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Send Money To Spain

When sending money, it helps to know the different transfer methods available, your transfer amount, the information you need to send the money to Spain, how the recipient will access the money, and the different factors to consider before you send. This guide will help you to find out how to send money to Spain and explore each of these areas in great detail to help you with your next money transfer. If you would like to know more about working and living in Spain, our guide to moving and living abroad as an expat in Spain will give you all the information you need.

Updated: 07/09/2022
Read time: 18 minutes
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Understanding the economy in Spain

Spain has a GDP of $1.2 billion, a social market economy that is highly developed, and one of the largest economies in the world. Based on nominal GDP, it has the 4th biggest economy in the EU and the 14th biggest economy in the world. Spain is a member of the Eurozone and the European Union, so the national currency is Euros. At the time of writing 1 EUR is equal to 1.07 USD.  Spain’s economy is slowly surpassing that of its European counterparts.

How To Send Money To Spain

We understand that you might be having trouble setting up a money transfer for the first time. In the following section we will go through the process step-by-step. This will save you time and help execute transfers quicker.

Step 1: Decide how you are going to make your international transfer. Your main two options to make a money transfer to Spain, are to use your bank or to use a money transfer operator.  The cost of your international transfer and how long does an international money transfer take to reach your recipient can vary significantly depending on what service you use to send your money, which is why we always recommend using our comparison engine to get a real-time analysis of the overall best option for you.

Step 2: If you’ve opted to use a money transfer operator (MTO), your next step will be to create a free account and verify your identity by uploading a photocopy of your passport or driving license.

Step 3: Once your account is set up, you can start your international transfer. You’ll need to select the currency you are converting to, how much you are sending, how you would like to pay, and how you would like your recipient to receive the transfer. If you are sending a bank transfer, you’ll need to enter your recipient’s bank details such as their account number and routing number/sort code. If you are sending the funds to be delivered in a different way (e.g. as cash or mobile money) you may be asked for slightly different details, so make sure you’re prepared in advance.

Step 4: Confirm all the details and costs of your transfer, and start the process to send money to Spain. You should be able to track your international transfer to receive notification of when payment has been taken and when your recipient can access the funds.

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Ways To Send And Receive Money In The Spain

There are multiple ways to send and receive money easily, but these will largely depend on the provider you decide to use. Below you will find everything you need to know about how to send money to Spain as well as receive money. 

Sending Money To Spain
Receiving Money In Spain

Ways to Send Money to Spain

There are many different ways you can send money to Spain internationally. For instance, you can do bank transfers from the host country to Spain, use online money transfers to bank accounts or cash pick-up locations in Spain or use in-store deposits at agent locations in the host country.

International Wire Transfers

Your first option to send money to Spain is to use your own bank to transfer money to your recipient’s account. This is a popular method for sending money abroad simply because it’s convenient and familiar for many people. The advantage of this transfer method, especially if you are sending from within the European Union, is that your transfer will usually be processed the following day. Better still, if the transfers are from accounts in the same bank or banking group, transfers tend to be much faster with lower transaction fees.

However, if you are sending from outside the Eurozone, such as the United States, Asia, Africa, etc., the time your transfer takes will be much longer, up to 4 business days. The specific charges for your transfer, such as transfer fees and exchange rates, are determined solely by the banks, including correspondent banks.

Online Money Transfers

Money transfer operators (MTOs) such as Transferwise, OFX, WorldRemit, Xoom, and WorldFirst can help you send money from different parts of the world. The advantage of these methods is that they charge low fees, give you the best exchange rates, and support large amounts in both standard and exotic currencies.

To send money through MTOs, you will need to sign up for an account on their platform, verify your account details, fund your transfer through a debit card, credit card, bank debit, or any other method available. Then, choose the payout method for a bank transfer or cash collection.

When sending money through online money transfers, there are two main payout options: bank transfers and cash pickup.

Bank Transfers

If the recipient has a bank account, you can transfer money directly into their bank account. Depending on how you fund your transfer and the country you are sending from, this can be delivered the same day or the following day. Other providers take 3 to 5 days to complete the transfer.

Cash Pickup

Not all MTOs offer the cash pickup option, but Xoom, Transfast, Western Union, and MoneyGram are just a few of the services with thousands of agent locations throughout Spain. The recipient collects the money in cash in minutes.

Other payment options include mobile money and mobile airtime top-ups, although not all operators offer all of these services to all countries. We’ve compiled a list of the top 10 money transfer companies to get you started.

In-Store Transfers

Money transfer service providers such as Western Union and MoneyGram offer you the option of depositing cash in person at a store and then send to your family. You can also begin the process online, complete the payment, and send it in-store.

