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13
Posted by
France
3 days ago

Whats your experience with digital online banking? revolut, n26, TransferWise etc

I have been trying other options in addition to a French local bank laPoste,

This La Banque Postal is a nightmare, they charge fees and i have to ask them why, the banker would insist its better or choose something for me i have not agreed to, its very much the same around France when shopping at stores where they try manipulating naive customers into what THEY believe is best for them as well as trust the state when it comes to where your taxes are going...

revolut,

So i got revolut after watching this Nico guy online seen he has experience,

Transferwise,

then Transferwise seemed to help get the money from my local bank debit card to revolut,

N26,

then i got n26 because their cards look cool and the whole n26 staff seemed very into their banking like revolut.,

monese,

then monese sent me a UK and EU card..they seemed to be more less of a non resident uk type., lil scary.

LeuPay,

Then i asked LeuPay for a card which was a bit of while getting verified, they seem to be a Russian based company.

thinking of online freelancing in the future as a business i also tried payoneer...eeeks!!!

Payoneer

Payoneer is a NIGHTMARE!!, unless your dealing with their own contracted bulk ordering and selling clients and opening an account with 5k forget it,

Payoneer but does not tell you any of the above when you open an account, you even see videos about how to request for payments from clients.... instead they give the impression that you will get a payneer card when you earn the equivalent of $30 US dollars...then when you notice you cant order it and ask why because of all the videos showing how to,, your told that the money has to come from one of their contracted institutions......

So i asked them to give the money back and they said i have to top the account of at least $50 including some fees, but who knows..maybe i need to contract one of their institutions with at least 5k to get my $30 back and cant remove the 5k too.

I had another friend from Spain also tried topping off her account via transferwise yet they sent her a rude email asking who the client was who sent her the money as they noticed it was from herself and then told her it will be returned within 24 hours....i have no idea why it was diferent for her then from my own same exact

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29 comments
1

Hey there! I'm looking to buy VWRL. Does it matter which exchange I choose?

I'm thinking either London Stock Exchange (LSE) or Swiss Exchange (SIX). The stock is listed in USD for both. I'm Swiss, getting paid in Swiss Francs. Fees are similar for both exchanges by the look of it but I haven't checked all the small details.

I'm assuming LSE to have a larger trade volume and a smaller bid/ask spread.

So which exchanges do you use and for what reason? Does it really matter which exchange I buy the same stock from?

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5 comments
16

Hi everyone! I'm a beginner to investment and I'm trying to start investing by opening a brokerage account soon (thinking of DeGiro at the moment). I recently relocated to the Netherlands, having worked in Germany for multiple years prior, and I'm a non-EU citizen originally from Asia.

So far I'm having a bit of trouble finding good learning materials on investment based on the EU perspective (e.g. I now know a lot of US tax-reduction options but have limited understanding on what options I have in the EU). There are some UK material available in English but I'm not sure whether those suggestions would apply in mainland EU. An additional difficulty is that I'm not sure which EU country I will be staying in in the long term, so I'm also keen to know what options are good across EU country borders.

Does anyone know any good materials to learn about EU-specific strategies? Or NL-/DE-based ones?
I read faster in English but can also understand German if there's anything great in that language.

Thank you so much in advance!

\Note: NL=Netherlands, DE=Germany*

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5 comments
4

Hi all,

have been investing with DeGiro since a month and recently noticed this message under account (Konto)

"Cash Fund Umwandlung Verkauf 1,503 zu je 0,998 EUR" (its in German, but do you have similar messages?)

-so far only invested in one free etf.

do you know what it means? And I also have a second question if anyone is family on when the etf fee is deducted from my investment does this happen once a year or is it split up somehow?

Awesome subreddit by the way, learned a few new things already :)

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5 comments
2

My employer has mentioned that they want to add warrants to my pay package towards the end of the year. So far, that's all they've mentioned.

Does anyone have any experience with warrants as part of their wages? Is there anything I should watch out for? I'm assuming I'll be taxed on the things (this is Belgium, after all)?

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12 comments
8

Greetings, fellow redditors, allow me to start with some personal information - I'm 29M, living in Sofia, Bulgaria, for the past two years I've been able to earn enough to take care of myself, my wife, my baby girl and to pay for the mortgage of an apartment i'm currently not occupying (fixer-upper still in need of some love and about 20k E before we as a family can occupy comfortably). Presently we've moved back with my mother, who is more than happy to have us, and plan to stay while the current project is being completed, hopefully in the next year or so.

