Banking & Finances
Sending money abroad from Spain: how to find the cheapest way
Banks, online transfer services and cash remittance shops compared: what sending money abroad from Spain really costs and how to check before you pay.
Updated: October 2026
Whether you are paying a mortgage back home, supporting family, moving savings for a property purchase or simply paying a bill in another country, sending money out of Spain can cost far more than it needs to. This guide compares the main types of provider in a neutral way, explains where the hidden costs are and shows how to work out the real price of a transfer before you send it.
First question: euros or another currency?
The cost of a transfer depends far more on where the money is going and in which currency than on which bank you use.
Euros to another SEPA country
If you send euros to an account in another country of the Single Euro Payments Area (SEPA), which includes the EU and countries such as Norway, Switzerland and the UK, the transfer works like a domestic one. Under EU rules, a cross-border euro transfer within the EU cannot cost more than the same transfer inside Spain, and many Spanish banks do not charge for online transfers at all.
Two newer EU rules also help:
- Instant transfers at the same price: since 9 January 2025, banks in the euro area cannot charge more for an instant euro transfer than for a standard one. Instant transfers arrive within seconds, every day of the year.
- Verification of payee: since 9 October 2025, your bank must check whether the name you enter matches the IBAN before you send, and warn you if it does not. This helps protect you from scams.
Branch transfers can still carry a fee, so doing it in your app or online banking is usually cheapest.
Other currencies or countries outside SEPA
Sending money to the US, Morocco, Colombia or anywhere in another currency, including pounds to a UK account, is where costs add up. You may pay:
- An upfront fee charged by your provider.
- An exchange-rate margin: the difference between the rate you get and the mid-market rate (the rate you see on financial news sites). This is often the biggest cost and the least visible.
- Intermediary and receiving fees: international SWIFT transfers can pass through correspondent banks that take a cut, and the receiving bank may charge too.
When a bank asks who pays the charges, the usual options are SHA (shared: you pay your bank, the recipient pays theirs), OUR (you pay all charges) and BEN (the recipient pays everything). If the exact amount must arrive, for example a rent or invoice, check which option you choose.
The main types of provider compared
Fees and rates change constantly and depend on the amount and destination, so this table compares how each type of provider usually works rather than quoting prices.
| Provider type | Typical strengths | Things to watch |
|---|---|---|
| Traditional Spanish banks | Familiar, good for euro SEPA transfers, often free online; useful for very large or regulated payments | Non-euro transfers can combine a fee with a wide exchange margin; branch transfers may cost extra |
| Online money transfer services (Wise and similar) | Usually show fee and exchange rate upfront, often close to the mid-market rate; fast for many currencies | Transfer limits and identity checks; compare the total for your amount and route |
| App-based and multi-currency accounts (Revolut and similar) | Hold and exchange several currencies in one app; convenient for regular small transfers | Plan limits, weekend or out-of-hours exchange surcharges and fair-use rules vary by plan |
| Cash remittance shops and services | Recipient can collect cash in many countries, including where bank accounts are less common | Fees and exchange margins can be high, especially for small amounts; always get a receipt |
| Currency brokers | Aimed at large sums such as a house purchase; can offer fixed or forward rates | Check they are authorised and how funds are protected; mainly worth it for large amounts |
No single type is always cheapest. For a small monthly amount to a family member, an online service or app may win. For €200,000 towards a property, a bank or broker quote may beat both. If you have not yet chosen a Spanish bank, see our guides to opening a bank account in Spain and traditional and online banks for expats.
How to compare the real cost
- Decide the exact amount you want to send and the currency the recipient needs.
- Check the current mid-market rate on a neutral financial site.
- Ask each provider for a quote showing the amount the recipient will receive, after all fees.
- Compare that figure, not the advertised fee. A “no fee” offer with a poor exchange rate can be the most expensive option.
- Check delivery time and whether the receiving bank charges for incoming international payments.
For transfers between EU currencies, providers have to show you the currency conversion charge before you confirm, which makes comparing easier.
Safety: check the provider is authorised
Any company that moves money for you in Spain must be authorised as a bank, payment institution or electronic money institution, either by the Banco de España or by another EU supervisor. You can check this in the Banco de España’s register of entities; for firms from other EU countries, the European Banking Authority’s register applies.
- Never send money to someone you have only met online, or because of an urgent call or message claiming to be your bank.
- Take the verification of payee warning seriously; transfers are hard to reverse once sent.
- For property purchases, confirm bank details by phone with your lawyer or notary using a number you already know, not one in an email.
Large amounts, paperwork and tax
Under anti-money-laundering rules, banks and transfer services can ask where large sums come from. Keep documents such as a sale contract, payslips or an inheritance deed to hand to avoid delays.
Sending money abroad is not taxed as such, but the money itself may have tax consequences: gifts can fall under Spanish gift tax depending on the region, and if you are tax resident with accounts abroad you may need to report them on Modelo 720. Carrying cash instead of transferring it is rarely a good idea: amounts of €10,000 or more entering or leaving Spain must be declared to the authorities.
Useful links
- Banco de España: Bank Customer Portal (information and complaints)
- Banco de España: unauthorised entities and how to check a provider (Spanish)
- OCU: instant transfers and verification of payee explained (Spanish)
- How to open a bank account in Spain
- The best banks in Spain for expats
FAQ: sending money abroad
Is it free to send euros from Spain to another EU country?
It costs the same as a domestic euro transfer with your bank, and many banks charge nothing for online transfers. Check your bank’s fee list for branch transfers.
Why did the recipient get less than I expected?
Usually because of the exchange-rate margin, intermediary bank fees or a receiving fee. Choosing OUR charges or a provider that guarantees the received amount avoids surprises.
Can I use Bizum to send money abroad?
Bizum is designed for payments between Spanish bank accounts. For international payments, use a bank transfer or a transfer service.
What if a transfer goes wrong?
Contact your provider immediately. If they do not resolve your complaint, you can escalate it to the Banco de España’s complaints service.
Disclaimer: This article is general information only and is not financial or tax advice. Fees, exchange rates and rules change frequently – always check the current terms with the provider and the official source before you send money.
