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Summary on Transfers to Spain

Choosing the right transfer method is crucial when sending money to Spain from the UK, whether for property, supporting family, or managing expenses. High fees and poor exchange rates can quickly eat into your funds.

Our guide helps you navigate these options to ensure your money transfer is as cost-effective as possible. Options range from traditional banks to digital platforms and currency brokerages, each with different benefits in terms of fees, speed, and convenience.

The right choice depends on your specific needs, whether you prioritise lower costs, faster transfers, or convenience. By selecting wisely, you can maximise the amount that arrives in Spain, making every pound count.

Send Money to Spain

What Are Money Transfers to Spain?

International money transfers are transactions where you send money from one country to another, often involving currency exchange. 

The transfers can be facilitated through banks or specialised providers, using various methods like online platforms, over the phone, or in person. 

When selecting a money transfer service to Spain, it’s essential to understand why you’re making your transfer, the frequency of your transfers, the volume of your transfers, and the requirements of your recipient.

You should always check whether your provider is regulated by financial authorities to ensure they are secure and authentic.

The Process of Transferring Money to Spain

The process typically starts with you, the sender, choosing a bank or a transfer service provider. Then, you provide the recipient’s details and the amount to be sent. 

The provider then moves the funds, often through intermediary banks, to the recipient’s account in the target country, converting the money into the local currency at the prevailing exchange rate. 

Transfer times can vary based on the method chosen and the countries involved.

Your Options At a Glance…

Consider my brief table before deciding how you transfer your money to Spain:

Transfer OptionsSpeed (GBP – EUR)Rates + Fees (GBR – EUR)Security (GBP – EUR)
Bank Transfers3-5 business days3-5% margin above mid-market. Fees varyRegulated. Uses Secure Keys. Fraud Detection Systems.
Currency Brokerages1-2 business days0.5-1% margin above mid-market. Usually no feesRegulated. Uses encrypted websites. Customer Verification.
Digital Transfer PlatformsInstant0.5-1% margin above mid-market. Fees varyRegulated. SSL (Secure Socket Layer) Certified. Biometric Security. 
PayPalInstant3-4% margin above mid-market. Fees varyRegulated. End-to-end encryption. Information stored in secure vault.
Cash Pickup Services1-3 business days0.5-2% margin above mid-market. Fees varyRegulated. Multiple layers of identification confirmation. Real-time transaction monitoring.

What Are Your Options for Sending Money to Spain?

Your options for sending money to Spain vary widely, encompassing everything from currency brokerages to traditional bank transfers and cash pickup services, each with unique advantages. 

Below, I’ve categorised these methods to help you understand your options better, focusing on crucial aspects like speed, cost, and convenience. 

This section aims to help you understand your options so that you can make an informed decision based on your needs.

Bank Transfers

When sending money from the UK to Spain, using a bank offers convenience, some of the best security, and potential savings. Banks let you handle all your financial needs in one place and often have accounts that can hold different currencies, which saves on fees. Plus, if you’ve been with a bank for a while, you might get better rates and lower charges than with other services.

Integrated Financial Services

If you’re considering transferring money from the UK to Spain, leveraging your bank’s full range of services can significantly enhance your experience. Banks like Santander facilitate international transfers and offer various services, including savings, investments, and loans. 

This means you can manage all your financial needs under one roof, granting you a level of convenience unmatched by dedicated money transfer services such as Wise or PayPal.

Multi-currency Accounts and Services

Lastly, the advantage of multi-currency accounts offered by banks such as HSBC should be considered. These accounts allow you to manage, hold, and transfer funds in multiple currencies, ideal for anyone dealing regularly between the UK and Spain. You sidestep conversion fees and rate losses by enabling direct transfers in euros, simplifying your financial management across currencies. 

This direct management is something that independent services, such as Wise, attempt to mimic with their multi-currency accounts but without the added benefit of being tied into a full-service banking relationship.

