International money transfers in Spain

This guide offers an overview of Spain’s money transfer process, including advice on the following:

• International money transfers in Spain

• Online international money transfer services in SpainFees for international transfers

• Fees for international transfers

• International money transfers in Spain by traditional bankCosts of international bank transfers in SpainHow long do international bank transfers in Spain take?How to make an international money transfer in Spain by bankHow to receive an international money transfer in Spain by bank

• Costs of international bank transfers in Spain

• How long do international bank transfers in Spain take?

• How to make an international money transfer in Spain by bank

• How to receive an international money transfer in Spain by bank

• International money transfers via online and mobile banking in Spain

• Wire transfers in Spain

• Foreign exchange brokers in Spain

• Useful resources

International money transfers in Spain

International money transfers have grown in popularity over recent years, with the world’s workforce becoming more mobile and a growing number of people retiring to other countries. This trend has led to hundreds of billions of euros being transferred across borders every year. For the basics on how it all works, read our guide to international money transfers.

Spain’s financial sector isn’t as advanced as some of its European neighbors, but there are still several reliable ways to send money abroad. Sending cash internationally isn’t as complicated or fraught with danger as it once was, but you’ll need to compare the costs, timeframes, and protections in place before choosing the best method of sending money.

Online international money transfer services in Spain

Using an online money transfer service can be a quick and cost-effective way of sending money directly to the recipient’s bank account with a minimum of fuss.

There is a range of international money transfer services available in Spain, all of which offer slightly different rates and fees. When comparing providers, it’s important not to focus solely on the up-front fee. Instead, you must also analyze how the provider’s exchange rate compares to the mid-market rate.

Some of the foreign exchange services operating in Spain include:

• multi-currency service

• Atlantic Money

• CurrencyFair

• XE

This service has become particularly popular among expats in Spain for its transparency and competitive rates. As a regulated payment institution, These services offer the mid-market exchange rate with a small, clearly displayed fee, starting at 0,23% of the transfer amount. This can result in significant savings compared to bank transfers, especially for larger amounts.

What makes the multi-currency service especially valuable for expatriates is their multi-currency account, which allows you to hold and manage over 40 currencies in one place. The account provides you with local account details for receiving payments in major currencies (EUR, USD, GBP, and others), making it easy to receive money like a local without conversion fees. Transfers with a multi-currency service typically arrive within 1-2 business days, with 65% of currency routes delivering funds within minutes.

Fees for international transfers

Transfer services typically charge flat fees which vary depending on the speed you want to send cash. To send €1,000 from Spain to the UK, the difference between a low-cost transfer (€4.58 as of October 2021) is about €1 cheaper than an easy transfer, and more than €3 cheaper than a fast transfer. When you have a lot of transfers to do, if time is of the essence, it will add up fast. If not, you can save a bundle by using the low-cost option.

Paypal offers two services, which come with a mix of flat and percentage fees. If you transfer money directly to another Paypal account in another country, you’ll need to pay a fee of at least €3.99. Paypal also offers a service called Xoom, which charges flat fees of up to €1.99.

Even though it seems like Paypal and Xoom charge lower fees than the service, These services offer a much better rate closer to the mid-market rate, meaning you will likely save more with a multi-currency service.

The following figures from the comparison website Monito show the cost of sending €1,000 from Spain to the UK using popular transfer services, taking into account both fees and exchange rates.

• Multi-currency services: €4.58-8.64, exchange rate 0.01% worse than mid-market.

• Currency Fair: €2.95, exchange rate 0.31% worse than mid-market.

• XE: no fee, exchange rate 0.95% worse than mid-market.

• Skrill: no fee, exchange rate 1.48% worse than mid-market.

• Paypal: €3.99, exchange rate 3.15% worse than the mid-market.

International money transfers in Spain by traditional bank

It’s possible to send money abroad directly from your bank account, avoiding the need to use a middleman such as a money transfer company.

Banking in Spain: the best Spanish banks for expats

If you’re sending money within Europe, you can benefit from the Single European Payment Area (SEPA) agreement, which makes the process of sending cash easier and quicker. Making payments to countries outside of Europe can take much longer.

Costs of international bank transfers in Spain

The downside to cross-border bank transfers is that they can be expensive, and it’s not always easy to get a clear picture of exactly how much you’ll pay up-front.

This is because fees for bank transfers can be imposed by both the sending and receiving bank, meaning both parties involved in the transaction might need to pay. Fees can be charged either as a percentage of the transaction, a flat fee for sending the money, or both. Banks might also offer a less preferential exchange rate than money transfer companies.

