Do you want to Transfer Money to Spain from the UK? There are a few options on how you can send money to Spain, but some options may not be the Cheapest and best way to send money to Spain from the UK.
Don’t have time to read the full blog? Here is a short summary
Traditional UK banks charge a high amount of fees to transfer money to Spain that may go up to 8% of the transaction amount 😱
It is because the high-street UK banks charge a high fixed fee on international transfers and offer poor exchange by adding a hidden makeup on the exchange rate (like a “profit margin”).
Specialist money transfer providers like Wise (formerly TransferWise) are one of the Cheapest way to transfer money to Spain from UK.
Wise offers mid-market exchange rates (the real rates that you see on Google) and low money transfer fees – Only 0.4%. You can save up to 7x times compared to the bank fees when sending money to Spain.
Spain is home to the highest number of British expats than any other European country. From UK pensioners, and digital nomads to exchange students.
No doubt, one of the most common things for Britons is to manage their money and send money to Spain due to various reasons.
It can be a one-time payment to a friend or a regular transfer to family members or mortgage payments for your holiday home.
Whatever the reason may be, you need to find the cheapest way to send money to Spain in order to save money on transaction fees and GBP to EUR exchange rate.
Sending money to Spain from the UK can be quite expensive if you are not using the right channel and provider and can lose your money in uncompetitive exchange rates and high transfer fees
Moreover, If you want to transfer a large sum of money to Spain from the UK, these hidden market ups on exchange rates can add up along with the high fixed fees. This is why it is quite important to find the best way to send money to Spain.
In this blog, we are going to cover all the ways on transferring money from the UK to Spain. We would also share some tips on how to transfer money to Spain from UK – cheap, fast and safe!
How to Transfer Money to Spain from the UK?
There are two ways to send money to Spain from the UK:
- High Street UK Banks
- Money transfer services like Wise (TransferWise), CurrencyFair, and XE
High Street UK Banks
High street UK banks charge you high fixed fees on international money transfers. On top of that, the banks offer bad exchange rates by adding hidden markups on the “real” exchange rate. These are the “hidden charges” that the banks don’t disclose to the customers.
Such high fixed fees offered by the traditional banks along with the poor exchange rates make money transfers to Spain quite expensive. The overall cost to transfer money to Spain from the UK is up to as high as 10% of the total amount – which is NOT the best way to send money to Spain from the UK.
Here are the bank fees UK banks on international transfers
| UK Bank | International transfer cost |
|---|---|
| Barclays | 4% – 10% (depending on the currency) |
| HSBC | 2% – 8% (depending on the currency) |
| Lloyds | 3.5% – 8% (depending on the currency) |
If you want to find the cheapest way to transfer money to Spain from the UK, we recommend using a dedicated money transfer service instead – which is fast, safe, and cheap.
Specialist Money Transfer Provider
Specialist international money transfer services offer you better rates compared to traditional UK banks with low money transfer fees. You to make international transfers easy that can be done online or via mobile apps.
Here are some of the recommended providers to transfer money to Spain. We only recommend providers that are not only cheap, but also safe – offering you a secure way to send money overseas.
| Best For | Provider |
|---|---|
| Best Exchange rate | Wise (formerly TransferWise) ❯ |
| Cheapest under 10,000 GBP | Wise (formerly TransferWise) ❯ |
| Cheapest over 10,000 GBP | CurrencyFair ❯ |
| Fastest | XE ❯ |
| No Transfer Fees | XE ❯ |
Please note that there might be various other providers in the market that may offer cheap money transfers to Spain, but not all money providers are credible and safe.
It is very important that choose a highly trusted and top-rated money transfer provider when sending money to Spain and anywhere in the world.
Money transfer providers like XE and Wise (formerly TransferWise) and CurrencyFair are credible options that are operating in the market for quite some time. These providers can guarantee the safety of your money because they are properly regulated and work under the guidelines of the Financial Conduct Authority (FCA).
