If you have intention of transferring money to Spain, it’s much better to know several transfer methods. If you’re confused at transfering money online to Spain, this article from DNBC’s experts will be for you.
How to transfer money online to Spain securely and easily?
You know that, Spain has a GDP of $1.2 billion. Also, Spain has been ranked as the 4th biggest economy in Europe and the 14th biggest one in the world. Spain is a member of the Eurozone and the European Union, so its currency is in Euros.
How to transfer money online to Spain securely and easily?
There are several ways to transfer money to Spain internationally. Here are some typical methods suggested by DNBC’s experts.
1. International Wire Transfers
This way is simple and convenient for many people. You can use your own bank to send to your beneficiary account.
With this method, when you send from within the European Union, your transfer will just be processed the next day.
In addition, if the transfers are from accounts with the same bank or payment group, transfers will be faster and have lower fees of transaction.
But if you intend to send outside of the Eurozone, like Africa, the United States, Asia…it can take longer, up to 4 business days.
Take note that the transfer fees and exchange rates are determined by each and every bank, consisting of correspondent banks.
2. Online Money Transfers
You can transfer money online from different areas of the world to Spain via MTOs (Money transfer operators).
This method has low fees with the best exchange rates. Also, they support large amounts in both standard and exotic currencies.
By using MTOs, It’s necessary for you to sign up, verify an account on their platform. Next, you can fund your transfer via a credit card, a debit card, bank debit, or other methods. Then, choose the payout method for a bank transfer or cash collection.
3. Bank Transfers
You can use bank transfer if the Beneficiary has a bank account. In this case, you can send money directly into their bank account.
The progress of sending can take place within the day or the next day. This is up to how you fund your transfer and the country you’re sending from. Other providers can take 3-5 days to complete.
4. Cash Pickup
Not all MTOs give the option of cash pickup, but DNBC financial group is just a few of the services to transfer money online to Spain. The beneficiary collects the cash in just a few minutes.
5. Mobile Topup
Some providers allow you to top up mobile phones in Spain promptly. Just open the phone, pick the amount to top up.
DNBC officially launches the new feature of Mobile Top-up to offer a convenient solution for global users who have strong preference for digital payment services.
Mobile Top-up is the newest digital project in terms of improving customers’ e-payment experiences.
Therefore, synchronizing the digital method of prepaid mobile phones with the digital payment system will leverage user experience as well as add more value to DNBC services.
Users can simply use the utility of DNBC Mobile Top-up via the e-payment channels to easily make prepaid top-up anytime.
What is required to transfer money online to Spain?
If you transfer money via MTOs or from a store, some following information you need to take note:
- A government-issued-ID document
- The beneficiary name on their official documents
- The address and phone number of the beneficiary
- If you’re transferring directly to a bank account, the beneficiary bank details: bank name, branch and account number
- The amount of money you intend to transfer
Keep this in mind the best way to send money to Spain will be up to the nation you are sending from and the methods of transferring you’d like to choose.
Keep these 3 notes in mind to transfer money to Spain
To transfer money to Spain smoothly and safely, here are some notes to keep in mind to get out of inconveniences and hindrances.
1. Foreign Exchange Control
The Spanish government controls no foreign exchange transactions but it may sometimes require information when a big inflow of foreign currency or regular payments are involved.
So, you need to pay close attention to your foreign exchange with a huge amount of money.
Basically, in Spain, tax on remittances are not charged. However, if the remittances represent incomes from abroad (capital gains, dividends, freelance income, or pension income), the tax can be imposed at the personal tax rate.
So, you need to notify the source of your income.
3. Bank Withdrawal Limits
Basically, the cash withdrawal limits are set automatically by your bank but you’re requested to change as you wish.
You can expect to find that withdrawals are capped at about EUR300, though several banks can set their limits as requested.
It’s possible for you to take out cash in several separate transactions from the same ATM but you have to be charged more fees.
Thus, you need to check withdrawal limits carefully before getting started.
How easy is it to transfer money from Spain to the UK?
The United Kingdom is one of the biggest net exporters in financial services. London’s financial district has a lot of popular payment institutions.
For this reason, the United Kingdom has money sending companies and services with reasonable prices for remittances from Spain.
As you know, Pound Sterling (GBP) is the main currency. There are no exchange controls in the UK for GBP. In general, sending money from Spain to the UK is very easy.
Also, Spain is a member of the single currency eurozone. They have no currency controls and have fully deregulated personal and business transactions between residents and non-residents.
You can send money to the United Kingdom from Spain by using a credit card, a debit card, a wire transfer…with ease. Besides, you can use the DNBCnet app or other providers in a few simple steps.
About DNBC Financial Group
DNBC Financial Group aspires to be the top business account for international payment .
We provide full online payment experience, which allows you to make transactions around the clock in more than 170 countries and in different currencies.
Learn how DNBC can improve the way you make international transfers.