Send Money to Spain

How to send money to Spain using a money transfer service or foreign exchange broker to a Spanish bank account.

Transferring Money to Spain

When transferring money to Spain either to relocate or buy a vacation house, there are various ways to aid your chances of obtaining a terrific euro exchange rate, enhanced service and ensure you send money to Spain securely. 

Ways to Send Money to Spain

• Debit Card – when purchasing products on Spanish websites or using an internet merchant, you may be offered the ability to pay with an international debit card. The website is unlikely to offer affordable foreign exchange rates when sending cash to Spain or to buy things on a foreign debit card. You are likely to be charged an admin cost from your bank to make the payment and handling cost from the seller’s bank. Those requiring to transfer money to Spain to purchase a home or pay a solicitor bill might be obliged to transfer money to Spain. Therefore, they will need to transfer Euros through their financial institution or, ideally, a foreign exchange provider. Several foreign exchange specialists approve debit cards as a payment form, leaving you to enjoy the convenience whilst avoiding fees and gaining a far better euro exchange rate.  
• Credit Card – Suitable for leasing holiday accommodation before getting to Spain, bank cards provide choice and also potential compensation from your card service provider if all isn’t as it appears. However, please be aware Credit cards trade with uncompetitive currency exchange rates and will almost certainly charge. Sometimes this can be offset by air miles or points.  
• Bank Transfer – Many will choose to move money directly to Spain from their bank account. Usually, the foreign exchange rate to move money to Spain will not be as affordable as the foreign exchange specialist will offer. You might have to drop by your local bank branch to transfer a significant amount to Spain. When sending out cash to Spain via an international bank, you will have to pay a transfer fee or cost corresponding to ₤ 10-30 or international money equivalent.  
• Swift/ SEPA – Swift payments are relevant to money transfers to or from outside the EU. Within the EU, SEPA payments are applicable when moving cash to Spain from Europe. Meaning euro currency transfers are quicker as well as less costly when being sent to Spain.  

Required Bank Details to Transfer Money

Identification – when you send money internationally using a banking facility, you will be asked for 1-2 examples of a photo ID. You will need to have your charge card on your person. Transfers to Spain generally will have to be made in your regional branch. If you have the option to send out money to Spain using your online bank account, you will probably need your debit card reader to hand in addition to relevant bank logins, etc., to access the account.  

When selecting to using a Foreign exchange provider, your ID papers will all have been kept when you opened up the account; your currency account supervisor will ask you a couple of elementary questions to confirm the account over the phone. Their online systems resemble those of retail banks, just with far better online euro currency exchange rates.  

IBAN – A Spanish IBAN will start with ES and be followed by 22 added characters. Furthermore, you’ll require the name of the individual or Spanish company you are sending out the cash to finish a transfer to their bank account. 

Time taken to send money to Spain

• Typical time – for a money broker to receive your foreign money, convert to Euro, and send your money transfer to a Spanish account or recipient, you must allow between 1-2 trading days. Often the beneficiary bank might take some time to assign funds sent from abroad. If using a bank to move funds to Spain, you should allow 1-2 days more as their handling is usually slower.  
• Same-day transfer – if funds are in your foreign exchange transfer account, you have a good chance of transferring your Euros to Spain and them arriving the same day. It could take the recipient bank account 1 day or more to allot funds. Financial institutions will take much longer, usually 2-4 working days.  

Cost of Making a Money Transfer Spain 

• Commission– Foreign exchange commission taken by global banks varies from one organisation to the next. However, one shared resemblance is they remain uncompetitive when compared to foreign exchange brokers. A Foreign exchange specialist will typically be able to save their clients around 1-4% when sending money to Spain and various other locations of Europe.  
• Transfer Fees – An overseas bank will generally charge anywhere between ₤ 10 -₤ 40, or local currency equivalent to transfer your cash to Spain. Most foreign exchange brokers do not charge transfer fees. None featured on Foreign Exchange Live do.  
• Exchange Rate– A bank will typically utilise a ‘daily FX rate’, which will be established when the branch opens up in the morning. To alleviate any FX market variants in the Euro exchange rate, a margin or spread will be added to cover any daytime euro money volatility. Foreign exchange providers contrarily work from live market euro currency exchange rates permitting you to make the most beneficial trends and gain assistance if the euro price depreciates.  

Fees for Receive Money in Spain

Spain is included in the SEPA settlements system; if you send money from Europe, you are unlikely to be charged an intermediary cost or transfer fee. If a fee is charged, this is taken by your Spanish bank account; you can normally resolve this with them directly. It is nonetheless extremely unusual.