FCA (Financial Conduct Authority) approved providers (like the ones we recommended above) keep your money totally safe. FCA ensures the safety of your money by “ring-fencing” in a separate bank account (which is different from the provider’s business bank account). Therefore, your money is treated separately from the business’ operational money.
Best Way to Send Money to Spain from UK
Choosing the best way to transfer money to Spain depends on your need. There are 3 main things to consider when sending money abroad – Transfer cost, transfer speed and safety.
The cost depends on the exchange rate and transfer fee offered by the provider. The average speed to transfer money to Spain from the UK is one business day. Whereas, we can guarantee the safety of your money by recommending the most trusted and safest provider.
Here are some of the best ways to transfer money to Spain
Best Exchange Rate
Best Way to Transfer under £20,000 (Cheapest & Fastest)
Transfer Time
Same Day
Pay By
Bank Transfer, debit card, credit card & Apple Pay
Info
£0 Monthly fee
Hold up to 50+ currencies
How to Send money to Spain from the UK
- Go to Wise’s website and create a free account.
- After logging in, go to the “Send money” option
- Check Wise fees and exchange rate to transfer GBP to USD
- Select the type of transfer (based on the nature of the transaction)
- Fill in the recipient’s US bank details
- Select your payment option and transfer money from UK to the USA
No Fixed Fees
Fastest (tie)
Fees
No transfer fees
Pay By
Bank Transfer, debit card, credit card
Info
98+ currencies available to transfer to 130+ countries
Transfer Time
Same Day
Pay By
Bank Transfer
Info
Send to over 150+ countries
How much you pay when sending 1000 GBP to the Spain
You Pay……………………………………..1000 GBP
Transfer Fee ………………………………3 EUR
Exchange Rate……………………………1.310 EUR
The exchange rate may change over time
———————————————————-
Recipients gets 1128 EUR
Wise (formerly TransferWise)
Wise (formerly TransferWise) is the cheapest way to transfer money to Spain from the UK because it offers the mid-market exchange rate (the real FX rates that you see on Google) and charges a small, transparent transaction fee.
Wise is up to 7x times cheaper compared to leading UK banks (such as Barclays, HSBC Standard, and Lloyds) if you send money to the
Cost: 0.41%
Transfer Speed: Few hours
Transfer limits: £1 – £1,000,000
Best for: Best exchange rate
XE
XE Money Transfer is a credible money transfer provider and has been in the business for more than 20 years. With over £115 billion in transfers worldwide every year, it is one of the safest, cheapest and fastest money transfer providers in the market.
XE doesn’t charge fixed transfer fees when sending money to Spain (or anywhere worldwide). However, they add a markup on the actual exchange rate. This means they add a “profit margin” when you convert GBP to EUR and that’s the only way they make money.
Even with zero transfer fees, XE may not always be the cheapest way to send money to Spain due to the markups on the exchange rate. That the total cost to send money to Spain from the UK via XE would be around 0.5%
Another great advantage of using XE is that there is no minimum transfer amount and instant money transfer to Spain from the UK.
XE is also the fastest option to send over 10,000 GBP to Spain.
Cost: 0.5%
Transfer Speed: Few hours
Best for: Transfer speed
CurrencyFair
CurrencyFair is another top-rated and credible international money transfer company to send money to Spain. It is also the first company to launch a peer-to-peer marketplace to exchange currencies.
CurrencyFair has a unique way of functioning where instead of transferring GBP to EUR using a banking system, you exchange the money with another CurrencyFair customer.
The reason CurrencyFair is one of the best ways to send money to Spain is that it lets you negotiate the exchange rate with other users. Therefore, you may end up getting a better rate than the actual exchange rate to transfer money to Spain.
Over 10% of CurrencyFair users end up securing a better exchange than the mid-market rate (the “real” exchange rates that you see on Google). This, means there are chances that this option might be the cheapest way to send money to Spain from the UK.
Cost: 0.45%
Transfer Speed: 1 day
Best for: Negotiating the exchange rates you’d like on a peer-to-peer marketplace
What is the Cheapest Way to Transfer Money to Spain from the UK?
