Send Money To Spain

The number of Spaniards moving to different countries has been growing year on year for the past decade. Today, over 2.5 million of them live in Europe, Asia, Africa, America, and Oceania. From 2009 to date, the number of Spaniards abroad has grown by a hooping 70%. Majority of them live in the America and about 35% are in Europe.

The growth in this diaspora population has also seen a corresponding rise in the number of transactions and amounts sent to Spain from the diaspora. In 2017, the Pew Research Centre records that $10,692 million was sent to Spain from different countries around the world. The top 5 busiest remittance corridors are France, Germany, United States, Argentina, and the United Kingdom. Jointly, these corridors account for slightly over 60% of the total remittances.

When sending money to Spain, it helps to know the different transfer methods available, the information you need to send the money, how the recipient will access the money, and the different factors to consider before you send. This guide will explore each of these areas in great detail to help you make an informed decision in your next transfer.

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USD
EUR
United States
Spain
United States
Spain
Amount Received 894.49 EUR
Fees: 0 USD
Rate: 0.8945*
Payment Options Speed
Debit Card 2 Days
Bank Transfer 2 Days
Key Features
  • No transfer fees
  • 5/5 'excellent' rating on TrustPilot
  • £25 amazon gift card when you refer a friend
Amount Received 828.91 EUR
Fees: 9 USD
Rate: 0.8364*
Payment Options Speed
Bank Transfer 3-5 Days
Debit Card 3-5 Days
Key Features
  • Internationally renowned bank
Visit Site
Current Mid-Market Rate:   1 USD = 0.9043 EUR
* Some rates may be indicative.

How To Send Money To Spain

Sending money to Spain is simple and easy. Follow these steps to get started.

Find a Trusted Provider

Use our comparison table to find the best provider for your needs.

Sign Up and Deposit

Sign up with the provider and deposit the amount you want to transfer.

Transfer Money

As soon as you're ready, you can start sending money online.

Ways To Send And Receive Money In Spain

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

    Ways to Send Money to Spain

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

    International Wire Transfers

    You can transfer money from your bank account in the host country to the recipient's account in Spain.  If you are sending the money from a country in the European Union, the transfer will be faster and could be delivered 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, or Africa, the time your transfer takes will be much longer up to 4 business days. The specific charges including exchange rates are determined solely by the banks involved in the transaction 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 with 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 which can be a bank transfer or cash collection.

    There two main payout options when sending money through online money transfers: 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 offer you this option. The recipient collects the money in cash in minutes.

    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 and complete the payment and sending in-store.

    Mobile Topup

    Providers such as Xoom allow you to top up mobile phones in Spain in an instant. The service supports up to 10 carriers in Spain including Hits Mobile, Lebara Mobile, Digi Mobile, Blau, Wamaya, Euskaltel among others.  Simply enter the phone, pick the amount to top up, and give your loved ones the gift of talk.

    Some of the 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:

    • 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

    What Are the Ways of Receiving Money in Spain?

    There are two main ways you can receive money in Spain: bank deposit and cash pickup.

    Bank Deposit

    You can receive a transfer directly into your bank account. This may take a few hours or up to 4 days depending on the transfer provider, day of the week, time of day, and the correspondent banks handling your transfer. It is the best way of receiving large amounts of money.

    Cash Pickup

    Money transfer operators have various locations throughout Spain where you can pick your money. Some of them have partnered with other money transfers and banks to enhance their audience reach. For instance, Transfast has partnered with Mundial Money Transfer to enable its customers to access cash in lots of locations. Xoom has 2078 locations in Spain you can filter through states or cities and identify one closer to you from where you can pick your cash.

    What is Required to Receive Money in Spain?

    To access your money in Spain, you will need to identify yourself at the cash collection point and give the transaction reference number. The identification can be in the form of a government-issued ID card, passport, or driver’s license. The transaction reference number is normally sent to you via SMS or email when the sender initiates the transfer.

    Common Reasons for Sending Money to Spain

    Most of the Spaniards who left the country and ventured abroad at different points in history were mainly driven by economic reasons. The Spanish economy has been shaky and this has forced many people to seek greener pastures elsewhere. This emigration history informs the reasons for the remittances back home.