Enhanced Security and Trust

Thanks to stringent regulations alongside an abundance of built-in security measures, your funds and personal information are well-protected with banks such as Lloyds. This level of security includes fraud detection, encryption, and protection schemes like the Financial Services Compensation Scheme in the UK. 

This established trust and embedded security cannot be overstated and offers you peace of mind, a crucial factor if you’re cautious about newer, less-regulated transfer options.

Relationship Benefits

For those of you with a longstanding relationship with your bank, there are tangible benefits to international transfers. You might find yourself eligible for preferential rates and lower fees, a reward for your loyalty that many independent transfer services simply can’t match. 

Whether you’re a premium account holder or have just been with the bank for years, these perks can make bank transfers more economical than independent money transfer services like MoneyGram.

Currency Brokerages

Using a currency brokerage for transferring money can lead to bigger savings and more flexibility compared to banks. They offer better exchange rates, meaning you get more euros for your pounds, especially on large transfers where they usually enact a no-fee policy. You also get tailored advice and a range of options, like locking in rates for future transfers, which can protect you from market changes.

Better Exchange Rates

Unlike banks or standard money transfer services, currency brokerages like TorFX are masters of foreign exchange, consistently offering rates closer to the interbank rate. This means you could receive more euros for every pound you send. Especially for substantial transfers, securing a slightly better exchange rate can translate into considerable savings.

In essence, this could mean saving hundreds to thousands of pounds for significant transactions compared to using a bank or a generic online platform, where the rates may include a wider spread.

Flexible Transfer Options

Currency brokerages offer a range of transfer options to match your varied needs, including spot contracts, forward contracts, and market orders. If timing isn’t urgent, you might opt for a forward contract with services like OFX, allowing you to lock in an advantageous exchange rate for a future transfer, thus safeguarding against market volatility. 

This strategic flexibility is a marked advantage over other platforms that may limit you to immediate transactions only.

Personalised Service and Expertise

The personalised service is one of the standout features of currency brokerages such as Currencies Direct. You’re often assigned a dedicated account manager who understands your needs and can advise on the best transfer timing, leveraging favourable exchange rate fluctuations. 

You’re less likely to find this personalised touch with larger banks or online-only platforms such as Wise, and it can significantly enhance your transfer strategy.

Low or No Fees

It’s common for currency brokerages to offer lower fees than traditional banks, with some even eliminating fees on larger transfers. Brokerages like CurrencyFair are dedicated to minimising these costs, making them an attractive option for those making regular or significant transfers. 

This approach differs from banks and other transfer providers, where fees can eat into the value of your transfer or be hidden in less competitive exchange rates.

Digital Transfer Platforms

Digital transfer platforms are easy to use and provide clear costs and quick transfers for sending money to Spain. You see all fees upfront, which helps avoid surprises. These platforms can send money fast, sometimes in hours, and let you manage everything online, making them handy for urgent or routine payments.

Transparent Pricing Structure

Although digital transfer platforms like Wise may add a markup above the mid-market rate for transactions, they excel in providing a transparent pricing structure. This means you’re informed about all the fees upfront, allowing for a clear comparison and understanding of the total cost of your transaction. 

This transparency contrasts with some traditional banks and other services where additional fees might need to be more clearly disclosed.

Speed of Transfer

Digital platforms such as Revolut are known for their quick processing times. Unlike traditional banking transactions that take several days, digital platforms can significantly reduce this time, often completing transfers within hours.

This fast turnaround is invaluable for urgent transactions, ensuring your money reaches its Spanish destination promptly.

Ease of Use and Accessibility 

The convenience offered by digital transfer platforms is unparalleled. With services like TransferGo, you can initiate and manage transactions from your mobile device or computer anytime and anywhere.

This ease of access eliminates the need for physical bank visits and simplifies the process of sending money internationally, making digital platforms a preferred choice for many.

Innovative Financial Tools

Digital platforms continuously innovate, offering features that enhance user experience. Wise, for example, provides a multi-currency account that lets you hold and manage money in multiple currencies, including GBP and EUR, facilitating more accessible and potentially more cost-effective transactions.

