How to transfer money to Spain safely

Transferring a large sum of money internationally is not the same as sending a few hundred euros to a friend. When buying property in Spain, you may need to send anywhere from a few thousand euros for a reservation deposit to several hundred thousand at completion. The amounts are significant, the timing matters, and there are genuine risks to be aware of — from hidden costs to fraud.

This guide explains how international transfers to Spain actually work, what they cost, how to keep your money safe, and what to expect at each stage of a property purchase.

How international transfers to Spain work

Most large international payments travel through one of two systems, and understanding the difference matters both for cost and timing.

SEPA transfers

SEPA — the Single Euro Payments Area — covers 36 countries including all EU member states, the UK, Switzerland, and Norway. If you are sending euros from a SEPA country to a Spanish bank account, the transfer is fast (typically next working day), cheap (often free or a small flat fee), and straightforward. You need the recipient's IBAN (International Bank Account Number) and BIC/SWIFT code. SEPA transfers have no maximum amount limit, which makes them well suited to large property payments.

SWIFT transfers

If you are sending from outside the SEPA zone — the United States, Canada, Australia, or any non-euro currency — your transfer will travel via SWIFT (Society for Worldwide Interbank Financial Telecommunication). SWIFT transfers can involve intermediary banks along the route, each of which may deduct a handling fee before the money arrives. This means the amount that reaches the Spanish account can be slightly less than what you sent. Always ask your bank for a cost estimate and whether you can select a 'SHA' or 'OUR' fee arrangement — the latter means you cover all intermediary fees and the recipient receives the full amount, which is important when an exact sum is required (as it often is at completion).

What details you need

For any international transfer to Spain you will need:

• The recipient's full legal name (exactly as registered with their bank)
• Their full IBAN — Spanish IBANs are 24 characters and begin with ES
• The BIC/SWIFT code of the recipient's bank
• The name and address of the recipient's bank
• A reference or payment description — particularly important for property transactions, where the notary or gestoría may need to match the transfer to the transaction

 From October 2025, EU Regulation 2024/886 requires banks to verify that the beneficiary's name matches the IBAN before executing an instant euro transfer. This new name-matching requirement adds an important layer of protection against misdirected payments — if there is a discrepancy, your bank must alert you before proceeding.

What transferring money to Spain actually costs

The headline transfer fee is rarely the whole story. Banks and transfer providers make money in two ways: a flat transaction fee, and a margin built into the exchange rate. The exchange rate margin is often the larger of the two costs and is less visible.

High-street banks typically apply a margin of 2% to 4% above the mid-market rate when converting currency. On a transfer of €200,000, a 3% margin costs €6,000. Currency specialists and online transfer platforms generally offer tighter margins — sometimes under 0.5% for large transactions — and this difference is worth taking seriously at property purchase scale, according to currency transfer specialists.

SEPA transfers in euros are usually free or carry a minimal flat fee. SWIFT transfers typically cost €15 to €25 per transaction at a bank, plus any intermediary fees deducted along the route. Some providers offer fee-free transfers for large amounts, with their margin built into the exchange rate instead — always compare the total cost, not just the headline fee.

Spanish banks may also charge a fee for receiving large international transfers — typically a small percentage of the amount, subject to a minimum. Check with your Spanish bank in advance so there are no surprises on the day funds arrive.

Staying safe: the risks you need to know about

Property transactions involving large international transfers are a specific target for fraud in Spain. Fraud attacks on Spanish bank customers increased by 117% in 2023, with recorded losses exceeding €240 million, according to data from Spanish banks. The most common threat for property buyers is known as man-in-the-middle fraud or email interception fraud.

How email interception fraud works

A fraudster intercepts email communications between a buyer, their lawyer, and the notary or agent. They modify the bank account details in a payment instruction — changing the IBAN to a fraudulent account — and send it from an address that looks almost identical to the legitimate one. The buyer, believing they are paying their lawyer or the seller's notary, transfers the funds to the criminal's account instead. By the time the fraud is discovered, the money has often been moved on.

This type of fraud is not rare. It affects buyers at every level of the market and has resulted in losses of tens or hundreds of thousands of euros in individual cases.

How to protect yourself

• Never rely on bank details sent by email alone. Always verify account details by calling your lawyer or notary directly on a number you have independently confirmed — not a number from the email itself
• Confirm any change of bank details verbally. If you receive an email stating that payment should now go to a different account, treat this as a red flag and verify immediately before acting
• Send a small test transfer first. For very large payments, send a small amount first and confirm receipt with your lawyer before sending the balance
• Use secure communication. Avoid discussing payment details over unsecured email; ask your lawyer whether they use an encrypted client portal
• Check the sender's email address carefully. Fraudulent addresses often differ from the legitimate one by a single character — a different domain extension or a subtle letter substitution
• Keep records of everything. Save all transfer receipts, exchange rate confirmations, and payment instructions — these may be needed to prove the lawful origin of funds in Spain or to support a fraud claim

If a transfer goes wrong

If you suspect that a transfer has been intercepted or sent to the wrong account, speed is essential. Contact your bank immediately and ask them to initiate a recall of the payment — the sooner this is done, the greater the chance of recovery before the funds are moved on. Ask them to contact the receiving bank directly. At the same time, report the fraud to your local police and, if you are in Spain or the transfer involved a Spanish bank, to the Policía Nacional. Keep a written record of all communications, including the emails involved, transfer receipts, and any response from your bank. Consult a lawyer as quickly as possible — under Spanish law, banks can be held liable for fraudulent transfers in certain circumstances, and a specialist in banking fraud will be able to advise on your options for recovery.

