New CaixaBank fees ... time to change banks?

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jogger
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Re: New CaixaBank fees ... time to change banks?

Postby jogger » Mon Apr 12, 2021 10:56 pm

I transferred with Revolut today, rate over 1:15 and didn't cost a penny or a cent, definitely the best option. I'm with Paddy on that.

anyroads
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Re: New CaixaBank fees ... time to change banks?

Postby anyroads » Tue Apr 13, 2021 2:55 pm

Guess it is who you are happy with.

Say with difference of EUR 3/4 in £1000. I will confess, I can't get too excited.

anyroads

steve_w
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Re: New CaixaBank fees ... time to change banks?

Postby steve_w » Tue Apr 13, 2021 4:53 pm

One advantage that Wise has over Revolut (if you are a UK resident) is that it gives you a Belgian (BE) IBAN for your Euro account. Revolut gives you a UK (GB) IBAN.

This means that you can set up SEPA direct debits to pay your Spanish bills (utilities, IBI, basura, etc) from the Wise account without any problems.

If you want to use a UK IBAN for SEPA direct debits now, the payee has to include your UK address in the payment request that it sends to its bank.

Many Spanish entities are currently unable or unwilling to do this.

I have both Wise and Revolut accounts, by the way. One thing that I particularly like about Revolut is that it gives you a 'disposable' virtual debit card (ie the card number changes after every payment). This is great for making online purchases if you're not too sure about the trustworthiness of the merchant.

Horses for courses ...

anyroads
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Re: New CaixaBank fees ... time to change banks?

Postby anyroads » Tue Apr 13, 2021 7:35 pm

steve_w wrote: Tue Apr 13, 2021 4:53 pm One advantage that Wise has over Revolut (if you are a UK resident) is that it gives you a Belgian (BE) IBAN for your Euro account. Revolut gives you a UK (GB) IBAN.

Would this mean, that you are likely to be charged a fee by the receiving Spanish bank, if using a UK IBAN ?

anyroads

Paddy Pumpkin
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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Tue Apr 13, 2021 8:43 pm

steve_w wrote: Tue Apr 13, 2021 4:53 pm One advantage that Wise has over Revolut (if you are a UK resident) is that it gives you a Belgian (BE) IBAN for your Euro account. Revolut gives you a UK (GB) IBAN.

This means that you can set up SEPA direct debits to pay your Spanish bills (utilities, IBI, basura, etc) from the Wise account without any problems.

If you want to use a UK IBAN for SEPA direct debits now, the payee has to include your UK address in the payment request that it sends to its bank.

Many Spanish entities are currently unable or unwilling to do this.

I have both Wise and Revolut accounts, by the way. One thing that I particularly like about Revolut is that it gives you a 'disposable' virtual debit card (ie the card number changes after every payment). This is great for making online purchases if you're not too sure about the trustworthiness of the merchant.

Horses for courses ...
Revolut gives you both a UK bank account number (including sort code) and EU based IBAN for the Euro element. It also gave me a polish and Singapore bank account. They are the 4 currencies I have tried there may be more.

The EU IBAN beginning with LT as it is currently based in Lithuania. They say they will switch to Ireland in due course. You can make and receive payments from this account just like any bank account anywhere in the EU

To find your EU IBAN just press the circle with the EU flag next to your EUR balance
To find your UK account number and sort code press the circle with the Union Jack next to the GBP balance.

Paddy Pumpkin
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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Tue Apr 13, 2021 8:48 pm

anyroads wrote: Tue Apr 13, 2021 2:55 pm Guess it is who you are happy with.

Say with difference of EUR 3/4 in £1000. I will confess, I can't get too excited.

anyroads
Definitely not worth switching over 4 EUR. But a couple on a state pension would save 72 EUR per year. If they both live in to their early 80s that is over 1,000 EUR extra they can leave in their will. :lol: :lol:

One thing to keep in mind for anyone considering either Wise or Revolut is that neither are deposit protected ....so don't leave any large amount of money in there

jogger
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Re: New CaixaBank fees ... time to change banks?

Postby jogger » Tue Apr 13, 2021 10:28 pm

Paddy when i press the Euro flag i get a GB iban. My revolut card is issued in the UK, should I apply for a Spanish Revolut when i get there next month or does it make a difference.

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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Tue Apr 13, 2021 11:25 pm

Strange....I have EU card and and other half has UK card.

Both have an LT IBAN for EU account and sort code/account number for GBP account,

Both cards were originally UK cards but I bothered to change my address on the card pre Brexit, other half didn't, and Revolut switched me to being a customer of UK Revolut to EU Revolut. I presume they will do the same to you when you put your Spanish address on the card.

jogger
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Re: New CaixaBank fees ... time to change banks?

Postby jogger » Wed Apr 14, 2021 8:20 am

Ok, thanks, I'll do that when i get there.

steve_w
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Re: New CaixaBank fees ... time to change banks?

Postby steve_w » Wed Apr 14, 2021 9:21 am

Paddy Pumpkin wrote: Tue Apr 13, 2021 11:25 pm Both have an LT IBAN for EU account and sort code/account number for GBP account,
If your agreement is with Revolut Payments UAB (a Lithuanian company), then you will have an LT IBAN and the laws of the Republic of Lithuania will apply to the Ts & Cs of the agreement.

If your agreement is with Revolut Ltd (a UK company), you will have a GB IBAN and the laws of England and Wales apply to the Ts & Cs.

The former company is regulated by the Bank of Lithuania, the latter by the UK Financial Conduct Authority.

steve_w
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Re: New CaixaBank fees ... time to change banks?

