your account from a EU IBAN.