Wise is a popular service for international transfers and multi-currency accounts. This review explains how Wise works in Spain, its features, and its fees.
Wise multi-currency account and IBANs
Wise is famous for its multi-currency features. It offers a cuenta multidivisa (multi-currency account) that holds over forty currencies.
For euro transactions, Wise provides a Belgian IBAN starting with BE. You can use this Belgian IBAN to receive payments and salary transfers.
However, some Spanish companies might reject foreign IBANs for direct debits. Rejecting a foreign European IBAN is illegal under European Union law.
In Spain, this issue is called discriminación de IBAN (IBAN discrimination). You might need to contact customer support to resolve this issue with utilities.
International money transfers and fees
Wise is the cheapest way to send money to Spain from abroad. They always use the real tipo de cambio medio (mid-market exchange rate) for conversions.
They do not add hidden markups to the exchange rate. Wise displays the exact transfer fee before you send any money.
Many transfers to Spain from major currencies arrive in seconds. This service is highly reliable for moving your relocation savings.
Cost of international transfers
Wise charges a small fixed fee and a variable percentage fee for every transfer. The variable fee depends on the currencies you are converting.
For example, sending US dollars to euros has a typical fee of 0.45 percent. The fee is displayed transparentes before the conversion.
Example: You send €1,000 to a foreign currency account. Wise charges a fixed fee of €0.50 and a variable fee of €4.50. The conversion uses the exact mid-market rate.
The Wise debit card
You can order a physical green debit card for a small one-time fee. The card automatically spends from the local currency balance.
This prevents expensive conversion fees when traveling. You can withdraw up to 200 euros per month for free.
This limit applies to a maximum of two ATM withdrawals. Wise charges a small fee for withdrawals above these limits.
Wise Interest and Spanish tax obligations
Wise Interest allows you to earn a yield on your euro or dollar balances. The funds are invested in short-term government debt assets.
Because Wise holds your funds in Belgium, they do not deduct Spanish tax automatically. You must declare any interest earned in your annual declaración de la renta (tax return).
You must also check if your foreign holdings exceed fifty thousand euros. If they do, you must file Modelo 720 (declaration of assets abroad) with the tax office.
Wise Business for freelancers
Wise Business is an excellent option for self-employed workers in Spain. The Spanish term for freelancer is autónomo (self-employed).
The business account allows you to open local bank accounts in multiple countries. This makes it easy to receive client payments in foreign currencies without conversion fees.
You can also integrate the account with popular accounting software tools like Xero or QuickBooks.
Pros of using Wise in Spain
- Excellent exchange rates : Always uses the mid-market rate with low, transparent fees.
- No immediate NIE requirement : You can open the account using just your passport from home.
- Multi-currency holdings : Perfect for expats receiving income in US dollars or British pounds.
- Instant transfers : Money transfers often arrive in Spain within a few minutes.
Cons of using Wise in Spain
- No Spanish IBAN : You receive a Belgian IBAN which can cause payment issues.
- No Bizum support : You cannot use the popular Spanish instant payment system.
- No cash deposits : You cannot deposit physical cash into the account.
Our verdict
Wise is a highly useful tool for transferring your savings to Spain. It offers the cheapest exchange rates for foreign currencies.
However, you should not use it as your only account in Spain. We recommend using it alongside a local Spanish bank account.
Best bank accounts for expats in Spain
Questions and answers
Can I receive my salary on Wise?
Yes. You can give your Belgian IBAN to your employer. However, some employers might demand a Spanish IBAN.
Does Wise support Bizum?
No. Wise does not integrate with the Spanish Bizum network. You must use standard bank transfers instead.
Is Wise a regulated bank in Spain?
No. Wise is an authorized electronic money institution. It does not offer traditional overdrafts or loans.
Can I pay my taxes with Wise?
Usually no. The Spanish tax office requires a local Spanish IBAN for direct tax payments.
What are the fees for holding money on Wise?
Free. There are no monthly maintenance fees for holding money in your multi-currency balances.
Can I get a digital card instantly?
Yes. You can activate a virtual card in the app immediately after signing up.
What happens if I hold more than €50,000 on Wise?
You must declare it. You must submit the Modelo 720 to the Spanish tax authorities if your foreign balance exceeds €50,000.
Are Wise card ATM withdrawals free?
Up to €200 per month. You get two free withdrawals. Wise charges a fee of €0.50 plus 1.75 percent after that.
