Find & Compare The Best Ways To Send Money To Spain

Sending money to Spain is easy, and there are plenty of options available. Knowing which money transfer services give you the best deal will save you time and money.

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Current Exchange Rates For Spain

The current exchange rate for the Euro (EUR) is 0.9032 Euros per American Dollar (USD). The Euro reached a high of 0.9175 USD over the last 90 days, with the low being 0.8841 USD per Euro. The average exchange rate over the last 90 days was 0.9025 USD per Euro.

The average volatility of the Euro was 0.34% against the USD over the last 90 days. The Euro has remained stable since May of 2018  when compared to other major currencies. You can reasonably expect exchange rates to remain constant going forward, barring unforeseen circumstances. Keep in mind that Britain’s exit of the European Union could have a significant impact on exchange rates for both the British Pound and the Euro.

What’s The Fastest Way To Send Money To Spain?

The fastest ways of sending funds to Spain are through the services offered by the big-money transfer companies. These companies include Western Union, MoneyGram, Xoom, and PayPal. With the fast versions of any of these companies’ service, you can expect your money to reach Spain in a matter of minutes.

The only downside to these faster services is that they are very expensive. The high costs of these services are prohibitive for many people. If you are fine with waiting for a just a day or two but spending less, TransferWise and WorldRemit are cheaper, more balanced options.

What’s The Cheapest Way To Send Money To Spain?

The cheapest way is through OFX. Their rates are very extremely competitive from most countries. When you consider both upfront fees and hidden currency conversion costs, OFX is certainly the best option. The only downside is they are not available everywhere, and they don’t offer the best rates in all cases.

If you are in the US or UK, OFX definitely has you covered when it comes to costs. In countries where OFX is not available, TransferWise should be. TransferWise is a bit more expensive than OFX in the end, but they are also twice as fast usually.

What’s The Easiest Way To Send Money To Spain?

The easiest way to transfer funds to Spain is through TransferWise. To send funds to Spain, all you need to do is tap in the amount of money and the destination. After you tap to send, all you need to do is pay TransferWise and your job is done.

What’s The Overall Best Way To Send Money To Spain?

The overall best way is through WorldRemit. While WorldRemit does offer a well-rounded service in general, they aren’t usually the most competitive option. For Spain, WorldRemit offers a good balance between their costs and speed. They don’t have any upfront fees, and their hidden currency exchange rates are pretty good.

While WorldRemit is on the lower end when it comes to cost, they are also on the higher end when it comes to speed. Most transactions are completed the next day. WorldRemit is also good for money transfers to Mexico.

What are the reasons for sending money to Spain?

An international money transfers service allows you to send money abroad, but when would you ever need to use one?

Here are the top 10 reasons for sending money to Spain:

  • Friends and family
  • Paying bills from abroad
  • Pension transfers to Spain
  • Salary transfers to Spain
  • Buying / selling expensive assets
  • Mortgage payments to Spain
  • Emigration
  • Wedding abroad
  • Topping up a foreign bank account
  • Buying a property

There are many reasons to send money to Spain from anywhere in the world, but we found that the main reason is to purchase a property. Below we explain the process of buying a property and everything you need to know.

What to consider when buying a house in Spain?

A Spanish mortgage is available to non-residents looking to buy a holiday home in Spain. There are two types of residential mortgage, a variable tracker or fixed rates. The variable tracker is based on the 12 month Euribor, there as the fixed rate is fixed for the term of the loan.

In 2019, new legislation was put in place to meet the EU guidelines. These changes reflect how banks should deal with non-resident loans providing higher levels of protection, greater levels of transparency and lower set up costs.

How much can you get?

Majority of nationalities can get 70% of the purchase price or post property valuation (Depending on which is lower). However, some banks may restrict it to 60%.

What are the costs to consider?

When buying a property in Spain, you will need a minimum of 30% to deposit and allow 12% to cover the purchase costs and initial mortgage costs. As well as, it is advised to consider the cost of money transfers to Spain.

What is the repayment period?

Spanish banks usually avoid offering repayments plans for periods longer than 20 years. However, sometimes it is possible to push it up to 30 years. 

Are there any age restrictions?

Yes. Any loan borrowed in Spain needs to be repaid by the age of 75. Most lenders reject anyone over 65. 

How is the mortgage decision made?

Each lender will have its way of calculating the risk, but on average they will compare your expenses (loans, credit card bills and more) including the current repayments, and your income. As a result, it should not exceed 35% of your net income. 

Are there any other fees?

Most lenders will charge a fee for an early partial or full repayments. However, the fee is very small when compared to other countries. 

Is there anything else to know?

Currently, there is a strict no remortgage policy. This means that it is critical for you to make the right decision from the start as you won't be able to change the lender or property at a later date. 


This information was provided by a specialist from International Mortgage Solutions in Spain.