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Send Money to Spain

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

Send Money to Spain

Transferring Money to Spain

When transferring money to Spain either to relocate or buy a vacation house there are a variety of 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 buying 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 transfer Euros through their financial institution or ideally a foreign exchange broker. Several foreign exchange brokers approve debit cards as form of payment, leaving you to enjoy the convenience, whilst avoiding fees, and gaining from 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 one the foreign exchange broker will offer and 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 and 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 broker, your ID papers will all have been kept when you opened up the account, your currency account supervisor will ask you a couple of extremely simple 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. You’ll furthermore 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 ought to 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 to Transfer Money to 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 broker will typically be able to save their clients around 1-4% when sending money to Spain as well as 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 type of FX market variants in Euro rate a margin or spread will be added to cover any type of daytime euro money volatility. Foreign exchange brokers, contrarily, work from live market euro currency exchange rates permitting you to make the most of beneficial trends along with gaining assistance if the euro price depreciates.

Fees for Receive Money in Spain

Spain is included in the SEPA settlements system, if you are sending 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 duplicate of a bank statement to verify your ability to financially fulfil the currency contract, 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 with moving funds to a new Spanish account. Merely guarantee any paperwork and also your Spanish account information is to hand, your bank or broker can then help with your bank deposit transfer and move your money to Spain.

Spanish financial institutions will expect you to credit your account promptly, there is however 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 as well as the financial institution you choose to bank with.

Safely Send Money to Spain

When transferring money to Spain you are correct to be practical and also study the safest money transfer solutions. Luckily, foreign exchange brokers, along with 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 kind of 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 broker 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 was to happen to the foreign exchange broker 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 broker. 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 any type of continuous money transfers to Spain.
  • Loans – If you have been lent money from a loved one in Spain you may want 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 about sending cash to Spain to settle part of your holiday home euro mortgage.
  • Family – Birthday celebrations and family events, as well as different seasonal getaways, are never far away. Your foreign exchange brokerage account can be a great way to send out financial presents to family members in Spain.
  • Property – When the Euro currency exchange rate moves in your favour, you might consider capitalising and make building renovations.
  • Inheritance – Sadly many experience 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 broker is the best way of guaranteeing to save money when sending money abroad. Savings between 1-4% are feasible which will be significant on regular transfers and a 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 broker 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 dealt 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 email. An established foreign exchange broker 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 Canada

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 email 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 to check 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 broker will process your transfer to Spain with no transfer fees and 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 broker 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 but also 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 overseas 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 and Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their clients’ FX risk.
  • Midsize brokerages such as Rational FX operate both corporate and private client operations with a focus being on key markets such as France and Spain.
  • Large multi Geographic operations such as Moneycorp operate in multiple jurisdictions and have many local offices to best serve their global clientele.

Banks in Spain

Spain has a number of 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 the the needs of expat clients. 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

Opening a bank account in Spain

At the same time as sourcing your NIE number its 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 its worth taking along

  • Proof of address
  • Picture ID ideally passport for applicants
  • Your newly acquired NIE number
  • You may have to also 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.

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 same variety of solutions as bancos and other kinds of banks in Spain and also are less most likely to have English-speaking solutions. Much of the smaller sized cajas have actually folded or combined with larger organizations following the 2008 global crisis.

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 20 digits.

As an example: 2100 2527 33 0715795167

  • 2100 is the name of the bank (ie. La Caixa)
  • 2527 is the branch code (ie. 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 give the complete 20 digits.

Relocating to Spain

Whether you select to move to a Spanish city or seaside town will depend on a number of 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 and cheap flats and townhouses can be sourced for sub €100,000 in areas in 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 are going to 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 in a more transparent way.

Tips for selecting a legitimate estate agent include

  • Ensuring the estate agency or realtor is registered as an API (agente de la propiedad inmobillaria)
  • Always visit the estate agent’s office avoid selecting a representative that works out of a bar or his home also verify the estate agencies fiscal number
  • Never engage with an agent that is ‘selling for a friend’ or an unlisted property
  • Track record is key, select an agent that has been trading successfully for at least a few years and look online for any reviews
  • Judge a book by its cover, if you feel unconvinced by the About Us section of the company’s website question further or walk away
  • Don’t fold under pressure – a good estate agent will find you the home you want not one they need to sell

Sourcing A Qualified Spanish Solicitor

Once you have selected the property of your dreams and feel comfortable with the agent or property realtor selling the property you will need to source a qualified solicitor to assist with the purchase.

Tips For Selecting A Legitimate Spanish Solicitor

  • Always make sure you meet the solicitor before committing. You must feel comfortable that this expert will look out for your interest.
  • Find someone that is independent a legal expert connected to a property company or developer might not be as impartial as you might have hoped.
  • Check the expert’s credentials – Spanish solicitors must belong to a local bar, credentials can be verified on the Colegio de Abogados

Register With An 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 broker in order to transfer money to Spain. Shortly after you have agreed to purchase a property, a holding deposit of 10% but this can vary subject to the agents or vendors terms and the province. If you haven’t already you engaged with an foreign exchange expert who can put into place a plan and map out the timings for your purchase its worth doing so. they can send money to Spain to cover the deposit and watch the rate for the final payment 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.

Getting Your NIE To Purchase The Property

Once the property purchase is secured you will legally require an NIE which is an abbreviation of Numero de identidad extrajero or identity number. All international buyers require an NIE number in order to purchase and your solicitor can either advise or you can apply online.

For many, the face to face option will be more appropriate as the process can be fairly involved. If you choose to go down the route of applying in person this can either be done at the local police station or the Spanish consulate at home. A solicitor may also be happy to accompany you in order to move the process along.

Typically, you will require the following information in order to get your NIE number

  • Two copies of the EX-15 NIE application form
  • A property purchase contract for your new home
  • A copy of your entire passport and landing card (non-EU citizens)
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