Author, Andrew Gibson
Last Updated on August 17th, 2024
Below is a step-by-step guide on how to transfer money from Spain to the UK – without paying high charges.
I’ll walk you through everything involved in transferring money from Spain to the UK, from start to finish, ensuring you get the best rates and avoid unnecessary fees.
If you need to transfer money from Spain to the UK, you basically have two choices:
- Use a bank
- Use a currency broker
A lot of people may automatically think of using their bank as it’s more familiar, and they have an account already.
However, there are some cost and service advantages when using a currency broker.
The most important factor in an international money transfer from Spain to the UK is the exchange rate. Think of the exchange rate as the price you are getting.
When it comes to exchange rates, banks are not your friends.
It doesn’t matter whether you are a longstanding customer or not.
The big banks know their customers are essentially a captive audience, and as a result, their exchange rates are terrible.
Generally, banks can charge up to 3%-4% more than a good currency broker.
If you are selling a property in Spain for say €80,000, and you want to transfer the money from Spain to a UK bank account, a bank could cost you an extra €2,400 to €3,200.
That’s hardly a trifle amount for anyone. It’s always worth getting an alternative quote from your bank.
So, if you’re curious about how to send money to the UK from Spain while saving on costs, consider using a currency broker.
They can offer better exchange rates and lower fees, ensuring you get the most out of your transfer.
How to Transfer Money from Spain to the UK (in 4 simple steps)
As you can see below, the process of transferring money from Spain to the UK is straightforward and involves just four simple steps.
How long does a bank transfer from Spain to the UK take?
Generally speaking, it should take 2-3 working days.
It can vary because some banks are quicker than others at clearing funds into your UK bank account.
If you’ve sold a property and need to transfer money from Spain to a UK bank, you’ll need to deposit a banker’s draft first. We can help expedite this process.
Also if a weekend falls in the middle of your transfer, that can add a little time too (most banks shut down over the weekend).
So there are some variables, but usually, it is fairly quick.
I have found currency brokers are normally more efficient at processing payments than Spanish banks. Therefore a broker can be faster at getting your money to your UK bank account – sometimes by several days.
For those concerned about the speed of a bank transfer from Spain to the UK, opting for a currency broker can make a significant difference.
Not only can it expedite the process, but it also offers better exchange rates and lower fees, ensuring you get more value for your transfer.
Why currency brokers are different from banks
If you don’t want to incur the high costs of using a bank, the best way to transfer money from Spain to the UK is to use a currency broker.
Big banks such as Barclays, HSBC, Natwest, and Santander specialise in mortgages and saving accounts.
Foreign exchange and international money transfers are not their core products.
As a result, the exchange rates they offer are usually not competitive, and their staff are not very experienced in this area.
Currency brokers specialise in international money transfers.
For customers, it leads to lower costs and better service.
A currency broker can monitor the exchange rate and let you know when the rate moves in your favour.
Most people don’t have the time or desire to watch exchange rates all day.
You could easily miss a good rate or be unaware of the risks that lie ahead.
If you have a specific rate you are aiming for, a currency broker can put in place a rate alert for you.
Should the EUR to GBP exchange rate reach that level, your broker can let you know.
For larger money transfers, even small movements in the exchange rate can make a big difference to the money you will receive.
So it may be worth your while speaking to someone who is experienced at this.
A bank, on the other hand, is not set up to offer you any kind of personalised service.
Can you imagine asking your bank to watch the exchange rate and give you a call when the time is right?
Cue laughter.
So, if you’re considering a bank transfer from Spain to the UK, it’s important to weigh these differences before making a decision.
The truth about fake online exchange rates
You have probably seen exchange rates online.
There are quite a few websites now, such as XE, Oanda, and DailyFX, that provide live exchange rates, charts, and news.
But the bit that most people miss is that the rates shown on these are not available to customers.
If you look for the disclaimer (usually at the bottom), it will say something like “for information purposes only” or “not available to consumers”.
The reason is they are “interbank” rates.
As the name suggests, interbank rates are used by banks to settle trades with each other.
Not even huge corporations that trade tens of millions a day, get the interbank rate.
Online rates cause confusion and frustration for customers. Fake rates create false expectations.
I guess it’s a bit like hiring a car.
The advertised rates you see aren’t realistic or achievable.
If you want to get a real exchange rate for sending money from Spain to the UK, then I would suggest you request a quote from a bank or currency broker.
At least that way you can better budget for the future.
How to get the best exchange rate
A currency broker can help you achieve the best exchange rate possible.
As rates change continuously throughout the day, it can be a difficult decision to know when to lock in your rate.
Some currency brokers can assist you with the timing of exchange rates.
No one has a crystal ball, but currency brokers are a lot more familiar with exchange rate fluctuations and related news and events.