As my financial situation gradually improved over the past half-a-decade I always splurged everything extra on my wife/toys for myself, since my daughter arrived in this world however I want to be more frugal with my expenditures and make some of that extra money work for me in the long run. Due to the nature of my work my income varies substantially from month to month (from ~1000E to as much as 3000E). My wife's earnings are constant at around 850E/m and are pretty much gone after she meets her and the baby's needs so i'm excluding this income out of the total equation. Doing some rough napkin math I was able to resolve that over the past 10 months I've saved about 1K, give or take, monthly - this is completely unallocated money that is just sitting in a bank account gathering 0.000001% interest, if that. Considering that my income will grow as my experience in my field does I want to start, late as it may be, funneling this money to make more; And here we have my biggest problem yet, I have 0 financial background and understand investing to pretty much the same extent. I love reading but there is so much to be read out there I simply don't have the time. This is mainly the point of my inquiry - Im not looking for a get rich-quick scheme, i want to learn it and understand it and would love any sources you guys have tried and know to work; please give me your best. Literally No advice is unnecessary.

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17 comments
6

Hi,

Is there any benefit to having two state pensions? From the UK, I live in an EU country and have no plans to return to the UK at the moment but may one day. I am allowed to voluntarily contribute to NI, but I currently have three years of contributions so it would take another 32 to collect on the pension.

I know I can 'transfer' years built up from one to the other, but is it worth me voluntarily paying NI and trying to get two state pensions?

Thanks

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5 comments
5

I am looking to move to Portugal under the passive income residence permit, but I have some tax questions that I feel must be answered before I can seriously consider the move. I am an American citizen and a part-time employee of a company based in the U.S. That is the majority of my annual income. I also own my own business--a partnership--based in the U.S., from which I only receive a couple hundred dollars a month, and I do some freelancing for a company in the UK which also brings in only a small amount per month. And, of course, my passive income, which is more than the 12,000 euro baseline required for the visa. Here are my questions:

  • How will my income of each type be taxed? Will I be taxed twice on the income sourced in the U.S.? Is there any way to avoid double-taxation?

  • If I receive the passive income residence permit, will I be eligible for non-habitual resident tax status? If so--based on my situation--what income will it apply to?

  • What would change if I switched from employee to contractor status for the company I work for based in the U.S.? I could easily fit into either category, based on my job duties (but I don’t know if I can switch since I’m already considered an employee?)

Also, any other advice on pitfalls to watch out for regarding taxes in Portugal would be much appreciated. And, any recommendations for affordable English-speaking accountants (preferably in Lisbon) would be great.

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2 comments
8

I'm looking to passively invest medium- to long-term with a moderate sum (~€5k–10k) which is currently sitting in a Dutch bank account gathering dust. After a fair amount of background reading, ETFs are looking like a very attractive option. However, I am confused by all the different nationalities and currencies that everything has!

I basically want to try and avoid unnecessary fees and expenses for needlessly sloshing money around the world, so my question is basically which of the following nationality/currency considerations matter (ie which of these have to be (in my case) Dutch/Euro for me to avoid fees/exchange/etc):

  1. The country of registration of the ETF fund (eg BlackRock) [I don't think this makes a difference, just making sure]

  2. The country of the stock exchange on which the ETF is traded (eg NASDAQ -> US)

  3. The ETF's trading currency

  4. The ETF's fund currency

  5. The country of registration of the broker (which I understand is the way in which one can actually buy into the ETF fund?)

A few more related questions which I can't seem to have found direct answers to:

  1. If the broker is registered in the Netherlands, does my part of buying into the ETF simply involve me transferring my Euro to the broker's account (in the Netherlands, I presume?) irrespectively of all the above details of the ETF I want to invest in? [ie even if the ETF is a dollar-traded NASDAQ index, I am still just giving Euros to a Dutch broker?]

  2. Would (6.) be the same if I am going with a broker registered outside of the Netherlands, eg Fidelity? (Can I even use Fidelity for this?)

If it makes a difference, I don't currently live in the EU, but I do have (non-Dutch) EU nationality.

I like to think I have a basic understanding of ETFs as investment vehicles in of themselves. Here I am more concerned with the practical transactional aspects; for some reason I haven't found much information on these kinds of questions, so perhaps I am looking in the wrong places...

I'm very new to everything investment-related, so please correct me if I am mistaken in any of my assertions!

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12 comments
26

22F from North Italy, from a wealthy family, no debt.

I have always been terrible at adulting, but at the beginning of 2018 I went to live alone (since I started grad school in another city) and started learning how to take care of myself. I still have a lot to learn, I am terrible at budgeting and I am almost entirely dependent from my family, but today was a small victory for me because I officially have 5K in my second savings account. When I started saving it it was supposed to be "in case I want to start my own business one day" money, but since realistically that's not really going to happen for at least the next 3-4 years, for now it's an emergency fund.

I am not independent yet, but I am taking steps to be. It feels good. Money is less scary every day, and my financial future with it.

it's ok to be a little bit of a mess, you'll reach your goals eventually. Sending you all the motivation and positivity you need.

