Transferring money to Spain isn’t costly or difficult – and you don’t even need a bank for it. In this article we cover everything you need to know about sending or transferring money in Spain.
Compare rates
International money transfer services have competitive rates and fees, which makes them a better option than banks. Before you make your transfer, it is highly recommended to compare transfer fees and exchange rates of different companies to give you the best deal the easiest way. There are different calculators (like this one) online to help you compare the rates, transfer fees and other details of different services.
Things you need to look for when comparing the services:
- Exchange rates: almost all services ask a profit for the transfer. Compare the rate they offer with the midmarket rates and look for the lowest one.
- Transfer fees: Check if the provider charges a fixed price or a percentage of your transfer. This is especially important if you are sending a large sum of money.
- Delivery and payment options: Find out how you will pay the fees and how the recipient receives the funds you send – is it through a bank account, cash pickup, mobile wallet etc.? Choose the most convenient one in your case.
- Transfer speeds: Some companies offer a quick cash pickup, sometimes in just a few minutes, which is a good option if you’re in a hurry.
- Transfer limits: Providers often offer lower fees for larger transfers. Your best option normally depends on how much you’re planning to send.
How to send or pick up the money
After choosing the right provider you need to create an account with them and give all the necessary information (name, address, contact details, proof of ID, selected payment method). Then you just need to select the amount of money you want to send and complete the transfer. You will be given a transaction reference number, so you can follow the progress of your transfer.
If you need to pick up cash in Spain or anywhere else in the world, there are a few things to keep in mind about safety:
- Call ahead: Check the company’s business hours and choose a good time to pick up your cash – preferably during the day.
- Bring company: It is better to carry money with someone else than alone.
- Deposit the money immediately: Do not go for a beer with a friend before depositing the money. You are more likely to lose it the longer you carry it! Stop immediately at a bank and deposit the cash.
- Keep it hidden: Don’t start counting the money in the public. Put it straight to your wallet and avoid being an easy target for theft.
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