For example, if you want to send money from Spain to the UK and you’re transferring €120,000, even a 0.5% rate improvement by trading on the back of some positive news could gain you an extra €600.
I should point out that not all currency brokers are the same.
These days there is a growing army of online-only operators, such as Transferwise, CurrencyFair, PayPal, and Revolut.
They are effectively ‘do-it-yourself’ platforms or apps.
It suits some people, but not others.
If you have a problem or query, customer support is via email or web chat.
That’s not going to be a good option for someone with a lot of money at stake.
I have found that for larger money transfers, most people want the peace of mind of being able to speak to someone.
I’ve been there myself. I’ve sent a large chunk of my money abroad.
There was no way I was going to tap into all the details myself and hope for the best.
I wanted another human to check things over, and let me know when my money had arrived, and when it was sent out.
Why add stress and worry by trying to do everything yourself?
When you need to transfer money from Spain to the UK, it’s best to rely on professionals who can provide the support and assurance you need.
Watch out for Spanish banker’s draft fees!
If you are sending money from Spain to the UK, the Spanish banks can charge a lot of nasty fees.
One of the worst is on Banker’s Drafts.
Take the common situation of a British ex-pat who is selling a property in Spain…
Upon completion, the seller will receive a Banker’s Draft in Euros from the Notary.
This is still the most commonly used way in Spain for the seller to receive their proceeds.
Now you would think a Spanish bank would allow you to deposit your Bankers Draft for free, right?
No, no, no. Unfortunately, that is not the case.
The major Spanish banks such as Santander, Caixa, Bilbao, and Sabadell typically charge you a percentage of your Banker’s Draft simply to deposit it into your Spanish bank account.
Our research found that the typical fee charged by the big Spanish banks ranged from 0.5% to 1.0%.
Using an example of a €100,000 Spanish property sale, the fee just to cash your Banker’s Draft could be anywhere between €500 and €1,000.
And that’s before you’ve even converted your Euros into Pounds. It’s a rip-off.
Fortunately, we have a solution for your international money transfer from Spain to the UK.
As one of the only currency brokers with operations in Spain, our customers can cash Banker’s Drafts for free.
It is a simple way to save money on such an important transaction.
This is not readily available elsewhere as most brokers have no physical presence in Spain.
On the move? … Here’s a 3-minute video summary
Can you avoid international transfer fees? (answer: YES)
When you transfer money from Spain to England, Scotland, or Wales, almost all banks (and even some currency brokers) will charge you international transfer fees.
These are generally flat fees charged on every international transfer.
I guess the banks would describe it as a type of ‘admin fee’.
But bear in mind almost all banking is done electronically these days, so the idea that they add on more fees for something that has caused no real cost to them is annoying to say the very least.
International transfer fees tend to be normally in the region of €15 to €20 per money transfer.
While not significant, for a customer, it’s a bit like rubbing salt into the wounds.
Be aware that some banks charge you twice. A fee for the sending bank, and a fee for the receiving bank.
Currency brokers have different views on this subject.
Many copy the banks and charge transfer fees too.
At Key Currency, we are one of the only currency brokers that won’t charge you any fees to send money from Spain to the UK.
How safe is it to use a currency broker?
New customers often ask if it is safe to use a currency broker.
Fair enough too. When managing a money transfer from Spain to the UK, we often handle life-changing sums.
The key is to make sure you use a currency broker that is Authorised and Regulated by the Financial Conduct Authority
A company Authorised by the FCA has a regulatory obligation to segregate customer money from their own.
What does that mean?
Your money will be held in a separate, safeguarded bank account designated only for client transactions.
Quick Summary
- To transfer money from Spain to the UK, you can use a bank or a currency broker.
- You could be up to 3%-4% worse off using a bank.
- It generally takes 2 to 3 working days.
- Look out for international transfer and bankers’ draft fees – they can be hefty.
- Make sure you use a regulated company as they will segregate customer money.
Who are we?
Key Currency is an independent currency exchange broker.
Our rates are highly competitive, and we don’t charge any fees.
We specialise in money transfers from Spain to the UK, particularly on property transactions where costs and timing can make a big difference.
Our rates are highly competitive, and we don’t charge any fees.
From a personal perspective, before I do business with a company, I like to know who I’m dealing with, so here’s some information about us.
I am one of the Directors of Key Currency.
Along with my other Directors, we 100% own and operate the company.
All the names, faces, and backgrounds of our people are shown on our website. Most currency brokers hide behind a logo, app, or mission statement.
Key Currency is Authorised by the FCA (No. 753989) and Registered with HMRC (No.12888761).
We have a 5-star customer rating on Trustpilot, which is the result of over 1,900 customer reviews.
If you feel our service could be of use to you, simply request a free quote.
FAQs on Transferring Money from Spain to the UK
When you’re transferring money from Spain to the UK, it’s natural to have a lot of questions and concerns about the process.