Limits on Money Transfers to Spain

You shouldn’t be restricted on how much money you can move to Spain, providing you or the company can justify the euro money transfer. If your FX broker approves the money transfer, there is no written restriction on just how much you can trade.  

Normally, if a transfer goes beyond ₤ 500,000+ or currency equivalent, your foreign currency broker can ask for a bank statement duplication to verify your ability to fulfil the currency contract financially. They might additionally ask for paperwork to show the reason for the transfer (e.g., Spanish residential property acquisition). 

Transfer a Deposit to Open a Spanish Bank Account

An international bank or currency broker will be happy to help move funds to a new Spanish account. Merely guarantee any paperwork and your Spanish account information is to hand. Your bank or broker can help with your bank deposit transfer and move your money to Spain.  

Spanish financial institutions will expect you to credit your account promptly; however, there is no minimum down payment. Once the account is opened, you will, nonetheless, be billed about €10+ annually to preserve the account. This yearly fee typically depends on the account and the financial institution you choose to bank with.

Do Foreign Exchange Brokers Transfer Money to all Spanish Banks?  

Providing the Spanish bank is regulated and not black listed there will be no issue transferring to your Spanish bank. All you will require is the bank details for the bank and your bank or broker can transfer money to the Spanish bank. 

Safely Send Money to Spain

When transferring money to Spain, you must be practical and study the safest money transfer solutions. Luckily, foreign exchange brokers and money transfer businesses are extremely conscious of money transfer fraud. Along with being diligent on your behalf, they will also cross-check doubtful beneficiaries via their systems and flag any suspicious transfers. 

• FCA – Always confirm your foreign exchange broker is financial conduct authority (FCA) accredited. A foreign exchange broker should never hesitate to share their FCA registration number or an online link to its approval on the FCA’s register. They should likewise advertise information about their regulation on their website.  
• Guarantees – Whilst even the most accredited foreign exchange provider will have no ability to offer guarantees, their client accounts have to be held with tier 1 institutions. All client funds are held within these ringfenced accounts and must be segregated from their own financial working capital if something happened to the foreign exchange specialist; this permits you to get the funds directly from the tier 1 financial institution.  
• Protection – Reputable foreign exchange services comply with extensive anti-money laundering procedure to ensure they are only managing the transfers of reputable customers and businesses. This is continued when they exchange currency and transfer funds to Spain. To ensure standards remain high, currency exchange brokers might ask for added info on transfers whose beneficiaries look dubious. Money broker’s FX trading systems are electronically secured; they also use high degrees of internet encryption to avoid the possibility of their client’s data being obtained.  
• Fraud – Despite these preventative measures, deceitful transactions can take place within the international settlements industry. You can, nevertheless, take measures to reduce your chances of ending up being a transfer fraud victim. Never send your password or security logins over e-mail or be pressurised to make a money transfer by a foreign exchange provider. Ensure interaction with your broker is from a suitable company e-mail address. If you are telephoned out of the blue by an unidentified member of the broker’s team or brand-new currency account manager, offer to call them back to ensure they are a worker of the currency exchange broker you work with.  

Reasons to send money to Spain

• Bills – Your Spanish holiday residence or company will have recurring costs. These can include local state property tax, renovation fees, or energy bills. A foreign exchange broker will be happy to set up repayments to top up your Spanish account and take care of Spain’s continuous money transfers.  
• Loans – If you have been lent money from a loved one in Spain, you may want to clear the debt if euro rates move in your favour. Alternatively, if you have a mortgage on your Spanish holiday home and the euro rate is in your favour, you wish considering sending cash to Spain to settle part of your holiday home euro mortgage.  
• Family – Birthday celebrations and family events, and different seasonal getaways are never far away. Your foreign exchange brokerage account can be a great way to send out financial presents to Spain’s family members.  
• Property – When the Euro currency exchange rate moves in your favour, you might consider capitalising and make building renovations.  
• Inheritance – Sadly, many experiences loved ones passing away overseas. You may, at some time, need to move inheritance money back to Spain. A broker can sensitively handle the procedure.  
• Car – If moving to Spain, you may choose to rent or buy a car to commute or discover the Spanish countryside.  
• Holiday- If leasing a house or condominium for a vacation in Spain, your fx broker will offer a far better euro price than your bank or debit card.  
• International wholesalers – When obtaining oversea items or supplies, you can get source solutions from an fx broker to mitigate FX risks connected with getting items from suppliers that market in euros.  