We analysed and compared some top providers to find the cheapest way to transfer money to Spain from the UK. According to our research, Wise (ex TransferWise) was the cheapest provider. Whereas, XE and CurrencyFair were not far behind.
Here is a quick breakdown of the cost to send money to Spain from the UK via all the 3 providers
| Amount | Wise* | XE* | CurrencyFair* |
|---|---|---|---|
| 🇬🇧 £1000 | 🇪🇺 €1,133 🏆 | 🇪🇺 €1,123 | 🇪🇺 €1,128 |
| 🇬🇧 £5000 | 🇪🇺 €5,670 🏆 | 🇪🇺 €5,632 | 🇪🇺 €5,652 |
| 🇬🇧 £10,000 | 🇪🇺 €11,318 | 🇪🇺 €11,270 | 🇪🇺 €11,331 🏆 |
| 🇬🇧 £25,000 | 🇪🇺 €28,346 | 🇪🇺 €28,187 | 🇪🇺 €28,350 🏆 |
1 GBP = 1.14 EUR
In order to find the cheapest way to send money to Spain, you need to consider a few things such as the amount you want to transfer and the payment options.
If you are sending 10,000 GBP or below, Wise (ex TransferWise) is the cheapest option.
However, CurrencyFair is the cheapest way to transfer money to Spain from the UK for the amount above 10,000 GBP.
Please note that the international transfer fees can be much higher if you pick debit or credit as the payment option. In order to keep the transaction cost low, choose the bank transfer as a method to transfer money to Spain.
What is the fastest way to send money to Spain from the UK?
The average time it takes to transfer money from the UK to Spain is 1 business day. XE money transfer and Wise (ex TransferWise) are one of the fastest options that take only a few hours to send money to Spain.
In some cases, different payment methods may affect the transfer delivery time. For example, payment via bank transfer may take only a few hours, but the card transfer can be instant. However, you may end up paying more if you pay by credit or debit card when sending money to Spain from the UK
What Details Do I Need to Transfer Money to Spain?
To make a money transfer to Spain, all you need is the recipient’s bank account details. You must provide this information correctly when sending money to Spain via online banking or money transfer providers.
Here are all the details that you need to provide to send money to Spain
- Beneficiary Account Number (also known as IBAN)
- Beneficiary Name
- Swift Code
- Bank name and address (optional)
Can I transfer money to Spain Online?
Yes, it is possible to transfer money to Spain from the UK online. In fact, most specialist transfer providers operate online via the website or mobile app.
You can register an account with your preferred money transfer services and get verified instantly. You can easily create send and receive money by simply adding the of receipt’s Spanish bank details (also known as IBAN) and selecting your preferred mode of payment.
These providers also offer various features to track your money and monitor foreign exchange rates to help you save more when sending money to Spain.
What are the tax implications when sending money to Spain from the UK?
Disclaimer: MoneyTransferStore does not provide any financial advice or tax-related advice. You should contact a tax advisor for detailed and professional consultation. The information provided on this blog is for the general understanding of the sender.
Tax implications for the sender in the UK
If you are sending money from the UK, there won’t be any tax on the transferring amount to Spain from the UK, although Spanish tax would be a matter for the recipient in Spain.
The amount to send money to Spain is 10,000 euros if the individual can prove that they are not tax domiciled in Spain and are not acting in the capacity of a business person or professional. The idea is that transactions of these types should be carried out via bank transfer or card, so they are traceable.
Before you send money to Spain, we would also recommend consulting with a professional account, tax advisor, or HMRC.
Every case is different, and it can be for personal use or a business translation. It is better to get full information if you want to remain fully compliant with the law and regulations.
How much cash can I carry on to Spain?
If you are planning to carry cash on your trip to Spain, there is a limit that was established in 2010 to prevent money laundering and the financing of terrorism. In some cases, there are also some other limits to cash transactions in Spain.