Postby steve_w » Wed Apr 14, 2021 9:29 am

anyroads wrote: Tue Apr 13, 2021 7:35 pm Would this mean, that you are likely to be charged a fee by the receiving Spanish bank, if using a UK IBAN ?
Some Spanish banks have reportedly started levying fees for receiving SEPA credit transfers from UK banks with a GB IBAN. They claim that they're entitled to do this now that Brexit has been finalised.

It seems to depend on the Ts & Cs that the holder of the Spanish account has agreed with the bank.

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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Wed Apr 14, 2021 9:52 am

jogger wrote: Wed Apr 14, 2021 8:20 am Ok, thanks, I'll do that when i get there.
Bad news ....according to Revolut you cannot change entities.

https://www.revolut.com/help/profile-pl ... -residence

""What if I need to change the address to a country from a different entity?

Since at present it is not possible to change the country address between the entities, the only option would be to close your current account and open a new one under a different entity. However, we do not recommend doing that, since the services we offer may vary, depending on the entity.""

So Revolut is openly saying don't change your address to the new country!

I have Revolut in my own name in EU, Singapore and Australia. I just needed a phone number in each country and some proof I am entitled to live in those countries and a different email address for each card. My other half has UK and Singapore.

The reason I did this is it enables local free transfers with the banking systems in Oz and SGP and I can simply transfer Revolut to Revolut for free and then pay out to the local bank in the second country

So here is what I recommend. Keep the UK Revolut (Revolut themselves are saying don't change it) and when you arrive to Spain and have a Spanish phone number then get a new second Revolut card which will give you an LT IBAN number. That way you keep all options open depending on what happens in the future.

Paddy Pumpkin
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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Wed Apr 14, 2021 9:56 am

steve_w wrote: Wed Apr 14, 2021 9:21 am
Paddy Pumpkin wrote: Tue Apr 13, 2021 11:25 pm Both have an LT IBAN for EU account and sort code/account number for GBP account,
If your agreement is with Revolut Payments UAB (a Lithuanian company), then you will have an LT IBAN and the laws of the Republic of Lithuania will apply to the Ts & Cs of the agreement.

If your agreement is with Revolut Ltd (a UK company), you will have a GB IBAN and the laws of England and Wales apply to the Ts & Cs.

The former company is regulated by the Bank of Lithuania, the latter by the UK Financial Conduct Authority.
You are right it clearly says that on the website....but my other half has UK Revolut and LT IBAN (we never told them she moved). I can only guess they messed up.

So if anyone is opening a new account open it with the LT entity and get the card posted to your Spanish address.

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Re: New CaixaBank fees ... time to change banks?

Postby Wicksey » Wed Apr 14, 2021 10:28 am

With Wise you can set up a euro or sterling account and transfer money into or out of either of them I believe, wherever your home address is. That's why I do sterling to the sterling account, then change it to euros then transfer out to a euro account. The debit card will take the money from whichever account depending on the currency spent.

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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Wed Apr 14, 2021 10:40 am

That is exactly what Revolut does, it functions exactly the same...but Revolut exchange rates are better.

The only question with Revolut is the impact of having an GB IBAN and whether banks are illegally charging for transfers. This is because the IBAN begins with GB if you use your UK address and phone number to sign up as a new customer.

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firsttango
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Re: New CaixaBank fees ... time to change banks?

Postby firsttango » Wed Apr 14, 2021 11:43 am

Read and make your decision on whats best for your needs.


https://thepoorswiss.com/transferwise-v ... h-is-best/

steve_w
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Re: New CaixaBank fees ... time to change banks?

Postby steve_w » Wed Apr 14, 2021 1:14 pm

firsttango wrote: Wed Apr 14, 2021 11:43 am Read and make your decision on whats best for your needs.
Why not have both and use whichever better suits the transaction that you want to carry out at the time?

Just remember that neither Revolut nor Wise is a 'proper' bank, so there's no direct protection for any money that you deposit with them. Manage the account balances accordingly.

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firsttango
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Re: New CaixaBank fees ... time to change banks?

Postby firsttango » Wed Apr 14, 2021 2:10 pm

steve_w wrote: Wed Apr 14, 2021 1:14 pm
firsttango wrote: Wed Apr 14, 2021 11:43 am Read and make your decision on whats best for your needs.
Why not have both and use whichever better suits the transaction that you want to carry out at the time?

Just remember that neither Revolut nor Wise is a 'proper' bank, so there's no direct protection for any money that you deposit with them. Manage the account balances accordingly.
Which is exactly why I posted this link on Monday

https://wise.com/help/articles/2949821/ ... se-account

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Re: New CaixaBank fees ... time to change banks?

Postby katy » Wed Apr 14, 2021 3:01 pm

Where is my money stored?
Wise keeps your money in established financial institutions like JP Morgan Chase and Barclays. Where your money is depends on which country your Wise account address is in — if your account address in the UK, for example, we keep your money in Barclays, or other financial institutions in the EEA.

Maybe true but a few years ago when some currency xchange companies went bust it was found they had not been doing the above.

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Re: New CaixaBank fees ... time to change banks?

Postby Paddy Pumpkin » Wed Apr 14, 2021 5:21 pm

None of that is anywhere near the same protection as the deposit protection scheme (as evidenced for example when Refco went under) and can take years to get your money back. If for example somebody hacked those account and took all the money and Wise or Revolut went bust because of it you will get little or nothing back and it will take years.

Additionally deposit protection schemes have defined time frames in which they will reimburse you in full (up to the limit)

As has been well documented above by many commenters don't leave any money in Wise or Revolut that you cannot afford to lose


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