Let’s go through these questions one by one to clear up any confusion.
What details do I need to transfer money from Spain to the UK?
First off, you’ll need the recipient’s full name and address. Think of it like sending a postcard, you want it to reach the right person.
Next, you need their UK bank account details: the account number and sort code. These are crucial to ensure your money lands in the right spot when transferring money from Spain to the UK.
If you’re transferring a larger sum, maybe from selling that charming Spanish villa, you’ll also need the IBAN (International Bank Account Number) and BIC (Bank Identifier Code).
These extra details are like adding a special delivery tag to your parcel, it ensures everything arrives safely.
And there you have it, with these details in hand, you’re all set for a smooth and easy transfer. If you have any questions or need any support, just reach out and we’ll be happy to help.
How much does it cost to transfer money from Spain to the UK?
When it comes to the cost of transferring money from Spain to the UK, it can vary depending on the method you choose.
If you’re thinking about using a bank, brace yourself for higher fees. Banks often slap on hefty charges and offer less favourable exchange rates.
You could end up paying 3% – 4% more than with a savvy currency broker. Imagine transferring €80,000 and losing an extra €2,400 to €3,200 – ouch!
Now, here’s the good news. Currency brokers typically offer much better exchange rates and lower fees.
In fact, some brokers, like us at Key Currency, don’t charge any transfer fees at all. Plus, we keep an eye on the market to help you lock in the best possible rate.
So, if you need to send money from Spain to the UK, using a currency broker may well be your best bet.
Are there any limits on money transfers from Spain to the UK?
When it comes to transferring money from Spain to the UK, you might run into some limits.
Banks and online platforms often put caps on how much you can transfer at once. This means if you’re dealing with a large sum, you might have to split it into multiple transactions.
Imagine you need to transfer €100,000, but your bank only allows €20,000 per transaction. You’d end up making five separate transfers, each with its own set of fees.
But here’s the good news: at Key Currency, we don’t have these limits.
You can transfer large sums in one go, without the hassle and extra costs of multiple transactions. It’s like having a clear road for your money to travel on, instead of hitting toll after toll.
So, if you want a smoother, more cost-effective way for sending money from Spain to the UK, we’re here to help.
How long does it take to send money to the UK from Spain?
Typically, it takes about 2-3 working days to send money to the UK from Spain, but this can vary depending on your bank or currency broker.
Banks can sometimes be a bit slow, especially if a weekend is involved. Imagine you’re transferring money on a Friday; it might not arrive until Tuesday or Wednesday. That wait can feel like forever, right?
But here’s where it gets exciting: using a currency broker like Key Currency often speeds things up. We aim to make your transfer as quick and seamless as possible.
For instance, one of our clients recently sold their holiday home in Spain and needed to transfer the funds quickly to finalise a new property purchase in the UK.
With our help, their money was transferred and available in their UK account within two days, avoiding any delays.
So, if you’re looking for a faster and more efficient money transfer to the UK from Spain, we’ve got you covered.
What is the cheapest way to transfer money from Spain to the UK?
Here’s the lowdown on the cheapest way to transfer money from Spain to the UK.
Look, I get it – banks might seem convenient since they already have your money, but they hit you with high fees and lousy exchange rates.
Banks charge high fees and offer poor exchange rates, costing you about 4% extra. Imagine transferring €30,000 and paying an extra €1,200, yikes!
Online services offer better deals than banks but often cap how much you can send. So, if you’re moving large sums, you end up paying multiple transaction fees, which isn’t fun and can quickly add up.
Currency brokers like Key Currency are the ideal choice for large transfers. We offer competitive rates, low fees, and no limits on transfer amounts.
For instance, a client recently saved over €4,800 on a €120,000 transfer by using our service instead of a bank. No limits, no hassles, just savings.
For the most cost-effective way to transfer money from Spain to the UK, a currency broker is likely your best bet.
But hey, don’t just take my word for it. Make sure to compare your options and see the savings for yourself!
What are the best ways to send money to the UK from Spain?
Ultimately, selecting the best way to transfer money from Spain to the UK is all about matching the method to your needs.
For large sums, Key Currency is fantastic. We offer great exchange rates, low fees, and no transfer limits.
Plus, you get personalised service, making the whole process smooth and hassle-free. Imagine having a dedicated expert guiding you through every step, that’s what we’re here for.
If you’re dealing with smaller amounts, online platforms are your best bet.
They’re super convenient, user-friendly, and offer competitive rates with minimal fees. You can manage everything from your phone, making quick transfers a breeze.
High street banks are reliable but often come with higher fees and less favourable exchange rates. And while services like Western Union and MoneyGram are fast, they can be a bit pricey.
No matter if you’re transferring a small amount or a large sum, pick the option that works best for you.
And remember, always shop around and compare your options to get the best deal when sending money from Spain to the UK.