Send Money to Spain

Learn how to get the most out of your Euro currency with this Spain Money Transfer Guide.

It makes no difference if you want to transfer money to Spain or you are Spanish resident who wants to send money abroad, our listed Foreign Exchange companies have your needs covered.

The Guide’s Topics:

• Best Way to Send Money to Spain
• Best Company to Transfer Money from Spain
• Today’s Euro Rates
• Reasons to Move Funds into Spain
• Regulation and Limitations

Payment Facility	Summary	Recommendation
	Min. Transfer: £ / € 1000. Transfer: Online or by Phone. Wire Fees: None. Best Rates for £50,000+ Expected Rates* - £50,000+ : - GBP: 1.1920 EUR to 1.1962 EUR - CAD: 0.6763 EUR to 0.6786 EUR - USD: 0.8903 EUR to 0.8935 EUR
	Min. Transfer: £ / € 100. Transfer: Online or by Phone. Wire Fees: None. Expected Rates* - All Amounts : - GBP: 1.1741 EUR to 1.1920 EUR - CAD: 0.6661 EUR to 0.6763 EUR - USD: 0.8769 EUR to 0.8903 EUR
	Min. Transfer: £ / € 1. Transfer: Online or using the App. Wire Fees: Based on amount. Best Rates for £100-5,000 Expected Rates* - Any Amount: - GBP: 1.1920 EUR - CAD: 0.6156 EUR - USD: 0.8903 EUR
	€40 International transfer Fee + Currency Exchange Fees. Double Or Triple the cost of Commercial FX. Exchange rate would be approximately *: - GBP: 1.1741 EUR to 1.1860 EUR - CAD: 0.6661 EUR to 0.6729 EUR - USD: 0.8769 EUR to 0.8859 EUR
	2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick but expensive. Exchange rate would be approximately *: - GBP: 1.1681 EUR or worse - CAD: 0.6661 EUR or worse - USD: 0.8769 EUR or worse

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

MoneyCorp will provide a fee-free transfer to any of the popular destinations like UK, Canada, USA, Australia, Italy, France, Austria, Israel, Mexico or any of the many locations supported. Just fill the quote form on their website and you will be contacted by one of their specialists.

Currencies Direct is another company that will offer a zero fee money transfer to one of their 100+ destinations. They work with more than 40 currencies, and because Euro is used by so many countries, you can understand that they have worldwide coverage.

They have an office in Mojácar, Spain, so if you want to talk with a representative on the phone or do an in-person talk, be sure to check their contact page for the complete address and office hours.

With a valuation of more than 1 billion dollars, TransferWise is one of the most used services for international money transfers in the world. Its low rates and transactional transparency makes it the go-to solution for thousands of clients each day.

Important: All three companies mentioned above provide a multi-language website and Spanish is one of their supported languages. So if you feel more comfortable using the website in Spanish, be sure to use this feature.

Service Provider	Summary	Recommendation
	Min. Transfer: € 100. Transfer: Online or by Phone. Why Them? Over 150,000 Active Clients. £4.5Bn Transferred Annually. 18 Worldwide Offices.

Supported Regions & Currencies

Because Spain is part of the European Union, the money transfer business is regulated by the same laws as any other country involved in this group. And in contrast with the USA, the Euro using countries don’t have state by state or region by region regulations on this subject. If a company has an office or has the licensee to operate in a country, it can provide the service to the whole country.

Currencies: All of the companies previously recommended by us have access to a huge number of currencies with which they work every day. So you can easily transfer money to countries like Italy, Germany, the Netherlands, Switzerland, Austria, Hong Kong, France and Greece. But also remittances dependent countries that are popular in the immigrant communities in Spain like Portugal, Romania, Morocco or Brazil.

A thing to remember is that the benefits with these companies are bigger as the transferred amount gets bigger. So if you plan to regularly send small amounts to other countries, we would recommend using TransferWise because they have fixed spreads. This means that they charge small and fixed fees for every transfer, no matter the amount.

The national currency of Spain has been the Euro since 2002 when they replaced the Spanish peseta. The Euro is a much more transacted currency and is the second most used reserve currency in the world, after the US dollar.

Real Estate: The prices on Spain’s property market are, on average, 40% below the numbers we saw before the crisis in 2007, but the specialists predict a slow and steady recovery. So for those interested in investing in real estate, Spain and Italy are the go-to markets of 2015.