Additionally, real-time tracking and rate alerts offer control and flexibility not typically available through traditional banking channels.


PayPal is a common choice for sending money to Spain due to its widespread use and ease of use, whether for shopping online or moving money into bank accounts. It’s also one of the safest options, thanks to strong security measures like encryption and fraud protection, so you can send money without worry. Plus, whether you’re adding money from your bank or using a card, your friends or family can easily access the cash or keep it in PayPal for future use.

Widespread Acceptance

One of PayPal’s standout features is its global recognition and acceptance. This makes it incredibly convenient for your recipients in Spain, who can effortlessly use their PayPal funds for online shopping or transfer them to their bank accounts.

The platform’s seamless integration with countless e-commerce sites and services ensures that the funds you send are not just received but are also readily usable.

Robust Security Measures

Your transaction’s security is paramount, and PayPal delivers with protective, solid measures. These include comprehensive encryption, advanced fraud detection, and buyer and seller protection policies.

These features provide security and peace of mind that is crucial when sending money across borders, setting PayPal apart from many other services.

User-Friendly Experience

PayPal’s platform is designed with simplicity and ease of use. Whether setting up an account, linking your bank accounts or cards, or initiating a transfer, the process is straightforward.

This ease of use eliminates the hassle often associated with international money transfers, making PayPal an accessible choice for everyone, regardless of their familiarity with digital finance.

Flexible Funding and Withdrawal

PayPal offers unmatched flexibility in how you fund your transfers and how recipients can access their money. With options to use bank accounts, debit cards, credit cards, or PayPal balances for funding and the ability to keep funds in a PayPal account, transfer to a bank, or use a PayPal debit card, you’re afforded convenience and choice not often matched by other transfer methods.

Cash Pickup Services

Choosing Cash Pickup options for sending money to Spain means your recipient gets the cash fast, often within minutes, perfect for urgent needs. It’s a great solution for those without bank accounts or who prefer a simple, direct way to receive money with a wide network of collection points across Spain, from cities to rural areas, making picking up cash convenient.

Get Funds in Hand Quickly

With services like Western Union, the standout advantage is how swiftly your recipient can access the cash. Unlike waiting for bank transfers to process or digital platforms that require online access, Cash Pickup means the money is available for collection in mere minutes after you’ve sent it. This immediate availability is invaluable, especially in urgent situations.

Ideal for Recipients Lacking Bank Accounts

Cash Pickup shines for recipients who don’t have bank accounts or prefer not to use them for transactions. In parts of Spain where banking services might be sparse or for individuals hesitant to navigate digital financial services, Cash Pickup offers a straightforward, accessible alternative. Your loved ones can simply walk into a local branch or agent location and collect the funds you’ve sent.

Extensive Network for Easy Collection

The breadth of Cash Pickup locations across Spain ensures that no matter where your recipient is, there’s likely a convenient place to collect the money. From bustling city centres in Madrid and Barcelona to the quiet countryside, the widespread availability of Cash Pickup Services starkly contrasts the limitations you might encounter with banks or digital services.

Simplicity in Every Transaction

Sending money through services such as MoneyGram via Cash Pickup couldn’t be simpler. Whether you do it in person, online, or by phone, all you need is the recipient’s name and the desired pickup location. Your recipient then shows their ID to collect the money.

This process sidesteps the complexities of bank account details, making it a user-friendly option for everyone involved.

