How to Send Money in Spain
So, you’re in Spain and you need to send or transfer money? Whether you’re looking to send money domestically or internationally, there are plenty of options. Below are some of the most popular ways to send money in Spain.
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How to Transfer Money Internationally to Spain
There are a few options for transferring money internationally to Spain. I’ll list the various options below, but you should be sure to do your own research when you need to transfer your money, because fees and exchange rates may vary.
To make a long story short, I decided to use Wise (formerly TransferWise) to send money internationally (USD to EUR and EUR to USD). I made this decision, because I found that Wise offered low fees and great exchange rates. Again, you should look into all of your options before making the important financial decision of how to send money internationally to Spain.
If you do decide to use Wise, make sure to open your account with an invite link (here’s mine!) in order to get your first transfer fee free up to 500 euros. Disclaimer: this invite link is an affiliate link, and I may receive a commission at no additional cost to you.
1. Money exchange services
Several banks and other financial companies offer services to transfer money electronically from one currency to another. Among the most popular money exchange services in Spain are Wise and Revolut.
Since I decided early on to use Wise, I have never used Revolut and I can’t speak on how it works. Wise, on the other hand, allows you to transfer money from one bank account to another, including a wide variety of currencies.
2. Wire transfer through your bank
Another way people transfer money internationally in Spain is through bank-to-bank wire transfers. I have no personal experience with this method of transferring money internationally, but I’ve heard that its effectiveness varies between banks. So, you should contact your bank to ask about fees and exchange rates for international wire transfers.
3. Exchange cash in person at a currency exchange office
Exchanging cash in person at a currency exchange office is another option. I have not used this option either, so I really can’t comment on how good of an option it is financially. If you’re interested in exchanging US dollars in person for euros or vice versa, you should look into the fees and exchange rates at the money exchange offices near you.
How to Send Money Within Spain
Unfortunately for expats from the United States, Venmo does not work in Europe. I still use Venmo to send USD to my friends, but it does not work with euros. So, if you want to send euros to other bank accounts in Spain, you’ll need to consider options like the ones I’ve listed below.
1. Bizum
Among my friends and acquaintances, Bizum seems to be the most popular method for sending money domestically in Spain. By connecting Bizum with your Spanish bank account, you can send money to people whose bank accounts are also connected to Bizum.
I’m not certain whether or not Bizum works for all Spanish bank accounts, but it definitely works with N26 (an electronic European bank). Bizum is my personal favorite way to send money domestically in Spain, because, in my experience, it reaches the recipient pretty quickly.
2. Wire transfer
Within Spain (and I think within Europe more broadly) sending money via wire transfer seems to be much easier than in the United States. If you have a European bank account, this option should be available for you.
Though N26, for example, all you need is the full name and IBAN associated with the account you want to send euros to via wire transfer.
Before choosing this option, you should see if your bank charges any fees for sending money to another bank account via wire transfer. Also, please note that wire transfers can often take a few business days to reach the recipient, so if you need to send money quickly, this might not be the best option for you.
3. Paypal
People in Spain also sometimes use PayPal to send money. However, there are often fees associated with PayPal, so this might not be the cheapest option.
I hope you found the above information useful for learning how to send and receive money internationally and domestically in Spain. Hopefully this will provide you foundational knowledge of the ways people transfer money in Spain, buuuuut be sure to do your own research before sending your own money!
