Author, Andrew Gibson
Last Updated on August 14th, 2024
How to transfer money to Spain (in 4 simple steps)
When sending money to Spain from the UK you essentially have two options:
- Use a bank; or
- Use a money transfer company
The process is essentially the same, but the costs can be quite different.
Step 1 – Register as a client
If you’re not already a client, you need to register before you can send money to Spain. It’s required by law.
Registration is an ID check.
If you are a UK citizen, it’s usually quick and easy.
The standard information required is your name, residential address, and passport number.
Step 2 – Send in your Pounds
Before you can send money to Spain, you will need to provide your Pounds to exchange into Euros.
You can do this using a normal domestic bank transfer.
A money transfer company will let you know where to send your Pounds. A bank will require your Pounds to be in your current account.
Step 3 – Lock in a Pound to Euro exchange rate
Once you’re registered, you can secure an exchange rate.
When you transfer money to Spain from the UK, you will need to agree on a Pound to Euro exchange rate.
A money transfer company or bank will quote you their latest GBP/EUR rate.
You will need to confirm and accept the rate before anything will happen.
If you go ahead, the exchange rate is locked in, and you will be emailed a confirmation of your transaction.
Step 4 – Your Pounds are converted to Euros
Your money transfer company or bank will convert your Pounds into Euros at the rate agreed.
Now your money is in Euros, it can be sent directly to a Spanish bank account.
The recipient of the money is sometimes known as the ‘beneficiary’.
This can be you or someone else.
I will explain below the beneficiary/recipient information you need to provide.
Best way to send money to Spain from the UK
There are a number of different ways to transfer money to Spain, some of the most common include:
- International bank transfer
- Credit or debit card payment
- Apple or Google Pay
- Cash pick-up services
An international bank transfer is often the best way for customers making a money transfer to Spain as its highly secure and can be done using a bank or money transfer company. It also gives customers plenty of choice and opportunity to shop around.
Other methods such as debit or credit card payments can be quicker but usually come at a higher overall cost.
How much does it cost to send money to Spain from the UK?
The cost of transferring money to Spain is a combination of fees and exchange rates and depends on the amount you send.
The more you send, the cheaper it will be in percentage terms.
Using your bank might seem like a convenient option, but the costs can be a lot higher.
When you transfer money to Spain from the UK, you could be up to 3%-4% worse off using a bank compared to a money transfer company.
Another factor to consider is that most banks these days aren’t interested in providing you with any sort of service.
As they attempt to slash costs, banks are increasingly forcing customers to do everything themselves online – which can be a source of frustration.
I know from my own experience that bank processes and procedures can break the human spirit of even the most resilient souls.
It’s why a lot of people look to use a money transfer company.
In general, money transfer specialists are cheaper and easier to use. Some will even assist you with your transfer and give you help with exchange rates.
Even with money transfer companies, the costs can vary considerably.
Some places charge fees, some don’t.
And Exchanges are tricky to compare because they change every few seconds, making direct comparisons between providers inherently difficult.
My simple solution is to get a quote.
By knowing what your Pounds are worth, you can budget more effectively.
Another simple bit of advice: if you don’t like paying fees, avoid the banks.
The big banks add extra fees to just about anything. There are transfer fees, recipient fees, tracking fees, and priority payment fees.
Some money transfer companies, such as ourselves, don’t charge any fees when you transfer money to Spain.
With Key Currency, customers can get an exchange rate quote and know the exact amount of Euros they will receive without having to worry about annoying fees.
How long will it take to transfer your money to Spain?
Generally speaking, sending money to Spain from the UK usually takes 2-3 working days. The time can vary due to daily cut-off times and the efficiency of the receiving bank.
The Spanish bank receiving the funds will need to do their internal checks before they clear your money into the account. That’s what takes most of the time.
Some companies may promise quicker times, but that can be misleading.
What they may be referring to is the time taken to exchange and send your money, not the time it takes for your money to clear into the Spanish bank account.
What bank details will you need to transfer money to a Spanish bank account?
You will need the IBAN of the account in Spain if you wish to send the money.
An IBAN is short for International Bank Account Number.
It’s a code used to ensure your money gets to the right country, the right bank, and the right account.
In Spain, an IBAN is 24 characters long and consists of numbers and letters.
- 2-letter country code (“ES”)
- 2-digit check number
- 4-digit bank identifier
- 4-digit branch identifier
- 2-digit national code
- 10-digit bank account number
You can usually get this information by logging into the account or from a bank statement. Some money transfer companies will also help you put this together.
Best money transfer service options
You may have noticed there are a tonne of different money transfer companies in the market.
It can be bewildering for a customer to know who to choose and why.
When you dig a bit deeper, you will find most money transfer companies are just online platforms or apps.
Some people like apps; others don’t.
From my experience, the apps tend to be popular with younger people and those doing lots of small transactions (such as online merchants).
However, those sending larger amounts often want the ability to speak to someone for reassurance, to help set up their payment, and to get some guidance on exchange rates.
These things matter when you are sending life-changing sums of money.
You don’t want to be tapping all the buttons and then using a web chat if there are any issues.
Some money transfer specialists, such as ourselves, will provide a personal service alongside highly competitive rates.
As you’ve probably seen, exchange rates change every 2-3 seconds throughout the day.
Even small movements in the GBP/EUR exchange rate can make a big difference in the cost of transferring money to Spain.
However, most people don’t have the time to watch the rate all day.
And even if they did, they may not know whether it’s a good time to lock in a rate.
Our team are watching the screens throughout the day as part of their job and is more familiar with the news and events that drive fluctuations in exchange rates.
We can monitor the fluctuations and trends in the GBP/EUR rate and let you know when the market moves in your favour.
That way, you can save time and money.
How safe is it to transfer money to Spain?
I’ve sent money abroad before, so I know it’s an important question for people.
Fortunately, there are some key regulatory protections in place.
If a money transfer company is Authorised and Regulated by the Financial Conduct Authority (FCA), it must adhere to strict rules on how it handles customer money.
The most important of these rules is the segregation of client money.
It means your money will be held in separate, safeguarded bank accounts that are designated only for client funds. It gives customers peace of mind.
You can check to see if a company is Authorised by searching for their name in the FCA Register.
Quick Summary
- To transfer money to Spain you can use either your bank or a money transfer company.
- A money transfer to Spain will usually take 2-3 working days.
- When transferring money to Spain you will be required to provide the IBAN of the recipient.
- Make sure the company you choose for a money transfer to Spain is FCA-regulated.
- Banks can charge up to 3-4% more for sending money to Spain compared to a money transfer company.
Key Currency is an independent money transfer specialist. Our rates are highly competitive, and we don’t charge any fees. What’s more, we provide all our customers with a personalised service. Key Currency is an FCA-regulated Authorised Payment Institution. Our Financial Services Register number is 753989. As such, when you send money to Spain, your transfer will be conducted directly through safeguarded client accounts. While most money transfer companies hide behind a logo or app, we are completely transparent. All the names, faces, and backgrounds of our people are shown on our website. We also have a 5-star customer rating on Trustpilot, which is the result of over 2,500 verified customer reviews. If you would like to transfer money to Spain or find out more about our service, request a free quote below. Alternatively, if you’re looking for information regarding money transfers to the UK from Spain, click through to that guidance!Who are we?
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