Foreign Exchange Brokers

Considering the services of a credible foreign exchange provider is the best way to save money when sending money abroad. Savings between 1-4% are feasible, significant on regular transfers and Spanish property purchase money transfers. They can also provide you with several solutions to maximise the amount of currency you receive in Spain.

Finding a reputable Foreign Exchange Broker

Clients can compare the offerings of transfer services and foreign exchange brokers in many ways when they need to transfer money to Spain.  

• Regulation – always ensure the foreign exchange specialist you use is regulated. In the UK, for example, brokers must be authorised by the FCA (financial conduct authority)  
• Length of time in business – typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to Spain and deal with many different scenarios.  
• Transfer fee or no transfer fee – especially worth considering when the payments being transferred to Spain are small. A transfer fee can typically outweigh the advantages of sending the money to Spain via a bank or broker, even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.  
• Online transfer, telephone transfers or both – online Apps are great for small transfers to Spain. Recourse can be slow if the money goes astray. Customer service, when dealing solely online, can vary. Much of this service is via a chat/text box or e-mail. An established foreign exchange specialist will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.  

Find The Right Broker To Transfer Money To Spain

Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients all over the globe and saving them thousands of pounds in the process.

• Customer Service – Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments but don’t offer prompt customer support if an issue arises. Foreign exchange brokers offer a consistent service. All clients receive a personal account manager with a direct e-mail address and phone number to enable easy contact and customer service if required.  
• Safety and Security – All top foreign exchange brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines. We strongly advise checking with your broker on the exact details.  
• No Expensive Fees or Charges – Depending on the bank, for each transaction, it could cost anywhere from £10 to £4o or local currency equivalent. A foreign exchange provider will process your transfer to Spain with no transfer fees and a narrow margin (or spread).  
• Better Exchange Rates: A bank will, as a rule, be making a spread of between 2-6%, whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be provided with a deal notification showing clearly the base currency amount and the number of Euros purchased.  

Foreign Exchange Contracts

A foreign exchange specialist offers several supplementary services not available in banks or on many money transfer apps. These include:  

• Spot contracts – Arranging a transfer and agreeing on a rate, and sending the money to Spain shortly after  
• Forward contracts – fix today’s exchange rate for payment up to 2 years in the future. Guaranteeing the cost of your purchase and avoiding foreign exchange volatility.  
• Stop-loss – If your currency pair is trending lower, a stop-loss protects your currency from depreciating too much. The currency is traded automatically when it hits the agreed level.  
• Firm order – target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased automatically day or night.  
• Option contract – as with the forward contract and having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.  
• Regular international transfers – A payment plan to send money to Spain regularly.

Documents needed for a foreign exchange broker account

• The application to open your foreign exchange account can be completed within minutes. The first step is to apply online, giving personal details and a brief overview of transfer needs. Once complete, you will typically need to supply the following to get your account approved  

  • A valid form of photo ID  
  • Recent utility bill or address proof (less than 3 months old)  

List of Foreign Exchange Brokers

• Boutique brokerages such as Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their FX risk.  
• Midsize brokerages such as Rational FX operate both corporate and private client operations, focusing on key markets such as France and Spain.  
• Large multi-Geographic operations such as Moneycorp operate in multiple jurisdictions. They have many local offices to serve their global clientele best.  

Arranging a transfer to Spain  

When you chose the foreign exchange provider you plan to use, and the account is set up. You will have the ability to arrange a transfer either online or by phone with the assistance of your currency expert. Agree on a euro exchange rate to transfer to Spain. Once the exchange rate is agreed, your broker will request Spanish beneficiary details and supply you with account details to pay your money to. Once the funds arrive, your currency expert will exchange the funds and arrange the transfer to Spain.   

When trading online, the process will follow a similar theme. However, you’ll be prompted online rather than over the phone by your advisor.  

Large Money Transfer to Spain  

If you’re making a large money transfer to Spain, the timing of buying your euros will be critical. On a transfer of £1000 to Spain, if the exchange the rate moves by 3%, this represents a £30 difference. On a large transfer of £100,000, this same 3% movement represents a difference of £3000, meaning you could receive fewer euros in your Spanish account.   

Instant Money Transfers to Spain  

A handful of companies will offer instant money transfer services to Spain. The transfer fees involved will be comparable to those charged by banks. The euro rates offered will be uncompetitive compared to foreign exchange providers and could be compared to those found in Airport and train station Bureaux de changes.   

When should I use an Instant Money Transfer Service?  

Instant money transfer services to Spain should only be considered once all other currency transfer options have been exhausted. If, as an example, a friend or family member has lost their money in Spain or been robbed, these services could help get money to them quickly.   

