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Bank Transfers to Spain

This helpful guide will share what you need to know about bank transfers to Spain. You will learn how to choose the right bank for your needs to compare the many choices out there. We will also share details about tax implications that need to be considered before sending money. Finally, we present 3 top alternative money transfer companies that you can use for sending money to Spain.

Updated: 06/09/2022
Read time: 8 minutes
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Economy and Banking in Spain

Spain has a population of 47.4 million based on a 2020 census. Spain has a unitary parliamentary constitutional monarchy and is the 5th largest economy in Europe.  It is a highly developed social market that experienced a slowdown in growth in 2017, but the growth rate increased in 2021. The Euro is the country’s currency, which was introduced on the 1st of January, 2002. 

The Spanish real estate market was picking up in 2017 after the slump from the global economic crisis of 2008. Spain has an economic freedom score of 69.9, which means it is the 39th freest economy. 

Overall, Spain a good choice of banks, which include:

  • Banco Santander
  • Banco Bilbao Vizcaya Argentaria, S.A.
  • CaixaBank
  • Sabadell Bank Spain
  • Banco Popular Español
  • Bankinter

Furthermore, many money transfer companies provide services for sending money to Spain. Regulation of banks and financial services in Spain is strong because it is a member of the European Union. Therefore, you can expect safe banking practices and reliability when sending money

Continue reading the guide to learn about choosing the best bank for your needs and alternative services that provide advantages such as faster transfers and lower fees. 

How To Choose a Bank for Sending Money to Spain

We understand it can be challenging to select a bank from the extensive list of options. This section outlines the top factors to consider when choosing a bank for sending funds to Spain. 

  • Fees: bank transfers charge customers for sending money. Generally, international transfers are more expensive than domestic ones. Expect to pay $20-50 per international transfer. However, some banks offer lower fees, which means you will save money. Also, some banks allow the sender to decide who will pay the fee. The options include sender, shared, and recipient. 
  • FX rates: most banks profit from currency conversions by charging a markup percentage. The percentage is typically 1-5%, which differs based on the currency pair and converted amount. Find a bank that offers competitive FX rates for your desired currency conversions. If you cannot find good FX rates at a bank, consider using Wise since they match the mid-market rate. 
  • Transfer caps: if you are required to transfer large amounts of money, you need a bank that has high transfer caps. Note the daily, weekly, monthly, and annual caps. Some banks may allow you to send a lot of money daily, but the cap does not refresh until the end of the year. 
  • Transfer time: the speed of transfer for banks is typically slow. Domestic transfers take 1-3 business days, and international ones are longer at 2-7 business days. However, some banks are part of the SWIFT network, which allows you to send SWIFT transfers. These are much faster, saving you time when sending money to Spain. 
  • Extras: if you need additional services, find a bank that offers them. This can include mortgages, insurance, investments, credit cards, and loans. 
  • Account: look at the available accounts a bank offers and the features. For instance, if you need an account that allows you to conduct a business activity, you will need high transfer caps and competitive FX rates. You can also use Key Currency and TorFX to set up business accounts that come with high-quality customer support or a dedicated account manager. 
  • Mobile app: find a bank that offers a useful mobile app that can transfer funds internationally. You can find apps on Google Play and App Store for your bank. Inspect the app’s profile page to figure out what features are offered. 
  • Security: industry-leading security features help protect customer money. The top security features to look for in a bank include 2-factor authentication, secure messaging, data encryption, automatic logout, account monitoring, transaction monitoring, firewalls, anti-virus protection, and biometric authentication.

Tax Implications of Sending Money to Spain

You need to understand the tax implications of money transfers in Spain to avoid legal trouble. The two primary forms of personal income in Spain are income and savings. The former refers to capital gains, interest, and dividends. Therefore, if you are receiving money for the reasons above, only up to Eur 20,200, you will be liable for tax, and the rate is 19-47%. 

Gift transfers do not incur taxes, but you may need to share them with Spain’s tax agency, Agencia Tributaria. It depends on the amount transferred and what requests are made in the pursuit of verifying your transactions. 

Consider hiring a tax accountant that can manage your international transactions. They will have a better grasp of Spain’s tax laws, so they are in the best position to handle the documents. 

What Information Is Required for Bank Transfers to Spain?

When sending money to Spain, you need to start by collecting information about the recipient. For bank transfers, the information you need is typically the recipient name, bank name, address, account number, IBAN, and SWIFT number. The specific detail depends on where you are sending money from. 

Remember that it is impossible to recover money for bank transfers if you send it to the wrong recipient. Also, make sure you trust the recipient to avoid international money transfer scams. 

Top Alternatives for Sending Money to Spain

We understand that many money transfer customers are not happy with the limitations of bank transfers. Therefore, in this section, we provide several alternative transfer providers that you can use to send money to Spain. 


WorldRemit is a top-tier money transfer service that provides transfers to over 150 countries around the world. Also, they offer multilingual support, which includes Spanish. 

You can also enjoy flexible pay-out options, including cash, mobile money, home delivery, and bank transfer.


Wise is a leading money transfer operator that offers transfers to most countries worldwide, including Spain. Their key strengths are transparency of fees and FX rates. It allows customers to compare multiple transfer methods and understand what fees they will get charged ahead of time. In addition, the varied transfer options provide good flexibility that enables most customers to find a relevant one for their requirements. Also, balance transfers are offered that allow for instant processing times.


Instarem provides transfers to 150+ countries, and Spain is among them. The services match the mid-market rate, which means you will get the best FX rates for currency conversions involving Euros. Instead, they offer competitively low fees of 0.25-1%. 

The 24/7 customer support is another strength of Instarem. The responsive customer support department provides accurate and fast help. Also, an InstaPoints reward system enables you to receive loyalty points for sending money. 


In conclusion, sending money to Spain with banks requires considering multiple factors. These include fees, transfer time, FX rates, mobile app, and account types. Also, you can choose an alternative transfer provider to enjoy benefits that many banks do not offer. 

We encourage you to read our other guides called Send Money to Spain and Sending money from Spain. These will provide more details about the money transfer process and what recipient details you need to acquire. 

Frequently Asked Questions

Can You Send Money to Spain With a Banking App?
What Is the Cheapest Way of Sending Money to Spain?
What Is the Fastest Way of Sending Money to Spain?

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Article Factchecked by Elliot Laybourne on 20th July 2022

Elliott is a former investment banker with a 20 year career in the city of London.

During this time he held senior roles at ABN Amro, Societe Generale, Marex Financial and Natixis bank, specialising in commodity derivatives and options market-making.

During this time, Elliott’s client list included Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System, amongst others.

April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.

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