Mobile Topup

Providers such as Xoom allow you to top up mobile phones in Spain instantly. The service supports up to 10 carriers in Spain, including Hits Mobile, Orange, Blau, and Movistar.  Simply enter the phone, pick the amount to top up, and give your loved ones the gift of talk.

Some providers such as MoneyGram, Western Union, and all online money transfer services have apps that make it easier to send money on the go. These apps also allow you to track transfers, pay for transfers, and recall erroneous transfers.

What Is Needed To Send Money to Spain

For you to send money through online money transfer operators or from a store, you will need the following information to send money to Spain:

  • A government-issued-ID document. If you are sending from the US, you can use a passport, social security card, or driving license.
  • The recipient’s name as it appears on their official documents
  • The address and phone number of the recipient
  • If you are sending directly to a bank account, the recipient bank details (bank name, branch, and account number)
  • The amount of money you want to send

It is important to note that the best way to send money to Spain will depend on the country you are sending from and how you would ideally like to pay for your transfer and for your recipient to receive the funds you are sending.

For example, if you were sending money to Spain from the UK, you have several options available to you. If cost is your top priority, finding a low exchange rate and low fees is a priority. Some money transfer companies to consider include CurrencyFair, PaySend, and XE Money Transfer, TorFX and Wise.

If you were sending money to Spain from the US, one provider you could consider is XE Money Transfer.

What’s the cheapest way to send money to Spain?

The cheapest way to send money to Spain is to find a money transfer operator that offers the most competitive exchange rate and low (or no) fees.

Some good options to consider include:

  • XE Money Transfer: Does not charge transfer fees and instead adds a small mark-up onto the exchange rate.
  • Wise: Offers international transfers to Spain at the mid-market rate with a transparent fixed fee structure.

Things to Consider When Sending Money to Spain

To make a money transfer to Spain, there are a few considerations that you need to make to avoid inconveniences and costly transfers. Before you send money to Spain you should check:

  • Foreign Exchange Control – The Spanish government doesn’t control foreign exchange transactions. Still, it may require information from time to time when transactions or transfers involve a huge inflow of foreign currency or regular payments.  This aligns with the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) and tax fraud. 
    
  • Taxation – Normally, remittances are not taxed in Spain. However, if the remittances represent incomes from abroad such as capital gains, dividends, freelance income, or pension income, they may be subjected to tax at the personal tax rate. Liaise with your tax advisor for more information on how to handle this. 
    
  • Bank Withdrawal Limits – To curb insecurity and money laundering, most banks in Spain have capped ATM withdrawal limits. However, there are banks that allow you to withdraw a maximum of EUR 300 per transaction or per day. Check with your bank to find out your limits and whether it makes sense to receive money through the bank or cash pickup.

How to send money to Spain has few hindrances, especially if you live and work in the EU. With that said, you should ensure that you cross-check all the money transfer providers for the best rates and transfer times. Your main two options to make a money transfer to Spain are to use your bank or to use a money transfer operator. 

Benefits of using money transfer companies

Customers using money transfer services for the first time might not fully understand the benefits. This section is an overview of the top reasons why money transfer companies are the best way of sending money to Spain. 

  • Currency exchange: when you are not sending Euros to Spain, a currency exchange service is required. The best FX rates will match the mid-market rate. Money transfer services offer this deal, and examples include Wise and Instarem
  • Fast transfer speeds: emergency money transfers will require quick processing times. Specialist transfer providers allow for quick speeds with balance transfers. However, recipients must also have an account with the same company. 
  • Ease of use: money transfer services focus on allowing customers to send money domestically and internationally. Therefore, the service and user interface are designed for this core functionality. The lack of clutter and distractions means learning to use new money transfer companies is straightforward. 
  • Fees: the lower overheads of money transfer companies compared to banks means that the fees can be lower. In some cases, a fraction of the costs is incurred compared with a bank transfer
  • Worldwide coverage: top-tier payment companies provide access to most countries worldwide, including Spain. It means that you can send money to many countries as your needs change. In addition, the flexibility ensures you can rely on one money transfer service without registering for multiple alternatives. 
  • Mobile app: every industry-leading money transfer company provides a top mobile app for sending money. The apps are easy to use and mostly glitch-free. Also, they come equipped with strong login security protocols to safeguard your account. 
  • Payment options: the choice of payment options for transfer providers means most customers will find a solution. You can use debit or credit cards and bank accounts to fund your money transfer balance.

Your Questions Answered

What are the Reasons for Sending Money to Spain?
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Common Reasons for Sending Money to Spain

Looking to Send Money Somewhere Else? 

Sending money anywhere else in the world is as easy as sending money to Spain. So if you’re looking to send money to another country, here is the list of the most popular destinations.

Jonathan Merry

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com

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