A Practical Guide to Sending Money to Spain

The Best Way to Safely Transfer Money to Spain:

1. Compare your local banks and money transfer services

2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available

3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in Spain. You also may need to pay for the transfer before the money is sent abroad


Exchange Rate Comparison Tool

 
 

Spain Money Transfer Guide

Transferring large amounts of currency

Transfering a Large Amount of EUR

If you are sending more that $10,000 between Australia and Spain, you should examine

1. Banks and money transfer companies that are regulated with a strong history of international payments

2. The exchange rate being offered

3. Any extra fees they charge


Our Verdict: For larger transfers, consider Transferwise. They give you the same exchange rate as you see on xe.com or Google. They also offer a lower fee for amounts over $10,000. They are based in the UK and have a very good track record of payments in and out of Europe.

Winner: Transferwise
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Moving from Spain to Australia

Every Australian bank lets you transfer money to and from Spain. Unfortunately, not all will accept Euros (EUR). You'd probably be disappointed if you're expecting to receive the best possible exchange rate. And adding to that, a high international money transfer fee is imposed.

An online money transfer service is a good option if you want to avoid these high fees when using a bank. This is especially helpful if you prefer having the freedom to pick and choose your transfer provider.

Transfer service providers that allow you to transfer money from Australia to Spain include OFX, HiFx, torfx, WorldFirst, Commonwealth Bank, Westpac and ANZ.

Winner: OFX
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family

Friends and Family

Being away from home can be difficult at times, especially when you're missing out on important events with family and friends. When sending a small amount of money home, a transfer service like Western Union is the best choice. If you have a larger amount on hand, look out for other providers that can offer to waive transfer fees.

This is the reason why it's important to search for providers that suits your needs, and discuss your options with a currency exchange and money transfer specialist.


Our Verdict: With the right foreign exchange specialist, such as OFX it is possible to achieve a spread of 1% - and even lower, reduce or remove fees, create a strategy for purchasing currency and also access hedging tools.

Winner: OFX
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Buying or Selling Property

When purchasing a property, it's vital to engage a provider that can provide you with the flexibility and support to close the deal. Select a provider with a strong presence in Australia and Spain to make life easier.


Our Verdict: TorFX is an ideal choice for property settlement transfers. A local account manager will be appointed to guide you through each step. They are fully licensed in Australia and also offer a global support network.

Winner: TorFX
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Transferring currency for business

Business Currency Transfers

Transferring money for your business? Find the best option with these 2 key points:

1. The exchange rate margin - this is the difference between the wholesale exchange rate you can see on xe.com and the rate you get

2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders


TransferWise. Their borderless account is the best product for transferring money in and out of Spain. It's almost fee free and they have no exchange rate margin.

Winner: Transferwise
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Studying Overseas

These days, more students are choosing to study overseas. As an international student, annual tuition fees can range from $15 000 to $50 000 annually, depending on your course. That's before adding living expenses such as accommodation and bills.

For large payments like tuition, make sure you hunt down the best exchange rate.

Taking a part time course? With smaller payments, look out for the transfer fee that is being charged.


Our Verdict: Worldfirst. This is perfect for students and their parents paying the bills to save on hefty transfer costs.

Winner: World first
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How much will it cost to transfer money to or from Spain?

Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren't always obvious. Here are the most common charges to transfer money from one bank account to another

1. Standard Fees

These are the most common fee types.

Money transfer fees

Transfer Fees

Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.

Exchange rate margin fees

Exchange Rate Margin

This is the difference between the wholesale exchange rate you can see on xe.com and the rate you receive.

2. Bank Surcharges

These are fees that your bank may or may not charge you for.

Money transfer bank fees

Corrospondent Bank Fees

This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.

Money transfer receiving bank fee

Recieving Bank Fee

If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.


OFX offer

Offer

Ready to go?

Get your first two transfers to Spain with OFX for free

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How To Transfer Money Online


Frequently Asked Questions

Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.

Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:


Setting things up (only has to be done once)
  • Log on to their website and register your details. You'll need to have some I.D handy
  • Once your account has been approved, you'll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the "Beneficiary" or "Recipient"

Tranferring Money
  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in Australian dollars
  • You'll get a deal confirmation. Finally you'll need to pay them the Australian dollars before the money is sent.

1. A Bank

Banks in Australia have higher fees and uncompetitve exchange rates compared to Spanish Banks. But this doesn't mean you should never use an Australian Bank. They are still the quickest way to transfer between bank accounts.
 

2. Paypal

This is a great option for anyone sending smaller amounts under $1000. The exchange rate you'll get are comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.
 

3. A Money Transfer Company

Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you'll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.
The banks and Paypal don't have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Spain and intend to use a money transfer company, make sure you check their minimum transfer amount.
To send money overeas, you'll need the following information of the bank account you are sending the money to:

Beneficiary or Recipient Details
  1. The Account Name of your Recipient (person/business you are paying)
  2. Their address
  3. The SWIFT Code of their bank
 

A note about sending money to Spain:

It is particularly important to make sure ALL the bank details you use are correct. Banks are picky and will reject a payment even if a single digit is wrong or a single letter is out of place.


Swift Codes

Here is a list of SWIFT codes for the biggest banks in Spain:

Banco Santander : BSCHESMM

BBVA : BVADESMM

CaixaBank : CAIXESBB

Bankia : CAHMESMM

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