Moving or living abroad often means dealing with one big question: how do you transfer money between countries safely and affordably? Whether you’re sending funds to family, paying bills in your home country, or managing savings across borders, knowing your options can save you time and money.

1. Bank transfers

Traditional bank transfers are one of the most common ways to move money internationally. In Spain, most major banks like Santander, BBVA, and CaixaBank offer international transfer services through the SWIFT network.

However, keep in mind:

• Fees can range from 10€ to 50€ per transfer. You may also get charged an additional fee from an intermediate bank.

• Exchange rates often include hidden markups.

• Transfer times can take two to five business days.

If you’re transferring euros within the European Economic Area (EEA), check for the option of using the Single Euro Payments Area (SEPA)—they’re usually faster, cheaper, and processed like domestic payments.

2. Online money transfer services

Digital platforms have revolutionized how expats move money across borders. Services like Wise (formerly TransferWise), Revolut, Remitly, and PayPal offer lower fees and better exchange rates compared to traditional banks.

Pros:

• Transparent fees and mid-market exchange rates.

• Transfers often arrive within hours.

• Easy to send money via app or website.

  
  

Cons:

• Some services limit the amount you can send.

• You may need to verify your identity for large transfers.

  
  

3. Using fintech apps and multicurrency accounts

If you frequently transfer money between Spain and another country, a multicurrency account might make sense. Apps like Wise, Revolut, and N26 let you hold balances in multiple currencies (like EUR, GBP, and USD) and transfer between them instantly.

You’ll also get local bank details in different countries, which can help if you earn income or pay expenses in more than one currency.

4. Remittance services

If you’re sending money to family abroad, remittance services like Western Union, MoneyGram, or WorldRemit could be a convenient option.

They allow recipients to collect cash in local currency, even if they don’t have a bank account.

5. Things to consider before transferring

Before you send money internationally, check the following:

• Exchange rate: Always compare rates using Google or an FX site before confirming.

• Transfer fees: Flat fees can add up, especially for small amounts.

• Delivery time: Some transfers take minutes, others days.

• Destination country rules: Some countries limit how much foreign currency can be received.

  
  

6. Tax and reporting considerations

If you’re an expat in Spain, remember that large international transfers may need to be reported to Spanish tax authorities under Modelo 720 or anti-money laundering regulations. Always consult a financial advisor if you’re moving significant sums.

7. Which option is best?

It all depends on your needs and how comfortable you are with the service provider.

Generally, fintech services like Wise or Revolut tend to be the most cost-effective; however, you may consider bank transfers for larger sums, as they could offer more security despite higher costs. For family remittances, money transfer operators remain popular due to accessibility.

By comparing options and understanding fees, expats in Spain can find the best method that fits their needs.