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Following my move to Spain, I started searching for a local broker to start investing in stocks. The bad news is that none of the local brokers meet all those requirements. Of course, they are not Spanish based, so I had to discount them from my list of possible fits.
Fees and commissions are top on my list as a buy and hold investor, and the only ones I found that make sense are ING Direct and DeGiro. Both are based in the Netherlands but have some sort of Spanish base too.
DeGiro, however, does not report to the Spanish tax authority, as mentioned above. INGDirect has been in business since , while DeGiro was founded in and has been expanding rapidly since then across Europe.
Asset protection for both these entities is done by the Dutch DGS. The guarantee applies to most account holders and virtually all types of bank accounts.
My understanding is that for stock purchases protection is only up to 20, Euro. In terms of confidence, credibility etc, ING Direct wins hands down. DeGiro has the lowest commissions on the market today, but it also requires you to agree that they will loan out your shares, which is where they make a profit. You can also opt for a custody account, but the commissions on that type of account would negate any advantage of trading with them in the first place.
One of the bigger problems with both these brokers is that they automatically convert your money to other currencies when required. When you purchase, the broker will automatically convert the amount needed from your EUR balance to USD in order to buy the shares.
Secondly, when you receive a dividend from a US stock, or you sell that stock, the proceeds will be in USD, however on arrival at your brokerage account, the money will be converted back to EUR. Most people forget to take this currency exchange issue into consideration when calculating the costs of operating with a broker.
To dig deeper into this, with ING Direct you will be charged 0. Degiro FX fee is 0. Probably not worth the bother on modest amounts. This means you do not first have to conduct your own currency conversion. Takes a whole minute to review and submit. Both brokers are ideal for buying stocks from Spain, and they both have their own advantages and disadvantages. I will probably be choosing ING Direct for long term holding of stocks as they are the more reputable institution between the two.
Moreover, they have the most straightforward procedures with regards to taxation in Spain. No cost for inbound or outbound transfers.
Do you reside in Spain and invest in the stock market? Jean Galea is a digital nomad, padel player, host of the Mastermind. I use Caixa have a special deal with them and ING.
Think ING is the best choice. This is a great post. I am so glad I found it. I lived in Spain for sometime and I plan to go back and start looking into this.
I will definitely refer to this post when I do. Do you have any idea if ING, or any other Spanish investment company, works with non residents. I would like to invest these savings with a Spanish company and ING sounded pretty good to me, but the problem I keep running into is one related to me being a non resident whom they cannot work with for some reason. I tried contacting them, cant find an email address on their site, phoning is out of the option as I cant speak Spanish.
BTW, I am just looking for a simple index fund, nothing to complicated, I just need to find a company that will let me invest with them. Thanks for the writeup. Did you end up going with ING? Truth be told, in my opinion, their interface both web and app is shockingly bad.
Every time I try to use it I find some sort of bug, or the system is just down. Hi Chris, I have focused almost all my attention this year on the crypto currency space and did very little with stocks. I am only using DeGiro at the moment and find it good enough for my basic needs.
Your email address will not be published. Leave this field empty. Here are a few of those reasons: Support available in your own language. Not critical for me in this case as I speak both English and Spanish.
No need to fill in any foreign asset reporting documents at the end of the year Spanish Modelo in this case. Advantageous commissions or lack thereof for the local stock market.
Zero fees for custody and account maintenance. Low fees on USA share purchases. Low fees on transferring holdings outwards to another broker. Protection up to K. No loaning out of shares. Ability to keep money in other currencies and transfer USD in and out. Good web interface and mobile one too. Currency Conversions One of the bigger problems with both these brokers is that they automatically convert your money to other currencies when required.
Yearly fee per stock exchange used purchase, sale, or holding: Costs of US stock in DeGiro: And for ING Direct: Incoming costs at ING Direct: Here are the fee schedules for both brokers: The other low-cost option is DeGiro as I mentioned. Hi, Thanks for this article. Hello, Thanks for the article. Can you offer any advice related to this issue? I would greatly appreciate it. Hi Jean — Thanks for the writeup. Fantastic article, thank you so much. Leave a Reply Cancel reply Your email address will not be published.