Tourism: Spain has always been one of the most visited countries in the world and ranked second, after France, in 2007. With over 60 million tourists almost every year, it is easy to see how big of impact tourism has in this country. It provides employment for millions of Spanish people and contributes a lot to the country’s GDP.

Why Send Money from Spain

Remittances: According to the Spanish government, in 2011, Spain had 12% of the population made of immigrants with Romanian, Moroccan, British, and Ecuadorian nationalities. That’s 5.7 million foreign residents that call Spain their home. Even though we don’t have updated statistics about the number of migrants, everybody is sure that this numbers have grown considerably with the latest waves of immigrants.

Many of them are coming to Spain in search of better work opportunities, and some of them will continue to stay forever. But most of them will likely go back home to their families at some point in time.

This vast population regularly sends money back home, and having a good money transfer company to work with means a lot for their peace of mind but, more importantly, for their wallet.

Currencies Direct is one of the few companies that actually have a local branch in Spain, and this means that you are taken care of by people who live, trade, and know the country’s bureaucracy and regulation.

Currencies Direct is authorized by the Bank of Spain to operate as a Foreign Branch of the European Community Electronic Money Institution with registration number 6711.

Avenida Mediterráneo 341
Mojácar (Almería)
04638
Spain

Thinking Of Relocating To Spain?

If you consider moving into Spain and live there as an expat, you may find the following information helpful. Or you can check out our article about the Best Expat Destinations in Spain.

How expensive are Spanish banks?

During a recent trip to the Mayan Riviera, you happened upon the perfect condo – steps to the beach and breathtaking views, all for an unbeatable price. To buy it, though, you need to send a down payment of 250,000 MXN.
If you do it through your bank (BBVA), you’ll pay a rate of 20.8505 (as of 8:04 pm GMT, April 1). To complete the transaction, you’ll have to send 11,990 EUR. However, if you make use of an online money transfer company, you’ll pay an average exchange rate of 21.8047. This price means you’ll only have to send 11,465 EUR. With 500 EUR extra, you’ll have plenty to spend on the bits and bobs you’ll need when you move in.

How The Money Transfer Works

FX companies are in the business of trading foreign currencies. As such, they know all the tricks of the trade to ensure that they earned the highest return whenever they convert money.

It is this that allows these companies to offer their customers low or no-fee transfers when they need to send money overseas and, because many FX companies deal primarily online or by phone, it enables their customers to do the same.

What you need to send money to Spain

• Account Holder’s Full Name;
• IBAN;
• Swift Code;
• Your identity card.

After you provide all the details listed above, the process is simple:

• You create a free account with the company.
• Receive a quote from one of the dealers – be it online or by the phone.
• Send the money to your account so you can fund the transfer.
• Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.

Our Company Recommendation:

• Send Money to Spain: Companies that provide international money transfers to Spain.
• Send Money from Spain: Companies that take on Spanish Customers.

Spain has no regulations or currency controls, as a member of the single currency Eurozone. Transferring money in and out of Spain is not restricted for non-residents and residents alike, despite being hit hard by the 2008 Eurozone crisis.

The Eurozone’s single payments system for all member states, as well as Iceland Liechtenstein and Norway, has simplified money transfers.

Banco de España

Banco de España (the central bank of Spain) oversees payment systems to ensure the stability of their financial sector.

The European Central Bank (ECB) sets the single monetary policy.

Transfer regulations

Foreign Direct Investments (FDI) in Spain do not require government approval, unless they exceed EUR3 million, or originate from a tax haven.

Transfers over EUR10,000 must be declared to European Union authorities.

Taxation on foreign income

Spanish residents are taxed on any foreign income. Non-residents are taxed on any income originating in Spain. Double tax treaties are in place to avoid double-taxation.

Biggest banks in Spain

• CaixaBank
• Banca March
• Bankia
• ING Direct
• BBVA
• Banco Popular Español

Prepping For A Move To Spain?

In love with tapas and cerveza? Liking good weather all year round? Than maybe Spain is indeed your ideal destination.

If you want to blend in with the locals, knowing the language is not the only problem. You need to understand the culture and to know the places. And that’s the reason for which we created the article with Best Spain Expat Blogs, a post full of tips from some of the best expat bloggers currently living in Spain. To check it out and read more, click the image below:

If you are still here, still reading this article, it means that you are now ready to change the way you send money to Spain. Forget about the banks that charge outrageous fees every time you need to make a wire transfer to Spain or send money from Spain abroad – you can do better. By using the FX companies we have listed in this guide you will get zero fee transfers, great currency exchange rates and all of this with the same day delivery.