Banks in Spain

Spain has many big national high street banks (bancos), including banks that operate globally. The larger banks in expat-populated cities and areas are most likely to have English-speaking staff and products customised for ex-pat clients’ needs. The regular opening hours for banks in Spain is from 08:30 -14:30.  

The leading national Spanish banks are  

• Banco Santander 
• Banco Bilbao Vizcaya Argentaria (BBVA)  
• Caixabank  
• Bankia  
• Banco de Sabadell  
• Regional Spanish banks  

There are additionally numerous smaller local banking institutions (cajas) in Spain. These are mainly state-owned or cooperatives and also operate generally as savings banks. These financial institutions don’t use the same variety of solutions as bancos and other banks in Spain. They are less likely to have English-speaking solutions. Much of the smaller sized cajas have actually folded or combined with larger organisations following the 2008 global crisis. 

Opening a bank account in Spain

At the same time as sourcing your NIE number, it’s worth opening a Spanish bank account to send any supplementary cash over to. There are many banks and accounts on offer, with the most common banks being Banco Sabadell, BBVA and Santander.  

If visiting a local branch to open an account, it’s worth taking along  

• Proof of address  
• Picture ID ideally passport for applicants  
• Your newly acquired NIE number  
• You may also have to show proof of employment or pension  

Once all of these elements in place, you expect to be in your new home within a few months enjoying your new life in Spain. 

Can I Send Money from a Spanish Bank Account to the UK?  

Absolutely, providing you have the account details for the UK pound account, there will be no issue. Explain to your broker your needs, and they will provide you with a euro account to receive the euros and convert to GBP. Then provide the beneficiary account so that the money can be transferred to your UK account.   

Can I Send Money from a Spanish Bank Account to a US Bank Account?  

The process is similar to the above, except you’ll need to provide account details for the US. You will, however, arrange a transfer for Euro to USD rather than GBP. Once the Euros are received, they can be converted to USD and placed in a US bank account. US bank details differ slightly, featuring a swift number.   

Datos bancarios – Spanish Bank Details  

Whether you are currently residing in Spain or are moving to Spain, it is a good idea to understand the different bank codes you might need.  

• Spanish bank account numbers total of 20 digits.  
• As an example: 2100 2527 33 0715795167  
• 2100 is the name of the bank (i.e. La Caixa)  
• 2527 is the branch code (i.e. Mijas Pueblo)  
• 33 is the security code  

• 0715795167 is the 10 digit bank account number.  

Whenever you are requested to supply your Spanish account information, you need to complete 20 digits.  

Relocating to Spain

Whether you select to move to a Spanish city or seaside town will depend on several things. If you are looking to source stable work, a city will offer you a stronger chance of this, in particular, if you speak Spanish or have transferable skills or experience within the sector you are targeting.  

Typically, if you are retired, you might desire a quieter location, potentially near the sea. Spain offers this lifestyle in spades. Cheap flats and townhouses can be sourced for sub €100,000 in areas such as the Costa Blanca, which has a strong expatriate community with some areas being 70% expatriate occupation and English is commonly spoken.  

Once you’ve decided which city or town you will focus your property search on, you will need to find a reputable estate agent. This should be far from a full gone conclusion with many agents operating like cowboys in the wild west! Estate agents’ fees aren’t governed, and some can charge up to 20%+. In recent years, a handful of fixed-fee agencies have emerged, charging significantly less and working more transparently.

Sending Bank Deposits to Spain  

Banks and Foreign exchange providers are commonly used to send bank deposits to Spain. All you will require is the Spanish bank details, including IBAN and account details, and your bank deposit can be sent.    

Register with A Foreign Exchange Broker  

Once you have sourced an ideal place to live in Spain and a property which meets your requirements, you will need to consider a foreign exchange provider to transfer money to Spain. Shortly after you have agreed to purchase a property, a holding deposit of 10% can vary subject to the agents or vendors terms and the province. If you haven’t already, you engaged with a foreign exchange expert who can put into place a plan and map out the timings for your purchase; it’s worth doing so. They can send money to Spain to cover the deposit and watch the final payment rate to Spain. They’ll ensure that payment deadlines are met and that any foreign exchange fluctuations can be capitalised on or protected against.  

On top of a very consultative approach to your purchase, a specialist offers great pricing you need to send money to Spain and typically would quote a saving of 2-5% on the amount being transferred. If you need to send a regular amount to Spain, transfer a pension or Spanish mortgage payment, companies such as Rational FX or Moneycorp can create a payment plan, offering complete transparency, even allowing you to fix the rate for up to a year.