Top 3 Money Transfer Providers for UK to Spain

Provider Amount Received Fee Exchange Rate Speed
Currencies Direct Currencies Direct EUR €11,193.19 No Fee 1.1193 1-3 days more...
TorFX TorFX EUR €11,193.19 No Fee 1.1193 1-3 days more...
Moneycorp Moneycorp EUR €11,010.95 No Fee 1.1011 1-3 days more...
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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
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
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Spain Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.


  • Summary
  • Spain money transfer regulations
  • Currency union
  • Monetary policy
  • Buying property in Spain
  • Independent Andorra
  • Currency
  • Spain to Individual Country Guides
  • Summary

    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. The single European currency, the euro (EUR), is the second most traded currency globally after the US dollar. Sending money to Spain or transferring money from Spain is not restricted.

    Spain money transfer regulations

    In some cases, Spanish residents who obtain foreign loans must file a report of this transaction if it exceeds EUR3m. Foreign direct investment (FDI) in Spain does not require prior government approval or official reporting, unless it originates from a tax haven or exceeds EUR3m. In an effort to combat money laundering and terrorism financing, the EU requires individuals transferring amounts over EUR10,000 in or out of the zone to declare it to the European authorities. Any transfers within Spain have a limit of EUR100,000 before they must be declared.

    Currency union

    Sending money to Spain from within Europe has been vastly simplified in the last two decades. The introduction of the single currency in 1999 has made the transfer of money between the 18 member countries cheap and fast as the zone has created a single payments system. This single payment system extends to Iceland, Liechtenstein and Norway, despite their retaining independent currencies.

    The value of the euro faltered with the 2008 global financial crisis and the resulting economic downturn in the eurozone, which affected countries such as Greece, Italy and Spain more heavily than the anchor economies, France and Germany. Nonetheless, the euro is one of the world’s most successful currency unions, and it serves as the peg for two common currencies in francophone Africa – the Central African CFA franc (XAF) and the West African CFA franc (XOF).

    The impact of Brexit has only affected the value of the euro against the pound, and currently it is worth more than the pound before the Brexit referendum.

    The euro is the second most traded currency in the world and each trades an equivalent of $800m.

    Monetary policy

    The creation of the monetary union resulted in the adoption of a single monetary policy set by the European Central Bank (ECB). Spain’s central bank, the Banco de España, ensures the stability of the country’s financial sector and oversees payment systems.

    Buying property in Spain

    Despite the country’s popularity as a holiday and retirement destination, buying property in Spain is not always straightforward, and there are several steps to go through. Before you can make a purchase as a foreigner, you will need to obtain a fiscal number and also likely retain a lawyer who speaks Spanish and your language. Despite this, there are no restrictions on foreigners buying property in Spain, though the current uncertainty surrounding Brexit has meant that UK residents have been holding off purchasing Spanish property until the situation is resolved.

    The taxes involved in buying a property in Spain can be much higher than other countries. You will need to allow for legal fees (around 1-2%), stamp duty (around 6-7%), IVA (value-added tax of around 7%), and property registration and notary charges (which could be another 1%). Once you have transferred your money to Spain and bought the property, the transaction will need to be registered with the Spanish Land Registry. Be sure that you are advised correctly on submitting the correct value of your property to the authorities.

    When you are budgeting for your property, if you are part of a complex, expect there to be ongoing maintenance fees. You may need to be sending money to Spain regularly to cover these costs. Additionally, you are likely to incur some property taxes, which can range in value from three to five figures depending on the size and location of the property. Non-residents are also liable for a wealth tax and capital gains if you sell the property. Spanish taxation is complex and we suggest that you seek additional advice in this area.

    Independent Andorra

    The 468-sq km independent principality of Andorra, located along the border between Spain and France, was jointly ruled by representatives of both countries until the 1990s. The territory is a tax haven, and its small economy is dominated by finance, tourism and retail sales, since many items are duty-free. However, due to the EU increasing the pressure that it has been applying to Andorra, it has begun to increase its levels of taxation from 2015 onwards and the country is slowly moving away from being a tax haven.


    The euro is made up of 100 cents. Euro banknotes are printed in denominations of EUR5, EUR10, EUR20, EUR50, EUR100, EUR200 and EUR500. Coins are available in values of 1, 2, 5, 10, 20 and 50 cents, and EUR1 and EUR2. Each member country’s central bank issues its own banknotes and coins. The latter have national designs on one side and common designs on the other. All euro currency from any country is accepted within the currency zone.

    Spain to Individual Country Guides

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    Top 12 Money Transfer Providers

    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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    Est. 2004

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    Est. 1979

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    Global Reach (formerly FC Exchange)

    Est. 2005

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    Est. 2010

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    WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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    Currency Solutions

    Est. 2003

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

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    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Currencies Direct

    Est. 1996

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

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    Western Union Business Solutions

    Est. 2009

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

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    Est. 2011

    TransferWise is an online only provider

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    Est. 2011

    Remitly is a leading remittance focused player headquartered in the USA. Recipients can receive money by bank deposit, cash pick up, mobile money, or home delivery

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    Smart Currency Exchange

    Est. 2004
    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
    More InfoLess Info 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.