How to send money to Tanzania from Spain with the best EUR-TZS rate

The exchange rate determines the price you’ll pay for Tanzanian Shilling when sending Euro to Tanzania.

The rate between the Euro and Tanzanian Shilling is currently 2,929.751. Profee offers the best exchange from EUR-TZS.

The EUR-TZS exchange rate is always moving.

Sometimes, waiting a day or two can help you get more TZS for the same amount of Euro. Using a forward contract that also allows you to lock in an agreed exchange rate between Spain and Tanzania.

Sending money via a bank transfer is the recommended option for sending money from Spain to Tanzania.

The company offering the best bank transfer price is Profee.

This bank transfer to Tanzania is 0.38% cheaper than the second-best option in the market.

Spain and Tanzania have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Spain and Tanzania.

Some services between Spain and Tanzania have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Tanzania as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Tanzania, use Revolut. The combination of rates and fees when sending from Spain to Tanzania is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Spain, or entering Tanzania. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Tanzanian Shilling in Tanzania. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Spain to Tanzania will offer every method for incoming Tanzanian Shilling, so it’s best to check ahead of time.

One of the more common ways to transfer from Spain into Tanzanian Shilling is directly into a bank account. Revolut is the best company for bank transfers between Spain and Tanzania.

And if you need cash right away, check if cash pickup is an option for transfers between Spain and Tanzania.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Profee.

When signing up to and sending Euro to Tanzania, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Spain this will be a government issued ID such as a passport or driver's license. In Tanzania it will be similar, although this should only be needed if you are opening a new account in Tanzania, or collecting in cash. Sending to an existing bank account in Tanzania shouldn’t require any additional ID checks.

Large transactions between Spain and Tanzania, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Revolut has scored so highly for transfers to Tanzania is their easy sign up process in Spain.

When sending large amounts of money between Spain and Tanzania there will potentially be a tax declaration to consider.

Some transfers into Tanzanian Shilling may need to be reported to tax authorities in Tanzania, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Tanzania based on age, income and a few other elements. When in doubt, please contact a tax professional in Spain or Tanzania to discuss your personal circumstances.