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Top 3 Money Transfer Providers for Spain to UK

Provider Amount Received Fee Exchange Rate Speed
OFX (UK) OFX (UK) GBP £8,596.83 No Fee 0.8597 1-3 days more...
Moneycorp Moneycorp GBP £8,478.74 No Fee 0.8479 1-3 days more...
TorFX TorFX GBP £8,618.54 No Fee 0.8619 1-3 days more...
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SPAIN
Being a member of the single currency eurozone, Spain does not employ currency controls and has completely deregulated all individual and business transactions between residents and non-residents Read More
UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
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Send money from Spain to UK

Top 8 Money Transfer Providers

Latest prices for transferring money from Spain to UK
Exchange Rates as of 7 May 2021, 00:05

OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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Amount Received
GBP £8,596.83
EUR €186.53
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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Amount Received
GBP £8,478.74
EUR €50.53
saved vs. banks

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

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FXcompared Rating
Amount Received
GBP £8,618.54
EUR €211.53
saved vs. banks

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Amount Received
GBP £8,604.65
EUR €195.53
saved vs. banks

Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

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Amount Received
GBP £8,618.54
EUR €211.53
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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Amount Received
GBP £8,605.52
EUR €196.53
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Amount Received
GBP £8,596.83
EUR €186.53
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
Amount Received
GBP £8,605.52
EUR €196.53
saved vs. banks

How to Transfer Money from Spain to UK

What is in this guide

Spain to UK Guide

Summary

As member states of the OECD and NATO, and formerly of the EU, the UK and Spain have long-standing bilateral trade relations, particularly in the commercial, development and security sectors. Additionally, both countries are popular tourist destinations, with millions of tourists flowing between the two each year. Although for most of their recent history, trade relations between the two have been relatively stable, there is a degree of uncertainty regarding this as a result of Brexit. For this reason, cross-border currency flows could be subject to significant changes in the coming months and years.

EUR and GBP

Given how deeply linked the two countries are, for both economic and social reasons, there are high volumes of cross-border money transfers between Spain and the UK. As a member of the Eurozone, the official currency of Spain is the euro, following its adoption of the currency in 2002. Although it was a member of the European Union at the time, the UK opted not to adopt the EUR as its official currency, which made it an outlier among the largest EU member states.

Economic, trading and political relations

As members of the EU, the trading relationship between Spain and the UK ran incredibly deep and covered a number of different sectors, including textiles, various types of FMCGs, and financial services. Although this is due to change with Brexit, it is expected that we will continue to see significant trading relationships between the two countries regardless of what sort of trading relationship is eventually settled.

Beyond the economic dimensions of their relationship, Spain and the UK have deep cultural and social links. Both countries are incredibly popular tourist destinations, with millions of citizens crossing the border each year. Spain, in particular, is a popular destination for British holidaymakers, and is also home to hundreds of thousands of retirees who have settled there. For this reason, cross-border money transfers between the two countries experience an incredibly high volume.

Bank accounts and credit cards

Both the UK and Spain have incredibly advanced banking in place, with both countries being global leaders in the financial services space. Given the number of citizens living and working in each other’s countries, there are a number of UK banks that operate local branches in Spain and offer retail banking services. This is also true of certain Spanish banks, though they are more likely to be found in and around the London area. Popular UK banks with branches in Spain include Santander and HSBC. There are not typically too many immediate obstacles to cross-border money transfers between the countries.

Did you know?

Before it adopted the euro as its official currency in 2002, the former official currency of Spain was the ‘peseta’. The peseta had been in use since the mid-1700s and was also the de-facto official currency used in Andorra.

Visas and immigration

In 2019, about 188,000 Spanish-born people were living in the UK, while as of 2020, around 366,000 British nationals held residency documents in Spain. Spain is also an incredibly popular destination for British tourists.

While prior to Brexit, Spanish and British citizens were free to move to either country at will, there are now restrictions in place that require anyone looking to relocate to apply for a visa.

In Spain, UK citizens are now subject to the same requirements as other non-EU citizens, such as those from the US or Canada. Those planning to move to Spain must first apply for an appropriate visa, after which they may apply for additional residency documents.

Meanwhile, in the UK, Spanish citizens must apply for a visa under the UK's new points-based immigration system, which prioritised skilled workers and those in shortage occupations.


Banking and money

The UK’s banking system is advanced and sophisticated, just like the banking system in Spain. You may find branches of Spanish banks in urban areas, such as the British branch of BBVA. If you already have a linked account with a transnational bank, you will not have to open a new account in the UK. In order to open the account, you will be required to provide proof of a local address, as well as proof of income and or employment in the UK.

Having a bank account during your stay in the UK will help to facilitate direct-to-bank currency exchange transactions between Spain and the UK.

Taxation

The tax year in the UK spans the period between 6 April and 5 April of the following year. By contrast, like many other countries, Spain’s tax year is from 1 January to 31 December.

The UK tax system is quite complex and may require expert assistance, particularly for those with substantial earnings. If a Spanish national resides in the UK for 183 days or more during a 12-month period, they will be required to pay taxes on any income earned while in the UK, whether from profits, salaries, pensions or royalties earned worldwide. Those who reside in the UK for less than 183 days during a 12-month period will only face taxation on income earned within the borders of the UK.

There may be changes to make the system more complex now that the UK has left the EU.

Trade and investment in the UK

Spain is a primary exporter of lettuce, iron blocks, citrus and other fruits, prepared pigments, sea vessels, pure olive oil, melons, pitted fruits and cabbages. Its top five exports are motor vehicle parts, cars, packaged medication, delivery trucks and refined petroleum. The UK receives approximately 7% of Spain’s exports.

The UK is Spain’s ninth-largest trading partner at the moment, but with trade falling due to Brexit, this could be impacted over the next few years.

Studying in the UK

The UK is a popular destination for tertiary studies. Spanish nationals, as members of the EU, previously did not need a student visa to study at a university in the UK. However, following Brexit, Spanish nationals will now need to apply for a Student visa once they have been offered a place on a course, and may face higher fees than British students.

The cost of living is also high relative to that in Spain, and there are restrictions on what work students are able to undertake outside of their studies.

Travelling with a pet

Following Brexit, transporting pet dogs, cats and ferrets between the UK and Spain is permitted with a valid EU-issued pet passport and proof of microchipping and vaccinations. UK-issued pet passports will not be permitted.

Similar documentation is required for other animals. Check the Travel Abroad section of the UK government website for more information.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from Spain to UK. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.