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Transferwise/ Banks

Re: Transferwise/ Banks

Postby pleaper » Tue Feb 02, 2021 11:17 pm

Just to say been with Transferwise for 8 months, receive income into the account. No problems at all, slick service all from the pJust to say been with Transferwise for 8 months, receive income into the account. No problems at all, slick service all from the Phone. Transfers are easy and cheap, quick reliable. Excellent Company
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Re: Transferwise/ Banks

Postby Ross Kemp » Wed Feb 03, 2021 12:30 am

Delete d
Last edited by Ross Kemp on Wed Feb 03, 2021 11:54 am, edited 1 time in total.
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Re: Transferwise/ Banks

Postby Kenbo » Wed Feb 03, 2021 5:27 am

Ron Hill wrote:Sorry to be pedantic but is this €200 withdrawal limit on all cash machines or certain banks. For example I withdraw €100 per week cash for my personal spending etc Not ALL for beer lol So the €200 limit per 30 days wouldn’t work for me?


Ron, is the answer to your problem....cut out Sabadell, have enough in your TW account for bills/direct debits etc BUT leave your €100 pw spendo in your uk Santander account and withdraw from their ATM weekly which is free of charge.
Sorry if I have misunderstood.
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Re: Transferwise/ Banks

Postby jpeg » Wed Feb 03, 2021 9:17 am

Ross Kemp wrote:Here is a copy of the mail that I got today from foreign currency direct.It answers my question plus the exchange rate was better than Transferwise.

,.......................



The rate achieved on today’s Regular Payment Plan run was 1.1107.



Please find below information about our Regular Payment Plan.



The Regular Payment Plan is for individuals who have a requirement to send smaller amounts of either Euros or Swiss Francs overseas to pay for bills, living expenses, pensions, mortgages, school fees or simply just to top up overseas accounts normally after having bought a property overseas and therefore is suited to your needs.



The RPP service is free; there are no fees, we simply take a small margin on the conversion. Our Euro payments on the service are sent via the SEPA network to help avoid any foreign bank receiving charges.

Although the name suggests that the payments have to be monthly this is not the case, you can send currency as little or often as you like. The minimum you may send in one payment run is £100 and the maximum is £5,000 per month, therefore you have complete flexibility and are able to change the amounts as you wish.

We process a payment run every working day of the month. You are therefore free to select any date in the month for your Standing Order to us, and will we process the onward payment on the next working day following receipt in to our account.

The purchased currency should then be available in your nominated overseas bank account on the subsequent working day following the payment run, however the monies can take up to 3 working days to credit.

If you do wish to use this service please click the link: http://www.currencies.co.uk/sign-up/regular-payments/ and follow the onscreen steps to set up an account, or alternatively if you have any questions please don’t hesitate to contact me on the number below.



Transferwisde rate today is
1.13565

Guaranteed rate

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Re: Transferwise/ Banks

Postby MichaelC » Wed Feb 03, 2021 9:34 am

Yes, agreed. TW has been over 1.13 for almost 2 weeks and that's after fees taken out.
Best exchange rate, even after fees of any I can find.
Avoids receiving bank fees by transferring from their EU Belgium account, even though you pay their London account.
Transfer was virtually 2 minutes.
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Re: Transferwise/ Banks

Postby Philipb1407 » Wed Feb 03, 2021 9:39 am

towerpower wrote:Hi everyone, hope we all getting through these stressful worrying times as best you can..
So, having looked at many threads and getting confused, here's my question.
I'm with Barclays, (still in England) but looking at opening the Transferwise borderless acc that has been reccomend by many.
When in Quesada, do I need to have a Spanish bank account?
Do you have your pension paid into your Barclays bank, then transferred to TW acc or do you have pensions and other income paid straight into that TW account, or direct to a Spanish acc?
Do TW need to transfer to a Spanish acc, or do TW pay all direct debits themselves?
I see you can get a debit card with TW , do you use this to pay for day to day items, food, petrol etc?
Is this card free to use or is there a limit you can use before fees arise? Thought I've seen a e200 pm limit?
Do people have pensions etc paid into UK acc, then transfer as and when? Can anyone recommend which is the best option?
Will I need a Spanish bank acc to get the NIE, residencia and other "start up" needs? And need said acc to show the new funds needed before hand?
Finally, when buying our property whats the best way of transferring money over, re purchase? If not into a Spanish bank, do you transfer to your lawyer acc? Or direct from Transferwise?
Sorry for so many questions and long post.....
But thanks in advance, because I know this forum helps a stranger in need.... ha ha.... cheers Dave.



If you are exchanging to Euros from Sterling to buy your house then do it in €30,000 lots, to your solicitors escrow account, best using currencies direct, this will save you hundreds of euros. If you use your bank, like Barclays your fees and exchange rate will be monsterous.
However you can open an account with Banco Sabadell, or Santander or Any bank and transfer your money using currencies direct into your spanish account then let your solicitor using a power of attorney pay for your house, I did this and it was fine. He took several payments over a number of days and I was not charged any fees. currencies direct did the exchange and I was €1878.00 up compared to the high street banks..
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Re: Transferwise/ Banks

Postby towerpower » Wed Feb 03, 2021 9:57 am

Phil.... cheers ... could your lawyer have taken money from say the TW acc with POA? Hence saving not opening a Spanish bank?

Just another question....
With TW can you open a joint account and have 2 cards?
Sorry it's not clear on their web site....
Many thanks D.
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Re: Transferwise/ Banks

Postby MichaelC » Wed Feb 03, 2021 10:05 am

In the example above by Philipb, the difference for a £30,000 exchange and transfer with Currencies direct or TW, is almost an extra 700 euro with TW!!!, 1.1107, v 1.135
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Re: Transferwise/ Banks

Postby AllanK » Wed Feb 03, 2021 10:58 am

I have just opened a TW account after reading this thread. Now I need to change my direct debits from my Caixa account to TW. It looks like it will be some time before being allowed to
travel to our holiday home. I am nonresident and not Spanish speaking so I need help and advice on how to go about changing my direct debits paid via the Suma office in Rojales.
Nonresident tax, car tax, council tax and I think waste collection charge also goes through Suma office. Any advice would be greatly appreciate.
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Re: Transferwise/ Banks

Postby Westbourne122 » Wed Feb 03, 2021 12:21 pm

I agree with above, if any one know how to do direct debit switch would be helpful for many
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