International money transfers in Spain: a complete guide
Guide to international transfers in Spain. Compare SEPA vs. SWIFT, understand bank fees, and learn how to get the mid-market exchange rate with Wise.
International transfers with ING: Everything you need to know
If you have an ING account in Spain and need to send money abroad, you're likely wondering what it will actually cost you. While ING Spain is famous for its "no fees" policy on everyday banking, international transfers—especially those outside of Europe—work a bit differently.
This article breaks down the current costs of sending money with ING Spain and compares them with a popular alternative: Wise.
ING Spain's fees for international transfers
There are two types of transfers to know about.
Transfers within the SEPA zone in Spain
These are Euro payments sent to EU countries and other associated SEPA nations.
- Up to €50,000: €0 (Free).
- Over €50,000: €15.
- Spanish SEPA Instant Transfer: Send up to €6,000 instantly for free (depending on whether the recipient's bank supports instant SEPA).
International transfers outside the SEPA zone (SWIFT)
Sending money in a currency other than Euros (like Dollars or Pounds) or to a country outside the SEPA network? This is where costs can quickly add up:
- Issuance fee: €12 (fixed processing fee¹).
- SWIFT network charges (SHA Option): +€15 (Shared charges between sender and recipient).
- SWIFT network charges (OUR Option): +€30 (You cover all intermediary bank fees).
- Currency conversion fee: ING Spain does not use the standard interbank exchange rate. Instead, it applies its own rate, which is typically around 3% above the mid-market rate¹.
The exchange rate: The hidden fee in Spanish Banks
This is the part of international banking that can be quite frustrating. When ING Spain converts your Euros into another currency, it uses its own internal exchange rate rather than the one you would see on Google or Reuters.
Example: If the mid-market rate is 1 EUR = 1.10 USD, ING might apply a rate of 1 EUR = 1.07 USD. On a transfer of €1,000, that small gap results in roughly €30 in extra costs—and it won't appear as a "fee" anywhere on your statement.
Comparison: ING Spain vs. Wise
Here's what a €1,000 transfer to USD (to a US account) actually looks like:
| Concept | With ING Spain (OUR Option) | With Wise |
|---|---|---|
| Fixed fee | €12 + €30 = €42 | €0 |
| Variable fee | No (built into exchange rate) | ~€5.20 (approx. 0.52%) |
| Exchange rate | With markup (~3%) | Real mid-market rate |
| What the recipient receives | ~$1,040 | ~$1,095 |
Note: Wise calculations are approximate, based on average 2026 rates.
The big difference with Wise is transparency. It always uses the mid-market exchange rate (the same one on Google) and charges a small, transparent fee upfront. By using a network of local accounts rather than the traditional SWIFT system, Wise also helps you avoid those hefty intermediary bank costs.
You know exactly what you're paying from the start. No surprises, no intermediary bank fees.
How long does it take for the money to arrive?
Transfer speeds vary depending on the provider and the destination:
- Spanish SEPA: Instant (seconds) or 1 business day.
- International (SWIFT) with ING Spain: 2 to 5 business days.
- With Wise: 74% of transfers arrive in under 20 seconds, and 95% arrive within 24 hours.
How to make your transfer, step by step
If you're using ING Spain:
- Log in to your ING Spain Customer Area via the website or app.
- Go to “Transfers” > “International”.
- Enter the recipient's SWIFT/BIC code and IBAN or account number.
- Choose who covers the charges (SHA to split them, or OUR if you want the exact amount to arrive).
If you'd rather save with Wise:
- Register at Wise.com.
- Enter how much you want to send and in which currency.
- Pay via a domestic bank transfer to Wise's Spanish account (or by card).
- Wise converts the money at the real exchange rate and sends it from its local account in the destination country.
The Wise multi-currency account
If you are looking for a flexible way to manage money in multiple currencies without the high costs of a traditional bank, a Wise multi-currency account might be the right fit.
- No monthly maintenance fees: Unlike many accounts in Spain, there is no monthly subscription to keep your account open.
- Hold 40+ currencies: Manage and convert money at the real mid-market rate whenever you need.
- Spend like a local: Get a debit card to spend in 150+ countries.
- ATM withdrawals: Withdraw up to €200 per month for free at ATMs (though please note that while Wise does not charge a fee for this, some third-party ATM operators may apply their own charges).
ING Spain or Wise: which is better for international transfers?
For Euro transfers within Europe, ING Spain remains a solid, cost-free option. However, for sending money to other continents or in different currencies, a Wise multi-currency account is significantly cheaper and faster. It allows you to bypass expensive SWIFT network costs and the exchange rate markups that traditional Spanish banks typically charge.
Sources:Disclaimer: Wise is an authorized Payment Institution, not a bank. In Spain and the EEA, Wise is regulated by the National Bank of Belgium. Its services are not covered by the Spanish Deposit Guarantee Fund (FGD), but funds are protected through safeguarding.
Last checked on April 23, 2026.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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