Data from moneytransfers.com shows BBVA, one of Spain’s biggest banks, charges a mark-up of 3-5% on the mid-market exchange rate, and then imposes flat transfer fees of anywhere from $5 to $45 depending on your account and where you’re sending money to.

Caixa Bank, meanwhile, charges a flat sender fee of €27 plus 0.4% (minimum €3.95) for transfers in Euros. The sender’s fee can either be paid exclusively by the sender or split between the sender and recipient.

Laura van der Most

Insider tip

When comparing exchange rates, it’s important to understand that many providers add a markup to the mid-market rate (the rate banks use to trade with each other). These services use the mid-market exchange rate without markup, instead charging a separate, transparent fee. This approach could make it easier to understand exactly what you’re paying for and save a considerate amount on certain currency routes.

How long do international bank transfers in Spain take?

Transfers within the SEPA region should be processed within three days, but they often go through much sooner, in some cases even on the same day. If you send money further afield it may take as long as seven days for the cash to clear. Some banks offer expedited services or instant transfers, but these often come with an additional cost.

Some providers like the multi-currency service show estimated delivery times before you confirm your transfer, allowing you to plan accordingly. Based on their user data, over 80% of their transfers arrive in under 24h and over 60% within a few minutes.

How to make an international money transfer in Spain by bank

You can make a payment by bank transfer a number of different ways, be it in person at a branch, over the phone, or via your bank’s website or mobile app.

Online banks and money transfer services operating in Spain that allow you to make easy international bank transfers include:

• multi-currency service

• N26

• Revolut

Sending money electronically is the simplest way. The process is broadly similar to using online money transfer services, but the main difference is that you won’t need to register or provide proof of identification.

To make an international bank transfer, you’ll require the following information:

• Your name, address and account number. If you are sending the money via an online banking service, these details should already be pre-populated.

• The recipient’s name and their IBAN (International Bank Account Number) or SWIFT number. These numbers help your bank identify where to send the cash.

• The amount that you wish to transfer.

• The currency the recipient will receive the funds in.

If you’re sending a large amount of money, you may need to disclose the purpose of the transfer.

How to receive an international money transfer in Spain by bank

If you are receiving money to a Spanish bank account, you’ll need to provide the above details to the sender. These should be available on your mobile or online banking service or you can obtain them by contacting your bank. Alternatively, you can use online services to calculate your IBAN and SWIFT numbers.

With providers like the multi-currency service you can open an account fee-free and also get local account details for major currencies like EUR, USD, GBP, and AUD (and many more) making it easier to receive payments without international fees.

International money transfers via online and mobile banking in Spain

Mobile banking in Spain has grown in popularity over the last few years. Most major banks operate their own mobile banking apps, which allow you to manage your account 24/7 using your mobile phone.

Most major banking apps will allow you to send money either locally or internationally. BBVA’s banking app allows you to send to more than 3,000 banks abroad, with instant transfers to banks in the SEPA area. CaixaBank, meanwhile, allows you to view real-time exchange rates on its CaixaBankNow app.

Wire transfers in Spain

Wire transfer services are available all over the world, and provide an alternative way of sending cash.

The big difference between a money transfer and a wire transfer is that wire transfers don’t require a bank account. Instead, they simply allow you to send cash from one side of the world to another. This can be useful if you’re sending emergency money to someone in a different country, or if you’re sending to a remote location.

One of the most well-known international wire services is Western Union, which operates from hundreds of different locations across Spain.

Wire transfer services are fast and convenient in an emergency, but they can be expensive, with less preferential exchange rates than money transfer companies.

To send a wire transfer, you normally need to provide a valid form of identification (such as a passport) and information on the nature of the payment.

Foreign exchange brokers in Spain

One final option is to send cash using a foreign exchange broker (sometimes known as an FX or forex broker). Forex brokers specialize in buying and selling foreign currencies, but some also offer international money transfer services. Brokers often offer attractive exchange rates and quick transfers, though websites and processes can be more complicated to navigate than money transfer companies.

When using a FX broker, you’ll deposit the funds into the broker’s account online, after which the provider will exchange your money and send it abroad. Some brokers offer free transfers, but your bank may charge a fee to transfer the cash to the broker.

Useful resources

• Banco de España, regulatory body for banks in Spain

• IBAN, calculate your International Bank Account Number