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Had my Wise card in the UK for the last year now and travelled to the USA and Spain in that time and got good transfer rates and had no issues whatsoever. It’s approaching the time now for us to use them to pay the balance on an apartment (Approximately 110,000€) and I am just a little nervous. Has anyone used them for this sort of sum and was it done as a single transfer or multiples?
Thanks in advance
Rick
Rick7591 wrote on Wed Jan 11, 2023 10:40am:
Had my Wise card in the UK for the last year now and travelled to the USA and Spain in that time and got good transfer rates and had no issues whatsoever. It’s approaching the time now for us to use them to pay the balance on an apartment (Approximately 110,000€) and I am just a little ner...
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...vous. Has anyone used them for this sort of sum and was it done as a single transfer or multiples?
Thanks in advanceRick
Wise are brilliant, I have been using them for years. However you are not covered by FSCS which gives cover up to £85,000 should they go bust (very unlikely but anything is possible). If I were you I would transfer your money in tranches of what you would feel comfortable with (say 5 or 10 thousand a time). You can make multiple transfers per day or week and check it has been received into your Spanish bank account. I would advise that you inform your UK bank of your intentions so they don't think you are a victim of a scam.
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Posted: Wed Jan 11, 2023 12:10pm
Stevie100 wrote on Wed Jan 11, 2023 11:51am:
Wise are brilliant, I have been using them for years. However you are not covered by FSCS which gives cover up to £85,000 should they go bust (very unlikely but anything is possible). If I were you I would transfer your money in tranches of what you would feel comfortable with (say 5 or 10 thous...
Read more...
...and a time). You can make multiple transfers per day or week and check it has been received into your Spanish bank account. I would advise that you inform your UK bank of your intentions so they don't think you are a victim of a scam.
If you find this helpful please tick the thumbs up
Thanks for that. I didn’t think about the £85k limit. Because we have a joint account with Lloyd’s we are obviously covered for £170k.
Good advice though I will probably transfer to wise £50k at a time and send it over in 17k€ batches. Just need to check once my lawyer has opened our Spanish bank account whether they charge to accept transfers. Thanks again
Posted: Wed Jan 11, 2023 3:48pm
Hi
Really important you get the conversion rates, as if you get it right it saves thousands.
Get a quote also from A Place in the Sun currency before doing anything and see what you get in comparison.
Regards,
Ledgleigh.
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Posted: Tue Jan 17, 2023 1:14pm
Helpful member
We bought in spain and moved last Aug and used wise. We were limited by santander. So we eneded up transferring lumps at a time to the wise account. Then when exc rates were at a good point shift to euro account and transfer to solicitors. Best and cheapest way we could find. 👍 Our buying experience in spain has been flawless. No stress at all. All our stress came from selling our home in UK and dealing with santander 🙂
Posted: Tue Jan 17, 2023 1:43pm
JohnAndBen wrote on Tue Jan 17, 2023 1:14pm:
We bought in spain and moved last Aug and used wise. We were limited by santander. So we eneded up transferring lumps at a time to the wise account. Then when exc rates were at a good point shift to euro account and transfer to solicitors. Best and cheapest way we could find. 👍 Our buying expe...
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...rience in spain has been flawless. No stress at all. All our stress came from selling our home in UK and dealing with santander 🙂
Thanks Guys, I can echo that about selling in the UK this has been the most frustrating sale I have ever made. I was unfortunate enough to buy a house with a driveway that is shared with my neighbour, and even though we have had a great relationship over the last 20 years the new buyers are insisting that an Easement is added to the deeds before they exchange contracts. We just can’t wait to get to Spain quick enough now, we are done with the UK.
Thanks again
Posted: Tue Jan 17, 2023 2:45pm
Helpful member
Rick7591 wrote on Tue Jan 17, 2023 1:43pm:
Thanks Guys, I can echo that about selling in the UK this has been the most frustrating sale I have ever made. I was unfortunate enough to buy a house with a driveway that is shared with my neighbour, and even though we have had a great relationship over the last 20 years the new buyers are insis...
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...ting that an Easement is added to the deeds before they exchange contracts. We just can’t wait to get to Spain quick enough now, we are done with the UK.
Thanks again
Ah bugger. We had similar with shared septic tank amongst other things. We ended up taking indemnity insurance for multiple things which was just nonsense in the end, Best of luck. 👍👍
JohnAndBen wrote on Tue Jan 17, 2023 1:14pm:
We bought in spain and moved last Aug and used wise. We were limited by santander. So we eneded up transferring lumps at a time to the wise account. Then when exc rates were at a good point shift to euro account and transfer to solicitors. Best and cheapest way we could find. 👍 Our buying expe...
Read more...
...rience in spain has been flawless. No stress at all. All our stress came from selling our home in UK and dealing with santander 🙂
We bought a property in Condado de Alhama 18 months ago and did exactly this with our wise card, transferring in tranches. We didn't have any problems at all.
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