BBVA International Transfers & Exchange Rates

Operating since 1857, this financial group calls itself “the digital bank of the 21st century” and has become known for pioneering alternative approaches to banking. Originally founded in Spain, BBVA now operates in 34 countries as its products and services continue to grow at a rapid rate. In this review we will closely examine how international money transfers are processed by the bank and how the services compare to deals offered by competitors.

About BBVA

Banco Bilbao Vizcaya Argentaria, better known as BBVA, is a Spanish multinational financial services company founded in Madrid and Bilbao, Spain. BBVA became the first Spanish bank to establish a global presence, when in 1902 the company established their first overseas branches in London and Paris.

Since then the bank has gone on to establish a presence in over 30 countries worldwide, offering financial services to customers in Argentina, Bolivia, Chile, Colombia, Mexico, Peru, Paraguay, Spain, Turkey, the United States, Uruguay and Venezuela. In 2019 the bank launched a new logo as part of a global rebrand, discontinuing the BBVA Group’s local names in Argentina (Francés), Mexico (Bancomer), Peru (Continental), and the United States (Compass).

BBVA is listed on the Madrid, New York, and Mexican stock exchanges, with institutional investors owning 2.56% of the total shares. The bank boasts of over 6,071 branches and about 83 million customers globally. It has assets totaling over $676 billion.

BBVA international transfers are aided by the many subsidiaries the bank has overseas. The bank makes it easy to send money from Spain to the European Economic Area (EEA).

Exchange Rates and Fees

Sometimes the costs incurred when arranging an international bank transfer can add up to a great deal more than you may have bargained for. In the interest of transparency, we have taken a look at the exchange rates and transfer fees offered by BBVA for individuals and businesses who require help sending money overseas.

BBVA exchange rates are displayed on their web pages. The bank has a spread of 4%-8% between the buy and sell rates for different currencies.

Customers need to use the app, the online banking platform, or visit the branches to get the prevailing market rate. Customers can expect a mark-up of 3%-5% when sending money abroad above the mid-market rate.

Exchange rates for BBVA have margins above the mid-market rates, which make the transfer costlier. Money transfer providers like Wise or XE offer customers mid-market rates.

Exchange Rates

40 different foreign currencies are available for international money transfers sent with BBVA. However, exchange rates set by BBVA typically incur mark-ups of approximately 3 - 5% above the mid-market rate. It is possible to review the historical evolution of BBVA exchange rates by visiting this page on the website which is updated daily.

Transfer Fees

Fees for international transfers can range from $5.00 to up to $45.00 per transfer for customers with a BBVA checking or savings account sending up to $3,000 per day. BBVA Premier and Preferred Clients can utilise the service free of charge.

Transfer in Euros

Transfers in Foreign Currency

There’s an additional fee for urgent transfers, with BBVA charging 0.15% of the transfer value with a minimum fee of $2.5.

*OUR- All transfer fees are settled by the sender.

*SHA- Transfer fees shared between the sender and the beneficiary.

BBVA's outgoing international wire transfer fees are considerably higher than those charged by money transfer services. Imposing minimum fees also makes even small transactions expensive. Leading money remittance companies provide such services at minimal costs.

Additional Costs

BBVA charges 0.4% and a minimum of $21 for incoming transfers in foreign currencies. Transfers in EUR are free.

Another set of complex charges exists for wrong transfer information, cancellations, and provision of extra information about a transfer.

How Do BBVA Transfer Fees Compare to Using a Money Transfer Provider?

Generally speaking, the total cost of a BBVA transfer is pretty expensive, considering the additional costs of exchange rate mark-ups added to the transfer amount. Although the bank has established a wide-reaching network and can guarantee secure money transfers across continents, more affordable deals can be acquired elsewhere through various money transfer operators.

Here’s a breakdown of the difference between BBVA international transfer fees and money transfer providers.

Assuming a customer wants to send €100 to a bank in some select countries, here’s what they’d pay.

International transfers in other currencies like the USD or GBP are more expensive when using BBVA.

BBVA Pros and Cons

We have collated a list of common pros and cons associated with BBVA international transfers, so you can compare the company to money transfer providers:

BBVA Swift Codes

How to Open an Account and Transfer Money With BBVA

Here we will provide details about how to register for a BBVA bank account as well as outlining the process of transferring money overseas using the bank’s services.

Opening an Account

BBVA has developed an onboarding process for new customers which can be completed 100% online and does not require an in-person visit to a local branch. To open an account online with BBVA you will need:

• A local phone number

• Full name and date of birth

• Be able to verify your identity via video call or by providing the account number of a bank account held elsewhere

• Proof of identity such as a government issued photo ID

Transferring Money

• Step 1: Open the BBVA app, log into your Private Area and select Transfers from Payments & Transfers.

• Step 2: Select the account you wish to transfer funds from, entering the amount you wish to send as well as the recipient’s details including full name, bank account details and contact info.

• Step 3: Select Standard or Immediate from the transfer options, adding a reference note if necessary, before selecting Continue.

• Step 4: Review the details of your international money transfer in full and click OK when complete. You will receive an email or SMS confirmation.

Customer Service Details for Users of BBVA

Customers can get help through the app or by visiting the branch. Here are the details.

Country-specific customers service details are available on each respective BBVA website and in the mobile app but generally, the bank offers the following customer support options:

• FAQs and online demos via the website and in-app

• Country specific customer service phonelines

• Country specific customer service email information

• In-person help at thousands of BBVA bank branches

• Social media presence across Twitter, Facebook, Instagram LinkedIn and YouTube

Summary

As far as financial services go, BBVA is a giant, with one of the broadest global banking networks in the world. BBVA offers a full range of banking products and services, accessible anywhere in the world thanks to the bank’s brilliantly designed mobile app. Included in these services are the option to arrange international transfers to overseas recipients. However, while BBVA’s international bank transfer fees are not the steepest we have seen, cheaper, more accessible international money transfers are available elsewhere.

Anyone looking to send money overseas would be best off reviewing offerings of other money transfer operators who are better equipped at arranging cross-border payments, able to offer more competitive rates and guarantee faster service. Use our comparison tool to discover which money transfer company best suits your financial needs.

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