According to the Bank of Spain, remittances worth €3448 million were transferred to Spain in the third quarter of 2020. Whether you are sending money from Canada to Spain as a business or an individual, it is important to understand the different transfer methods available, the type of information required by Spanish financial institutes, as well as how the recipient will access the money. International payments sent to Spain will be processed as Euro transfers so it is important to understand the CAD to EUR exchange rate before getting started.
When considering how to send money Spain from Canada there are some key aspects of the transfer that will impact the best provider for your needs.
There are plenty of international money transfer providers for Canada to Spain. The fastest provider is XE. The cheapest provider we found is TransferWise at 0.9% Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using XE when sending CAD – EUR.
This means that by using XE for online money transfers to Spain from Canada, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access XE for any reason, our comparison engine has found Instarem and TransferWise also to be very good options when sending CAD to EUR.
If you are looking to make an international transfer, in some cases you might need to know the SWIFT/BIC code of your recipient in Spain. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Spain.
The cost of transferring money will depend on the value of the transaction and amount of EUR you want the recipient in Spain to receive.
In order to avoid high fees, you should consider the cheapest way to send money from Canada to Spain.
TransferWise has been determined by our comparison engine to be currently offering you the cheapest rates possible.
When sending money from Canada to Spain, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers, particularly if you want to send money instantly. Currently, XE is the fastest way to send CAD – EUR.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as TransferWise to pay for your transfer to Spain. Our guide on sending money using a credit card has more information.
With XE you can send money online to Spain using your debit card. But before making a payment, make sure you understand all the processing fees in place. Our guide on sending money using a debit card has more information.
Bank and international wire transfers are the most common ways of sending money Spain as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use XE to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
When sending money to Spain from Canada using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee. If you do decide to make an international transfer using wire transfer, you might be required to use a SWIFT/BIC code when completing your transaction. If you’re unsure of what it is, check out our guide on what is a SWIFT code as well as use our SWIFT code calculator to find the right SWIFT/BIC code.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as XE, Instarem and TransferWise.
Before sending money to Spain from Canada, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send CAD to EUR. After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in Spain. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in Spain, then they will usually need the following:
The amount of EUR you can receive from Canada will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of EUR that can be received in Spain or sent from Canada before making your transfer.