Choosing the Right Money Transfer Service to Spain for You

Choosing the right money transfer option for your needs is vital, as you can lose money if you make the wrong decision. Here is my evaluation of the most important factors you should consider in your decision-making process based on my experience in international transfers:

  • Security and Reliability: The safety of your money is possibly the most essential aspect of the decision-making process. If you send money through an unregulated site with a lack of security, you could lose all of your money. Aim to use services that are regulated by financial authorities and have a good reputation for protecting their customers’ funds.
  • Transfer Fees and Exchange Rates: Pay close attention to the fees charged and the exchange rate offered by the service. These can significantly impact how much the recipient gets. Look for services that are transparent about their fees and offer competitive rates. Comparing the total cost (fees plus exchange rate) for the amount you wish to send across different services can help you find the best deal.
  • Transfer Speed: If you need to send money quickly, check the transfer speed offered by the service. While some services provide instant or same-day transfers, others may take a few days. Faster transfers may come at a higher cost, so balance your need for speed against the fees involved.
  • Payment and Delivery Options: Consider which methods are available for funding the transfer and how the recipient can receive the money. Options include bank transfers, credit/debit card payments, cash pickups, and mobile wallets. Choose the most convenient and cost-effective methods for both you and the recipient.
  • Transfer Limits: Be aware of any minimum or maximum limits on the amount you can send. Ensure the service can accommodate your transfer amount without imposing excessive fees.
  • Customer Support: In case of any issues, having access to responsive customer support is important. It could be helpful to opt for services that offer 24/7 support through various channels, such as phone, email, or live chat, which is generally the most reliable. Checking user reviews and ratings can give you insight into the experiences of others and equip you. 
  • Ease of Use: A straightforward transfer process can save you time and hassle. Look for services that offer an intuitive online or mobile platform, making it easy to set up an account and complete transactions.
  • Transfer Frequency: For frequent transfers, look for services offering discounts, fee waivers, subscription packages with better rates, and automated plans for recurring payments. Such options can significantly reduce costs and provide convenience in the long run, with additional features like rate alerts and multi-currency tracking designed to support regular transactions and save you more money over time.
  • Recipient’s Preference: You may also wish to consider the most convenient way for the recipient to receive the money, including their preferred payment method. It’s a good idea to discuss the options with the recipient before making a decision.


When choosing a service to send money to Spain, focus on security, cost-efficiency, speed, and convenience. Opt for regulated services known for safeguarding funds to ensure your money’s safety. Compare fees, exchange rates, and transfer speeds to find a balance that meets your needs and maximises the recipient’s benefit.

Consider both your preferences and those of your recipient for payment and delivery methods, aiming for the most practical and cost-effective solution. This approach will help you select a service that offers the best value and convenience for your specific situation.

Is the Pound to Euro a Strong Trade?

For most people, who will be sending small remittances, the specific exchange rate will not affect their decision of when to send money abroad due to the lack of benefit from saving a few pennies. For those of you sending larger amounts, timing your transfer correctly could save you enormous amounts of money.

For example, there was a case brought to us recently where a company was sending roughly £140 million annually to different countries across the globe and, due to the guidance of a currency brokerage’s experts, they were able to save more than £2 million in that year alone.

Statistics for the Current Pound to Euro Exchange Rate

The currency used in the United Kingdom is the GBP (Great British Pound), and the currency used in Spain is the EUR (Euro). As of the time of writing this article, the Pound-to-Euro conversion is above its average rate of 1.15 from recent history, making this an excellent time to exchange your Pounds for Euros. 

From early January to late February 2024, the rate increased from about 1.1586 EUR to 1.1712 EUR​​​​. As of early March 2024, it slightly adjusted to 1.1669 EUR​​, indicating a period of relative stability. This stability, however, is subject to change based on future economic conditions and geopolitical events.


Think of it this way: the higher the conversion rate between the Pound and Euro, the more Euros you get for every Pound you exchange, giving you more money to spend on your ventures in Spain. 

On the other hand, the lower this conversion rate becomes, the less value you get out of your money. You should always look out for this when considering to send your money abroad.

Pre-Transfer Considerations for Sending Money to Spain

When transferring money from the UK to Spain, navigating the process with a clear understanding of what to expect and how to prepare is crucial. Here’s a streamlined guide, drawing from personal experience, to help you manage your international money transfer efficiently:

  • Comply with KYC: Ensure you’re ready to meet the Know Your Customer (KYC) requirements, which may include providing identification and proof of address. This is essential for compliance and avoiding delays.
  • Understand Tax Requirements: Be aware of any tax implications for sending large sums. Both the UK and Spain might require you to report significant transactions. Consulting a tax professional is advisable to navigate these obligations.
  • Be Mindful of Legal Limits: Familiarize yourself with any legal limits on international money transfers to avoid unintentional legal issues. Large transactions often need to be declared to financial authorities.

