Best brokerage/bank for investing

For residents of Spain.
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UberGrub
Posts: 160
Joined: Wed Aug 21, 2019 3:47 pm

Best brokerage/bank for investing

Post by UberGrub »

Hello,
I have some relatives who are residents in Spain. What is the best low-cost, low-fee broker/bank for a Spaniard resident? They want to use a three-funds portfolio of ETFs denominated in Euros.

I heard Degiro is good but then you have to file 720, is that easy and a big deal?
Is Interactive Brokers better? Is there an issue that it is in the UK (not Europe any more).
Is there a bank where you wouldn’t have to file 720?

Please any help is very appreciated :confused
Gato
Posts: 15
Joined: Thu Sep 03, 2020 4:44 pm

Re: Best brokerage/bank for investing

Post by Gato »

Spain doesn't charge any tax fees when rebalancing mutual funds, so most bogleheads in Spain have mutual funds instead of ETFs.

Anyway, best low cost bank for mutual funds is MyInvestor (but it doesn't have a broker) and best low cost broker for long-term ETF adquisition is Openbak (it has an option of no-custody fee account). Degiro is a better broker than Openbank if you plan to do a lot of operations, and Openbank is better for buy-and-hold.

But as I said, most bogleheads in Spain take advantadge of spanish tax regulations and prefer mutual funds as they can do as many rebalances/transferences they want without any cost.
Stork
Posts: 175
Joined: Wed Feb 17, 2021 9:44 am
Location: Portugal (EU)

Re: Best brokerage/bank for investing

Post by Stork »

UberGrub wrote: Sun Jan 24, 2021 10:38 am Hello,
I have some relatives who are residents in Spain. What is the best low-cost, low-fee broker/bank for a Spaniard resident? They want to use a three-funds portfolio of ETFs denominated in Euros.

I heard Degiro is good but then you have to file 720, is that easy and a big deal?
Is Interactive Brokers better? Is there an issue that it is in the UK (not Europe any more).
Is there a bank where you wouldn’t have to file 720?

Please any help is very appreciated :confused
Interactive Brokers Central Europe (which at least serves Portugal) is based in Hungary, likely because the founder is (the World's richest) Hungarian.
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