Law 10/2020, dated 28 April, was established to prevent money laundering and the financing of terrorism.
You can not carry more than 10,000 euros to Spain and you don’t have to declare it to Spanish customs. This is the limit that is set when you are entering or leaving the country.
Send money to Spain today
In this blog, we have covered how to send money to Spain from the UK, including the best and cheapest way to transfer money to Spain.
If you want to save money and avoid high bank fees, we recommend using a money transfer provider like Wise (TransferWise) that offers a cheap and easy way to send money to Spain from the UK.
Wise offers mid-market exchange rate (the real exchange rates that you see on Google and trusted places) and offer a low and transparent transfer fee.
Alternatively, you can also open a multi-currency account with your own Spanish bank account (IBAN) to manage your money. You can send and receive euros without any fees and pay in euros with the Wise debit card.
Read the full Wise review here
Spain Money Transfer FAQs
🇪🇸 How can I send money to a friend in Spain?
Yes, you can send money to a friend in Spain. You can either do it via your bank account or with a specialist money transfer provider.
UK banks charge high bank fees and offer a poor exchange rate by adding a hidden markup on the FX rate. On the other hand, money transfer providers like Wise (ex TransferWise) offers low transfer fees and mid-market exchange rate.
🇪🇸 What is the cheapest way to transfer money to Spain?
Sending money to Spain from the UK via traditional banks is quite expensive. To save money on international transfers, specialist money transfer providers can be the cheapest way to send money to Spain from the UK.
If you are sending an amount below 10,000 GBP, Wise (ex TransferWise) is the cheapest option. Whereas, CurrencyFair is the cheapest way to send money if you are sending an amount above 10,000 GBP.
💸 Can I use PayPal to send money to Spain?
Yes, you can use PayPal to send money to Spain, but we don’t recommend using PayPal because of the high transfer fees and the poor exchange rate offered by PayPal.
The cost to transfer money to Spain via PayPal can be as high as 4% of the truncation amount. On the other hand, specialist money transfer providers can be a much cheaper option to send money abroad.
Money transfer provider like Wise (ex TransferWise) and CurrencyFair offers as low as 0.41% which can be 10x times cheaper than PayPal
🏦 How do I wire money to a bank in Spain?
You can use a traditional bank account or specialist money transfer provider to wire money to a Spanish bank account. You would need the recipient’s Spanish bank details that include
- Account name,
- IBAN (European bank account number),
- SWIFT code.
If you want to send money to Spain via a high-street bank, you may end up losing money on high fixed fees and poor exchange rates. Banks can charge up to 8% of the transaction amount when sending money abroad.
Whereas, using a money transfer provider like Wise can be a cheap way to send money to Spain. Wise offers a mid-market exchange rate and low, transparent fees to send money overseas. It only cost 0.4% to transfer money to Spain from the UK.
🇪🇸 Does Spain accept Revolut?
Yes, you can use your Revolut account in Spain including the Revolut card. Spain is one of the biggest European markets for Revolut. You can send and receive money in euros. With Revolut, you can also have your own IBAN account to manage your money in euros.
As an alternative, Wise (formerly TransferWise) is also a great option to send money to Spain. You can hold euros in your Wise multi-currency account and pay locally with your Wise card.
💰 How much money can you transfer without being reported in Spain?
The amount to send money to Spain is 10,000 euros if the individual can prove that they are not tax domiciled in Spain and are not acting in the capacity of a business person or professional. The idea is that transactions of these types should be carried out via bank transfer or card, so they are traceable.
🤑 Is TransferWise cheaper than bank transfer?
Yes! Wise (formerly TransferWise) is 7x times cheaper than the traditional banks. Wise offers a mid-market exchange rate, unlike banks that add a hidden markup on the exchange rate which makes money conversion more expensive.
Wise also offers low transparent fees to transfer money to Spain (or anywhere in the world). On the other hand, traditional banks charge high fixed fees and in some cases corresponding fees, which makes it quite expensive to send money overseas via high street banks.
