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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: 26/07/2021
Read time: 18 minutes
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How To Send Money To Spain

Looking to find out best way to transfer money to Spain? The steps are simple and easy. Read below to find out the easy way to send money to Spain.

Step 1: Decide how you are going to make your international transfer. Your main two options are to use your bank or to use a money transfer operator.  The cost of your international transfer and the time it takes 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. 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.

Ways To Send And Receive Money In The Spain

There are multiple ways to easily send and receive money 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 receiving 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 advantages 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, or 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 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 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. To get you started, we’ve put together a list of top 10 money transfer companies.

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 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’s important to note that the best way to send money to Spain will depend on the country you are sending from, as well as 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 a number of options available to you. If cost is your top priority, the best provider for sending money to Spain would be Azimo, offering an exchange rate of 1 GBP = 1.11354 EUR (at the time of writing), no transfer fees to new customers, and a delivery time of just minutes. Other MTOs worth considering include CurrencyFair, PaySend, and XE Money Transfer.

If you were sending money to Spain from the US, the overall best MTO would be XE Money Transfer. With no transfer fees and a competitive exchange rate of 1 USD = 0.8128 EUR (at the time of writing), XE is capable of sending your money in 1 – 2 hours with the option to pay by debit card or by bank 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:

  • Azimo: Offer fee-free transfers to first time customers and competitive exchange rates.
  • XE Money Transfer: Does not charge transfer fees and instead adds a small markup onto the exchange rate.
  • TranferWise: Offers international transfers to Spain at the mid-market rate with a transparent fixed fee structure.

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.

How to send money to Spain have 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

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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

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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