You can transfer money from a Spanish bank account to the UK, but banks often charge high fees and offer less favourable exchange rates, which can significantly reduce the amount your recipient receives.
While banks are convenient for smaller amounts, the fees and exchange rate margins can quickly add up for larger transfers, costing you more than expected.
Currency brokers provide lower fees, better rates, and expert guidance, making them ideal for significant transactions.
How to Transfer Money From Spain to the UK
Imagine this: you’re transferring money to pay for a UK mortgage, support your family, or finally secure that countryside property you’ve been dreaming about.
You’re feeling optimistic, until hidden fees and subpar exchange rates take a hefty chunk out of your transfer. Frustrating, right?
Here’s the deal: most Spanish banks use the SWIFT system for international money transfers. To get started, you’ll need the recipient’s SWIFT/BIC code and IBAN.
It sounds straightforward, but here’s where it gets tricky.
Banks often tack on fees at both ends, and their exchange rates? Let’s just say they’re not doing you any favours.
Let’s break it down: if you’re transferring €10,000, your Spanish bank might charge a fixed fee of €20, while the receiving UK bank adds another £15.
Then there’s the exchange rate, often marked up in the bank’s favour, costing you hundreds more. By the time the money arrives, your €10,000 could shrink to €9,600.
The Pain Points You Can’t Ignore
Hidden Fees: Banks love to keep fees under wraps until you see the final amount in the recipient’s account.
Poor Exchange Rates: Banks rarely offer market rates, which means a significant portion of your money gets lost in the transfer.
Delays: Transfers can take several business days, frustrating if you’re on a tight schedule.
Smarter Ways to Transfer Money
Why settle for the traditional bank-to-bank route when better options exist?
Currency brokers, like Key Currency, can save you money and stress by offering a more efficient way to transfer funds.
Competitive Exchange Rates: Brokers provide rates closer to the real market rate, potentially saving you hundreds on larger transfers.
Lower Fees: Brokers often charge minimal or no fees, letting you send more of your money where it’s needed.
Expert Support: Need help navigating rates and timing? Brokers act as your guide, ensuring your transfer happens when conditions are most favourable.
Rate Locking: If you’re transferring money for a property purchase or investment, locking in a rate ahead of time can protect you from fluctuating markets.
Summary
Don’t let hidden costs and poor rates derail your plans. If you’re sending a smaller, one-off amount, your bank might suffice.
But for larger or recurring transfers, a currency broker can help you keep more of your hard-earned money.
So, what matters most to you, saving money, simplifying the process, or getting expert guidance?
No matter the purpose, choosing the right option ensures you get the most out of every euro you send.