    Family Support

    Spaniards in the diaspora have obligations back home to support their families who may include their children and siblings. Because of the fewer economic opportunities, those in diaspora are obligated to send money home to supplement family income and cater for basic needs.  

    Medical Care

    Medicare costs are always on the rise and quality care is expensive. Accessing private care not just in Spain but many other parts of the world is costly. Part of the remittances may be directed towards this expense.

    Education

    Spaniards in the diaspora often send money for tuition fees and related costs for their families back home. These are often reflected as small regular payments at the beginning of school terms.

    Savings and Investments

    Not every Spaniard in the diaspora wants to live, work, and retire abroad. Some of them are looking forward to coming back home in their sunset years. The savings and investments play a key role in building a nest egg.

    Social Contributions

    These remittances are often sent in response to requests from home for social activities such as weddings, funerals, and community development. Money could also be sent for festivals and holiday celebrations. For instance, during Christmas and New Year, diaspora remittances to Spain increase. Other festivals include la Tomatina, Semana Santa, San Fermin, and Feria del Caballo.

    Why Send Money with a Money Transfer Service?

    Money transfer services have dominated most remittance corridors to Spain because of their efficiency, affordability, and reliability. If you have never used money transfer services, your next transfer could be a perfect opportunity to do that. Here are some of the benefits and reasons for using money transfer services.

    Speed of Transfer

    Sending money to your family in Spain can take a few minutes or a couple of days depending on the MTO you use, the country you are sending from, and day of week or time of day for bank transfers. For instance, if you use Transfast or WorldRemit from France, it takes the same day or at most the following day for bank transfers. For the fastest transfer speeds, pay for your transfers using a credit or debit card.

    Ease of Set-Up

    Signing up for an account with any money transfer operator takes a very short time. Unlike banks where you may be asked for tons of information and wait for days, MTOs take a few minutes to sign you up and verify your details. After that, you can pay up for your transfer and send your family and friends.

    Security and Regulation

    Money transfer operators are reliable because of the security measures they have put in place. You are assured that your confidential information is safeguarded using technologies such as SSL and two-factor authentification. These providers are also regulated in almost every economy they operate by bodies such as the Financial Conduct Authority in the UK, the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), Australian Transaction Reports and Analysis Center (AUSTRAC), and different other monetary authorities.

    Multi-Currency Support

    Whether you are sending from a country whose currency is considered exotic or from the regular remittance corridors, money transfer service providers guarantee you support for your currency. Xoom, Western Union, MoneyGram, and WorldRemit are just some of the providers that support lots of currencies on their platform. This assurance means you can always transfer without significantly losing on the exchange rate despite your host currency.

    Exchange Rates

    Since a majority of the transfers to Spain come from within the eurozone, there is no loss in exchange rates. However, even for those sending money from other jurisdiction such as Argentina and the United States, money transfer service companies charge minimal exchange rate margins above the mid-market rate. Providers such as OFX, WorldFirst, and TorFX charge a maximum of 2.5% above the mid-market rate.

    Affordability

    If you are transferring from within the European Union, most transfer fees are waived or kept on the minimum. Money transfer service providers often charge a small percentage spread over a large number of transactions. This fee structure makes them attractive to most senders. For instance, sending $1,000 from the US to Spain, it will cost you $7.54 on Transferwise. This amount includes Tranferwise of $5.54 and $2 for a bank debit or ACH. If you use a debit or credit card, the fees could be a little higher but not as compared to banks.

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    Things to Consider When Sending Money to Spain

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

    • Foreign Exchange Control – The Spanish government doesn’t control foreign exchange transactions but may require information from time to time when transactions or transfers involve huge inflow of foreign currency or regular payments.  This is in line 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. 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 through cash pickup.

    When sending money to Spain, there are few hindrances if any 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 Questions Answered

    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.

    Current Exchange Rates For Spain

    The current exchange rate for the Euro (EUR) is 0.9043 Euros per American Dollar (USD). The Euro reached a high of 0.9175 USD over the last 90 days, with the low being 0.8935 USD per Euro. The average exchange rate over the last 90 days was 0.9052 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 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.

    Looking to Send Money Somewhere Else?

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

    Jonathan Merry
    Written By
    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