Before Initiating a Transfer

  • Select a Regulated Provider: Choose a service regulated by entities like the UK’s Financial Conduct Authority (FCA) for security and regulatory compliance.
  • Assess Costs: Understand the total cost, including fees and exchange rates. Comparing different providers can help you find the most economical option.
  • Check Transfer Speed: Consider how quickly you need the funds to arrive. Digital platforms may offer faster transfer times than traditional banks.

Minimum and Maximum Transfer Limits

  • Know Service Limits: Each service has its minimum and maximum transfer limits. Ensure the service you choose accommodates the amount you intend to send.
  • Prepare for Compliance Checks on Large Transfers: Larger amounts may trigger additional compliance checks and potentially higher fees. Knowing these limits can help you plan your transfer strategy effectively.
  • Negotiate for Better Rates: Some services may offer better rates or reduced fees for significant sums. Don’t hesitate to inquire about any negotiable terms.


Before sending money from the UK to Spain, it’s important to be prepared and know what to expect. Make sure to comply with Know Your Customer (KYC) requirements to avoid delays and understand the legal/tax implications of large transfers.

It’s also vital to fully understand all aspects of the provider you are using and ensure they provide the best services for your transfer needs (size, frequency etc.). Consider consulting a professional if you need guidance.

Following these steps will help ensure a smooth process when you transfer your funds.

Potential Risks When Transferring Money and How to Avoid Them

There will always be risks when transferring your money through any service or provider, but there are things you can do to decrease these risks further:

Avoid Common Pitfalls

  • Ignoring Customer Reviews and Feedback: Past user experiences offer valuable insights. Before settling on a service, read reviews to gauge reliability and customer satisfaction. Negative patterns in feedback could be a red flag.
  • Overlooking Transfer Speeds: Timing matters. Assess how quickly your funds will reach Spain. For urgent transfers, prioritising speed could be more important than finding the lowest fee.
  • Not Considering Currency Fluctuations: Exchange rates can fluctuate rapidly. Failing to account for this can affect the amount your recipient gets. Some services offer tools like rate alerts or the option to lock in rates, which can help manage this volatility.

Secure Your Transaction

  • Guard Against Fraud: Stay vigilant. Be wary of unsolicited emails or calls asking for your banking details. Always verify through official channels if you’re unsure.
  • Protect Your Data: Use strong passwords and enable two-factor authentication (2FA) for online transfer services. Choose platforms known for robust security measures to keep your personal and financial information safe.
  • Double-Check Recipient Details: A simple typo can send your money astray. Always double-check the recipient’s information before confirming the transfer.

Extra Tips for Smooth Transfers

  • Keep Records: Document everything. Keep receipts, transaction numbers, and any communications. This is invaluable if you need to trace a transfer or resolve issues.
  • Understand Legal/Tax Implications: Be informed about legal or tax responsibilities, especially for large amounts. A little research or advice from a tax professional can prevent future headaches.
  • Stay Updated: The world of online finance is constantly evolving. Keeping abreast of the latest security practices and threats can help you safeguard your transactions.

By being thorough, choosing wisely, and staying informed, you can confidently navigate the complexities of international money transfers. Remember, the key to a successful transfer lies in preparation and vigilance.


What documentation is required for large money transfers from the UK to Spain?

Can I schedule regular transfers from the UK to Spain, and how?

What impacts the GBP to EUR exchange rate, and how can I track it?

Can I send money from the UK to Spain for business purposes, and are there any special considerations?

What is the role of the Financial Conduct Authority (FCA) in regulating money transfers from the UK to Spain?

How do currency conversion and transfer fees compare across different services?

What security measures should I look for in a money transfer service?