The Cheapest Way to Send Money to Spain

When you send money to Spain, the transfer fee is usually the smallest part of the cost. The bigger one is the exchange rate markup, which is easy to miss because it’s built into the rate you’re offered.

Compare what arrives

Whether you use your bank or a specialist service, compare the amount that actually lands in euros. A Spanish account or a multi-currency account with a euro IBAN makes this easier. Within the EU, euro transfers go by SEPA: they’re cheap, usually arrive the same or next day, and banks must offer instant transfers at the same price as standard ones. EU banks now also check that the payee’s name matches the IBAN before you send.

Large sums

Expect banks to ask where big amounts come from, so keep sale contracts, savings statements or inheritance papers ready. For a property purchase, a forward contract can lock in today’s rate. Ask your pension provider to pay into your Spanish account, in euros if possible.

Cash and tax rules

Cash of €10,000 or more must be declared when entering or leaving the EU, and cash payments to businesses in Spain are capped at €1,000. Transfers aren’t income, but interest and gains are, and accounts abroad may need to go on form 720.

Set it up properly with our sending money checklist.