Sensational Savings When You’re Making Money Transfers to Spain

save on money transfers to SpainHola! What a stunning country Spain is. If you travel there often, want to study there, are making business transactions or are looking at buying property, you’ll need to find the best ways of sending money there. We want to help you find the most appropriate way of making money transfers to Spain, from Singapore, no matter what your reasons.

For a quick comparison table of exchange rates and fees, click here.

What will this guide cover?

This guide will cover:

  • Personal transfer – sending money to family or friends in Spain
  • Business transfer
  • Buying or selling a property in Spain
  • Studying Overseas
  • General costs of sending money to Spain
  • Your options to send money to Spain
  • Information you’ll need for the transfer
  • General information

Personal money transfers to Spain

There are number of ways you can make a personal transfer from Singapore to Spain. We’ve outlined a couple here;

You can use your bank:

Banks are not the most economical way to send money internationally, however, they are very convenient as you’re already an established customer with them. Most Singaporean banks will support Euros for you sending money to Spain.

You can use money transfer companies:

These companies will offer you a better exchange rate and lower fees. Here are some providers that transfer money from Singapore to Spain:

Business transfer from Singapore to Spain

There a couple of things that are importna to keep in mind if you’re sending money to Spain for business purposes:

  1. The exchange rate margin: This is the difference between the wholesale exchange rate that you would find on Google or XE and the rate you actually get.
  2. Additional business products they offer such as forward exchange contracts, foreign currency accounts and limit orders.

When it comes to making business transfers, you could use any of the companies we listed above. We like HiFX for their rates, low fees and the fact that they offer Foreign Currency Accounts which are helpful if you want to hold funds in foreign currencies and exchange them at a more favourable time.

Buying or selling property in Spain

There is no doubt that buying and selling property internationally is a complex and sometimes stressful process.  You might be looking to buy property in Spain, or selling it and transferring the money back to Singapore. Either way, we suggest finding a money transfer provider that has presence in both Singapore and Spain, or at least a global presence to provide you support on either end.

Our choice would be TorFX for property settlement transfers, as you are assigned a local account manager that will have a strong global support network to guide you when needed.

Studying overseas

As much as we would like them to, tuition fees aren’t getting any cheaper. Annual payments to universities or other education providers, along with all other expenses, can really add up, particularly abroad. As these payments can be large, you need to know the best method of payment before moving your funds.

  • For larger payments, the most important factor to keep in mind is the exchange rate.
  • For smaller payments, you should keep an eye on the transfer fees as these can really impact how much your transfer costs you proportionately.

There are many methods of transferring funds abroad, but we like HiFX as they are great for saving on those hefty costs when paying for things such as bills.

General costs for sending money to Spain

A lot of factors impact on the total cost of sending money from Singapore to Spain. This includes the rate, the fees and the way you send and receive the funds.

  1. A transfer fee
  2. Exchange rate margin: the different you will pay between the wholesale exchange rate on and the rate you will actually get
  3. Bank fees: The fees that you bank will charge for sending the money to the correct account overseas.
  4. Receiving bank fees: The fees the receiving bank will charge you for converting into the correct currency.

Your options to send money to Spain

There are various methods of sending money to Spain:

Via your bank

This is a very convenient method. You’re already an established customer with your bank so you won’t have to set up an additional account. The transfer can generally be completed within three to five business days. While they are convenient, it is also important to note that they will charge fees and not offer a competitive rate for making your transfer.

Check with your bank and research the fees and exchange rates based on the amount you plan to send over.


Paypal is a convenient and highly popular way of transferring money abroad. It’s also by far the quickest with transfers sometimes being completed within minutes. It is great for smaller amounts under $1000SGD as although the exchange rate is equal to those of banks, the fees are slightly less. It’s particularly handy if you are paying from your own Paypal account directly into another Paypal account.

A money transfer company

This is the most cost effective way to go about sending money from Singapore to Spain. You will have to set up an account to use them but general, these companies are your best option when transferring larger amounts of money. For example anything between $1000 and $1,000,000SGD. Different companies will have various minimum and maximums set, and the transfer itself will usually take around a business day longer than banks or Paypal.

You will need to create an account with the company before sending the money – you can do this online:

  • Register your details on the website. You will need I.D handy for this.
  • Account needs to then be approved, and you’ll receive your login details.
  • Enter the bank details of where you are sending the money, that is, the ‘Beneficiary’ or ‘Recipient’
  • You will get a quote based on the fees and exchange rate for sending the money.
  • Once you’re happy with the quote provided to you, you can confirm the transfers and fund it from your local account.

Information you’ll need for the transfer

You’ll need the details of the bank account you are sending the money to i.e. the Beneficiary or Recipient details. These details will be:

  • Account name of your Recipient
  • Their address
  • Their SWIFT code

SWIFT codes

Swift codes for the biggest banks in Spain:

Banco Santander : BSCHESMM


CaixaBank : CAIXESBB


General Information

Whichever method of transfer that you choose, there are pros and cons to all. We prefer money transfer companies as they are the most cost effective option, even if they do require a little more work. PayPal and Western Union are the fastest options with transfers sometimes being completed within minutes. They however won’t have competitive rates and will charge fees. Banks are the most convenient method but again won’t offer the best rate, they will take one to two business days to make the transfer.

Check the details of your chosen method, as all will have their own restrictions, fees and charges. Banks and Paypal will not have a minimum amount, but most money transfer companies will so check before you send.

Case Study

Samantha studies Philosophy at The National University of Singapore, and is completing her last year of study in Spain. When Samantha first flew out there, she took a lot of her funds in cash but after a couple of weeks, unfortunately, had the cash stolen. Although her parents helped her by sending money through Western Union, Nicola had to think fast on a way to affordably and securely transfer her SGD to EUR.

After setting up a bank account in Spain, Samantha heard from a friend that there was a new app, TransferWise, that had competitive exchange rates and low fees that allowed her to transfer. She downloaded TransferWise onto her iPhone, and found that with its handy ‘local bank transfers’, she avoided currency conversion costs too! Bonus! Samantha could now concentrate hard on her studies… and of course sunbathing on the beach!

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