Personal Finance Money transfer

International money transfers in Spain: a complete guide

Gemma Gálvez
Gemma Gálvez
23.04.26 (last updated)
Read time 4 minutes

This guide covers the process, duration, and cost of international transfers in Spain. We'll also introduce the Wise multi-currency account, an alternative that can help you save money with low fees and the mid-market exchange rate—the same one you see on Google.

Example: Sending €1,000 from Spain to a pound-denominated account in the UK.

Banks Wise
Fee €15 - €42 (depending on the bank) 0.56% + €0.30
Intermediary fees Possible – up to two intermediary banks No
Exchange rate Proprietary rate with a markup Mid-market rate (the rate you see on Google)
Duration 2 - 5 working days 0 - 24 hours
Total Fee €15–€42 + intermediary fees + exchange rate markup €5.87*

*Fees vary by route and amount. uses the mid-market exchange rate with no markup. Check the final price before you pay.

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Disclaimer: Wise is a payment institution, not a bank. In the EEA, Wise is regulated by the National Bank of Belgium.

The two types of international transfers in Spain

In Spain, international transfers generally fall into two categories: SWIFT and SEPA.

  • SWIFT transfers These are processed through the SWIFT interbank system—the older of the two—which connects thousands of financial institutions worldwide. Spanish banks typically use SWIFT for transfers in foreign currencies or for sending money to countries outside the SEPA zone.
  • SEPA transfers SEPA (Single Euro Payments Area) is a European Union initiative launched to standardize cross-border euro payments. Most providers handle SEPA transfers exactly like domestic ones, meaning they usually share the same conditions and pricing.

How to make an international transfer in Spain

To send money abroad from a Spanish bank account, you'll need the following details:

  • Destination country and currency
  • Recipient's full name
  • Transfer amount
  • The bank’s SWIFT/BIC code
  • The bank account number or IBAN

Once you have these details, you can visit a local branch to request the transfer. However, most Spanish providers also allow you to do this via online banking, mobile apps, or phone banking. SEPA transfers can often be completed at ATMs as well.

Always double-check the details before confirming. If you provide incorrect information, the transfer may be returned, and many Spanish banks charge a significant "return fee" for the mistake.

What are IBAN and BIC/SWIFT codes?

The BIC or SWIFT code identifies a specific financial institution. It consists of 8 or 11 characters.

The IBAN identifies the specific account for the transfer. While it is standard across Europe, it isn't used everywhere (for example, the US and New Zealand use different systems). Interestingly, Spain used the Código Cuenta Cliente (Customer Account Number) until 2014, when it was replaced by the IBAN format.

How much does an international transfer cost in Spain?

Thanks to EU regulations, all SEPA transfers (euro payments within the SEPA area) must be treated as domestic transfers by Spanish banks.¹ This means if your account offers free domestic transfers, sending euros to another SEPA country should be free.

SWIFT transfers, however, usually come with higher costs. Your provider will charge a sending fee, and you may also face charges from intermediary banks (often around $20 per bank) and the recipient’s bank. When setting up the transfer, you can choose who pays:

  • OUR: The sender covers all fees.
  • SHA (Shared): The most common option. The sender pays their own provider's fees, and any other charges are deducted from the final amount the recipient receives.
  • BEN (Beneficiary): The recipient covers all fees; all charges are deducted from the transfer amount.

Spanish banks typically charge a percentage of the amount sent, but they almost always have a minimum fee ranging from €15 to €42. Here is a breakdown of the standard fees at major Spanish banks:

Banks OUR SHA and BEN
Santander² 0.75% / €40 minimum 0.75% / €34 minimum
BBVA³ 0.70% / €35 minimum 0.60% / €18 minimum
CaixaBank⁴ 0.70% / €36 minimum 0.60% / €15 minimum
ING⁵ €42 flat fee €27 flat fee

The "Hidden" Cost: Exchange Rate Markups

There is another cost that is often overlooked. If the market exchange rate for EUR/USD is 1.06, then €1 should buy $1.06. This is the mid-market rate—the one you see on Google or XE.

However, traditional providers rarely use this rate. Instead, they add a "markup" to the exchange rate, essentially charging you more without listing it as a formal fee. This is how many "commission-free" services actually make their money.

Here is how the exchange rates from major Spanish banks typically compare to the mid-market rate (using EUR to GBP as an example):

Banks Exchange rate⁶ Markup added*
Santander 1 EUR = 0.83 GBP 3.48%
BBVA 1 EUR = 0.82 GBP 4.65%
CaixaBank 1 EUR = 0.84 GBP 2.32%
ING 1 EUR = 0.83 GBP 3.48%

*At the time this table was compiled, the interbank exchange rate stood at 1 EUR = 0.86 GBP.

Save money and time on international transfers with Wise

If you're looking for a better way to move money, try Wise. Wise was built on two simple ideas: low, transparent fees and the real mid-market exchange rate. No hidden markups, no surprises.

Once you sign up for a Wise multi-currency account via the website or the app (available on iOS and Android), you can send money in over 40 currencies. With your account, you can also withdraw up to €200 per month from ATMs without a fee from Wise (though third-party ATM operators may still charge their own fees). Welcome to money without borders!

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How long does an international transfer take in Spain?

The duration depends entirely on the network used:

  • SWIFT transfers: Usually take 2–5 working days, depending on how many intermediary banks the money has to pass through.
  • SEPA transfers: Often instant. Most funds arrive within 10 seconds, regardless of the amount.

If you are on a tight deadline, the difference in speed is a major factor to consider when choosing your provider.

Sources

  1. Directive 2015/2366 and Directive 2019/518 of the European Parliament and of the Council
  2. Banco Santander fees for international transfers (Standard Price List – Section 21, published on their website)
  3. BBVA fees for international transfers (Tariff – Section 67, published on their website)
  4. CaixaBank fees for international fund transfers (Commission Tariffs, Section 80.3 published on their website)
  5. Informative document on fees associated with ING accounts
  6. Exchange rates from Banco Santander,BBVA,Caixabank and ING published on their respective websites. Interbank rate obtained from Google

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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