Banks versus specialist transfer providers

You have two main options for sending a large sum to Spain: your own bank, or a specialist international money transfer provider. Both can complete the transaction; the difference lies in cost, speed, and the services they offer around the transfer.

Using your bank

Banks are familiar, regulated, and trusted. For buyers who prefer to keep everything in one place, or who have a longstanding relationship with their bank, this is a straightforward option. The downsides are typically higher exchange rate margins and less competitive fees compared to specialists. Some banks also have daily or per-transaction limits that require advance notice for large property transfers — check this well ahead of your completion date.

Using a specialist transfer provider

Currency specialists and online transfer platforms focus solely on international payments. They typically offer better exchange rates, lower fees, and additional tools such as forward contracts (locking in a rate for a future date) and rate alerts (notification when your target rate is reached). For large property transfers, the savings compared to a high-street bank can be substantial.

When choosing a provider, verify that they are regulated by the appropriate financial authority in your country — the Financial Conduct Authority (FCA) in the UK, for example, or the relevant equivalent in your home country. Regulated providers are required to hold client funds separately from their own operating funds, which protects your money if the company encounters financial difficulties.

Proving the origin of your funds

Spanish banks are required to carry out anti-money laundering checks on large incoming transfers. For significant amounts — particularly those associated with a property purchase — you may be asked to provide documentation proving the lawful origin of the funds. This is a standard legal requirement, not a reflection on you personally.

Depending on the source of your funds, you may need to provide:

• A property sale contract or completion statement, if the funds come from the sale of a property
• Bank statements showing the accumulation of savings over time
• Payslips, tax returns, or employment contracts for funds from income or bonuses
• Inheritance documentation, if applicable
• Investment or pension statements, if funds are drawn from investments

Prepare this documentation in advance. Delays in providing it can hold up the transfer clearing into your Spanish account — a serious problem if funds are needed on a specific completion date.

When to transfer money during a property purchase

A property purchase in Spain involves several distinct payments at different stages, each with different timing requirements:

Reservation deposit

Typically €3,000 to €6,000, paid when you agree to take a property off the market while legal checks are carried out. This is usually the first transfer and is smaller in scale, but establishes the relationship with the agent or seller. Confirm the account details with your lawyer before paying.

Contrato de arras deposit

Typically 10% of the purchase price, due within two to four weeks of the reservation. This is your first significant transfer. It is worth locking in an exchange rate at this point if you are transferring from a non-euro currency, as the amount is large enough for rate movements to have a meaningful impact.

Completion balance

The remaining balance, due on the day of signing at the notary. Funds must be cleared and available in your Spanish bank account before the signing appointment — allow at least five to seven working days for the transfer to clear, and more if it is your first large transfer to that account or if documentation of source of funds may be required. Do not leave this until the last minute.

Purchase costs

Transfer tax, notary fees, Land Registry costs, and legal fees — totalling approximately 10% to 12% of the purchase price — are due shortly after completion and are handled by the gestoría. Budget and transfer these separately to avoid a shortfall at a critical moment.

Ongoing transfers

After completion, you will have regular outgoings in Spain — mortgage payments if applicable, IBI, community fees, utility bills, and insurance. Setting up a Spanish bank account with a direct debit arrangement is the most practical way to manage these. For help with the practicalities of setting up utilities and bills in Spain, we cover this in a separate guide.

Transferring money to Spain for other reasons

Property purchase is the most common reason for a large international transfer to Spain, but it is not the only one. The same principles apply whether you are:

• Sending living costs to support a family member resident in Spain
• Covering rental payments or running costs on a property you already own
• Funding a business or self-employment activity in Spain
• Transferring savings ahead of a planned relocation
• Making regular mortgage payments on a Spanish property

The same practical principles covered in this guide apply to all of these situations — verifying account details carefully, comparing costs between your bank and a specialist, and keeping records of every transfer.

For smaller, regular payments such as mortgage instalments or household bills, online platforms and multi-currency accounts can be a cost-effective solution. For larger, one-off transfers, a currency specialist with experience in Spain-related transactions will generally offer better rates and more useful tools than a high-street bank.

If you are planning a move to Spain and want to understand the full financial picture, the moving to Spain checklist covers the broader financial and administrative steps involved. For guidance specifically on exchange rates and how to time your conversions to best effect, our article on currency exchange tips when buying property in Spain covers this in detail.