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8 comments
3

First off, thanks for taking the time to read this. I think this will be quite long but I am looking for an unbiased opinion from people that dont directly want to take from me. Summaries in bold for speed. 

I find myself stuck as to how to spend money wisely. I feel I am already doing reasonably well but still have money left every month, which I dont want to spend for the sake of spending.

Our situation:

I'm 32, my income is more or less 2200€ per month, varying from 2100 to 2600. My job, which I love, is gauranteed for the rest of my career. Every year my wage rises 15€ and every 6 years 60€. By the time I'm 50 I will bring in 3000€ per month (inflation will alter the number but the value is there. This excluses index-adjustements, which only go up as I understand.

My wife, 28, brings in 1200€. This wage will stay more or less the same, adjusted for inflation.

We have 2 children, bringing in 260€ per month through child support.

We have 2 cars, all paid for. One will need replacing somewhere in the next 2 years. This will be something simple and cheap, 5000€ max. 

Our total income each month adds up to +-3500€ each month.

Our expenses are a house loan for 870€ each month, fixed, for 29 more years. We are 240.000€ down on a 280.000€ house. 

Every month we invest 250€ through an investement fund with our bank, tak 21 & 23. , Total is about 5000€ at the moment, profits are minimal up to now. This is for helping our kids get started in 20 years.

Every month my and my wife put in 40€ each in a retirement savings plan. I  really dont like this as I my pension is so far away, I refuse to believe we will ever enjoy retirement as we know it  today and our governement and banks keeps messing with the returns, taxations...

All fixed or kind of fixed expenses (food, utilities..) each month add to +-2000€ each month

We have 35.000€ in our savings account for emergencies.

I know i can renegotiate the house loan but my payments are already at a very comfortable level and I seem to value the emergency funds more. We already have solar panels, house is completely renovated, isolated...

Somewhere between here and the final payment on the house we will inherit 2 houses and some funds, which I project will bring in around 200.000€ for us.

Any suggestions for a rational next step?

Thanks! 

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22 comments
2

Hi,

Trying to get my head around this.

Millions of people are paying into huge pension pots over their lifetime and that money gets invested by these companies. This must be making HUGE returns, no?

Why are these then failing? I understand that for the most people it's better that the money just gets taken out of their paycheck and the investment done for them (they'd spend it otherwise), but with the bad returns once people retire it'd probably better for a lot if they just invested that money themselves, no? Or is this just because people are getting older, we have less kids and generally medical treatments/care are more expensive?

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5 comments
3

We have close to 150k€ just sitting around in the bank in term deposits. We intend to use the money as a down-payment to buy a new house. However the house market where we're located (Lisbon, Portugal) is inflated. Our house hunt was supposed to take a few months but it will realistically take years. And in the meantime the money is still standing there eroding from inflation.

Most of the money is applied in almost residual term deposits (0.35%). I do have the option to contract term deposits at more than 1% but I'd lose all the interests if I need the money before their 2-year term.

What is my best option to park the money and still have it almost readily available once we suddenly find the house we want? I understand for such low-risk and availability demand it gets hard to get a good yield. But surely there are better options than my shitty term deposits... right?

1 point
3
2 comments
14

I recently moved to Amsterdam and I opened a Degiro custody account to invest in ETFs.

Currently, I have been investing 100% in the Vanguard FTSE All-World UCITS ETF on Euronext Amsterdam. I have been researching small-cap value funds and their superior historical performance versus their large-cap counterparts. I would like to skew my profile to invest an extra 20% in a small-cap value ETFs to take advantage of this improved performance.

Unfortunately, due to the annoying new regulations most of the small-cap funds I see recommended are unavailable. Does anyone know the best small-cap value ETFs that are available for European investors?

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8 comments
14

Hi, I'm a 24 year old, recently graduated dude from Finland.

Now I'm getting paid way more than I actually use in daily life and I'm kinda lost of what to do with the extra money.

I started to use YNAB as a budgeting tool to control my spendings. My first step has been creating a emergency fund worth ~2 paychecks. What I want to do is to start saving for a new house/car etc. You know, basic long term saving. Not going for high risk investments.

I quess what I should start doing is to start investing my extra money. Problem is that I have basically no idea of how to invest.

By reading other threads, I decided to create a Nordnet account and deposited 300e there. In future, I can probably do 500-1000e monthly commits to my investments. In few years, probably even more.

For start, I split my 300e ~50/50 into

- BlackRock iShares Core MSCI EM IMI UCITS ETF USD (Acc) (IS3N)

- BlackRock iShares Core MSCI World UCITS ETF USD (Acc) (EUNL)

I have no other reasoning for this except that I read those names from some other thread.

