Send money internationally to Spain (EUR) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Spain
What is the best EUR exchange rate today?
How much does it cost to send money to Spain?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
A few figures about demographics and remittances in Spain
Do you know how many 'Spaniards' are abroad? More than 1 million of Spanish people actually live outside Spain, of which around 700,000 are in Europe (many in France), around 230,000 in South America (a lot in Argentina), and 100,000 in the United States of America.
How many foreigners are in Spain? 6,4 millions of foreigners live in Spain of which 800,000 come from Romania, around 750,000 from Morocco, around 450,000 from Ecuador, around 400,000 from UK, around 360,000 from Colombia, around 270,000 from Argentina.
Based on these figures it is not surprising that remittances to Spain represent a big market. The country received more than $10 billion in 2015 (according to the World Bank's report).
What solutions exist to send money to Spain?
From the European Union: Within the European Union it is now easy to move money across countries as the currency does not need to be converted. Moreover with the use of the IBAN a single system applied for all payments in the European Union.
The thing you have to look at is the fix fee charged by your bank or an operator. Don,t underestimate those fees as some solutions can charge you a lot! This is typically a common error made: as no exchange rate applies in the transaction people generally don,t even look at the transaction fee because they think the transaction will cost nothing.
From outside the European Union: There are no international conventions, so each bank is free to apply their own charges. Many options are possible to transfer money between the European Union and other countries in Europe such as Switzerland, the United Kingdom, Sweden, Finland, Poland and others. The European expatriates are numerous so that money transfers within Europe represent a big market.
From outside Europe: In that case be attentive to the solutions you will use because Euro is one of the currency which is the most traded in the world and there are big discrepancies between the rates offered by money transfer operators. First avoid your bank - except if you have a bank account in Spain with a branch of your home bank which can offer you a good rate. The banks charge big fees on international money transfer. Then compare your options among the various online providers and foreign exchange brokers that operate on the market.