Sending Money to Spain: Best Options
Moving money to Spain doesn't have to be expensive. Traditional banks charge steep fees and offer poor exchange rates—Wise (TransferWise) and Revolut offer far better deals. Whether you're sending living expenses monthly, paying for property, or transferring savings, this guide shows you how to save hundreds of euros annually.
9 min read
The Money Transfer Problem
Moving money to Spain the traditional way is expensive. Your UK or US bank charges:
- Transfer fee: €15-40
- Poor exchange rate (2-4% worse than mid-market): €50-150 hidden cost
- Receiving bank fee: €5-15
- Total per €5,000 transfer: €70-205
A better option: Wise charges €5-15 per transfer with mid-market rates. On €5,000, you save €50-190 per transfer. Over a year of monthly transfers: €600-2,280 saved.
Wise (Formerly TransferWise)
Why Wise Is Best for Regular Transfers
Wise specializes in international money transfers. They offer:
- Real mid-market exchange rate: No markup (or 0.5-1% at most)
- Low fees: €2-8 typically, based on amount and currency pair
- Fast delivery: 1-3 business days, often faster
- Multi-currency account: Hold euros, GBP, USD in one account; convert anytime
- Mobile app: Easy tracking and frequent transfers
How Wise Works
- Create Wise account (online, few minutes)
- Verify identity and funding source
- Initiate transfer, specify amount and destination
- See exact fee and exchange rate before confirming
- Wise sends euros to your Spanish bank account
- Track delivery via app
Wise for Different Amounts
- Under €1,000: Fee roughly €2-3, rate excellent
- €1,000-€10,000: Fee €3-8, best value
- Over €10,000: Consider multi-currency account for regular transfers
Wise Multi-Currency Account
If transferring regularly, open a Wise account with euro balance. Advantages:
- Receive salary in USD/GBP, convert to EUR at your own rate
- Use euro debit card for Spanish purchases (no foreign fee)
- No monthly fee for account itself
- Lower transfer fees (€1-3) when using existing euro balance
Need a Spanish Bank Account?
Once you have a Spanish address and NIE, open a local bank account (CaixaBank, Santander, etc.). Transfers land directly in your Spanish account from Wise.
Learn how to open a Spanish bank account →Revolut: Good for Small Transfers & Spending
What Is Revolut?
Revolut is a mobile banking app offering:
- Money transfers to Spain (€0.99-2 fee for small amounts)
- Multi-currency account (hold euros, spend anywhere)
- Debit card (free ATM withdrawals in Spain)
- Currency exchange at mid-market rates
Revolut vs Wise
Wise: Better for large transfers and regular payments home.
Revolut: Better for small transfers, spending in Spain, ATM access.
Revolut Costs
- Transfer to Spain: Free (standard) or €2 (instant)
- No ATM fees in Spain (up to limit)
- Currency conversion: Mid-market rate
- Premium plan: €4.99/month (better ATM limits, insurance)
Other Options
SEPA Transfers (EU Banks Only)
If your home bank is in the EU (UK included until reciprocal agreements end), SEPA transfers are free and fast:
- Fee: €0 (free)
- Exchange rate: N/A (already in euros or you convert at bank rate)
- Speed: 1-2 business days
- Best for: Sending euros from EU accounts
Check if your home bank offers SEPA transfers. If so, this is free and reliable, though not better exchange rates than Wise.
OFX (Now Remitly)
International money transfer service:
- Fee: €3-5 typically
- Exchange rate: Good but not as good as Wise
- Speed: 1-3 days
- Best for: US to Spain transfers, decent middle option
CurrencyFair
Peer-to-peer currency exchange:
- Fee: €1-3
- Exchange rate: Excellent (peer rates)
- Speed: 1-3 days
- Best for: Large amounts, competitive rates
Traditional Bank SWIFT Transfers
Last resort—expensive and slow:
- Fee: €30-50
- Exchange rate: Poor (2-4% markup)
- Speed: 3-5 business days
- Only use if: No other option available
Cost Comparison: Sending €5,000 to Spain
| Method | Fee | Exchange Loss | Total Cost |
|---|---|---|---|
| Wise | €5 | €5-10 | €10-15 |
| Revolut | €0-2 | €5-10 | €5-12 |
| SEPA (EU bank) | €0 | €0 | €0 |
| CurrencyFair | €3 | €10-15 | €13-18 |
| Traditional Bank | €25-40 | €75-150 | €100-190 |
Large Transfers: Buying Property or Moving Savings
Transferring €100,000+ to Spain
For major amounts (property purchase, investment, relocation), savings are even larger:
Bank Cost: €100,000
- Transfer fee: €40-50
- Exchange loss (2.5%): €2,500
- Total: €2,540-2,550
Wise Cost: €100,000
- Transfer fee: €10-20
- Exchange loss (0.5%): €500
- Total: €510-520
Savings: €2,000-2,040 on a single large transfer.
Tips for Large Transfers
- Split into multiple transfers if individual limits apply (Wise: no limit)
- Check exchange rates—don't send on days when rates are unfavorable
- Schedule transfer for mid-week (better rates than weekends)
- Use Wise's rate guarantee feature (hold rate for 48 hours)
- For property, coordinate timing with closing date
Setting Up Regular Monthly Transfers
Best Practice for Living Expenses
Many expats receive income abroad and transfer monthly to Spain. Best approach:
- Open Wise multi-currency account
- Receive salary in home currency (USD, GBP, etc.)
- Hold in Wise account; convert to EUR when needed
- Transfer EUR to Spanish bank account monthly
- Set up recurring transfer for automation
Automation Options
- Wise: Set scheduled recurring transfers
- Home bank: Schedule SEPA transfer if available
- Manual: Transfer as needed if amounts vary
FAQs: Sending Money to Spain
Related Financial Setup Guides
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