To make my rambling a bit more precise, let me try to form some questions:

  1. Is Nordnet a good tool for me?
  2. How much money should I be keeping on my bank account?
  3. How should I distribute my investments so that I could have a fairly low risk, low maintenance portfolio?
  4. What other things do I need to consider when I'm starting to this?
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5 comments
2

I am searching for a bank account for my savings (24 years old, ~10 000€). My current bank account has no expense, so its great as giro but with no interest. I want this money for "emergency" (new car, appartment repairs, ..) so it should be available within a few days (no fixed-term deposit). Is there a bank in the EU that offers some kind of interest rate? What's the best investment for me? (Everything over 0% would be great, 0.5% would make me happy)

2
11 comments
5

As an European that needs a credit card because I visit countries where swipe and sign is still used... god it's hard to find a half decent credit card. They are expensive (50€ or more per year, sometimes over 100€ if they have extra insurances), and I have yet to find one that has 0% foreign transaction costs. Most have 2%.

I know credit cards are not popular in Europe as almost anyone has no need for them. If you try to search for European credit cards, you get results of Americans planning to travel to Europe. But surely it's possible to have one for free? I won't even ask sign up bonuses, cashback on purchases... I just wanted one for free.

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25 comments
7

Hi everyone, I'm looking into investing and I would like to know what you would advice for a young man, neutral to risk. I was thinking about ETF's but I don't know where to start and what's optimal to invest in?

Thank you!

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10 comments
7

Societe Generale, the French investment giant behind Lyxor ETF, has agreed to acquire Commerzbank’s equity markets and commodities business. The business includes the German bank’s established ETF brand, ComStage, and its associated ETF market-making platform.

Through this acquisition, Lyxor is closing the gap with Xtrackers. According to Morningstar data, the combined AUM was €74bn at the end of May. This compares to €77bn for Xtrackers. So Lyxor remains number three in the European ETF market, behind iShares and Xtrackers.

More Details: https://www.etfstrategy.com/societe-generale-acquires-commerzbanks-etf-business-comstage-merges-with-lyxor-etf-38292/

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comment
0

Can anyone recommend techniques for gaining exposure to the US dollar as an EU citizen? I'd like to get exposure for the next 2-5 years. I'm just looking to hedge my euro savings against the dollar.

I am aware of the new product available from TransferWise - but none others. Thanks!

0
11 comments
6

Hi all,

I posted this in personalfinance subreddit and was directed here.

As described in the title. I’m moving to Ireland and want to invest in a low cost index funds.

Does anyone know an equivalent company / funds I can invest in, in Ireland? Vanguard doesn’t seem to offer to Ireland residents.

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14 comments
26

Note: This is a repost from r/personalfinance the mods told me this channel would be more appropriate to me. I appreciate any help.

Hello, sorry to bother, here's the deal, me and my father we were estranged, a few years ago he started feeling ill and eventually was diagnosed dementia he is in a retirement home right now

My father pays 950€ plus extras every month, and I've been managing his money every since. But I'm run short of money. There is yet another problem, there's a good reason for me to be running out of money. My father is Portuguese, went to France in 71 or 72, fought in the Portuguese Colonial War in Angola in 73 and 74, after that he went to France again, were he decided to work as a illegal immigrant (he wasn't very smart), he lived there for 20+ years but most of it was not declared to the French finances. As result he is receiving about 400€ every month from France (that is his retirement pension). Actually, he hasn't received a dime yet, because I've being doing paperwork for the last 2 years and still haven't received a dime from France. Also he never worked in Portugal, besides doing military service.

So, right now, I have to pay his retirement fees until the end of his life. But all I have to pay him those fees are 43000 m squares of land meant for forest and farming use worth 50000€, a ruin of an house worth about 20000€ (only the land) and a decrepit house, worth about 50000€ that needs serious renovations that my father build illegaly, without a licence from the mayor's office. All of these are located in a random village, in the province.

My father is 67 years old, besides having those properties, money is running out because I haven't receive a dime from France.

He has dementia, so is spending is:

950€ base payment for retirement home, includes housing, cleaning, food, recreation and medicine.

Does not include:

Expenses in doctors and transport to medical facilities (that includes any kind of emergency)

Cigarretes are also not included (he needs about 7 to 10 cigarretes per day depending on how nervous he is).

If he needs diapers or anything at all related to his condition it is not included.

It is hard to put in front numbers because I won't know what he will need.

My questions are:

Is possible to turn all that land into enough profit to pay him all his expenses?

It is possible for the French government to subsidize his expenses?

It is possible for him to have a French disability pension. Someone told me if he had a double address, both in France and in Portugal he could benefit from a French pension without living in France. I know a disabled guy who claims that he lives in Portugal but has a disability pension. According to him he receives a pension of 940€ per month from disability because he doesn't achieve the minimum earning of 1400€ that all French people must earn at least since it is the minimum wage.

Thank you so much

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20 comments
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