Spain is one of the top 10 destination countries for individuals emigrating from the United Kingdom and the UK is likewise a top 10 destination for Spanish immigrants, so there is a regular remittance flow between the two countries. Spain saw a remittance inflow of US$10.2 billion in 2010, with the UK to Spain being a particularly strong money transfer corridor that contributed to the amount the country received in money transfers.
If you need to transfer money from the UK to Spain it is likely that you will be searching for a money transfer service that will enable you to make your money transfer to Spain cheaply and simply and will ensure that your money is received quickly. While there will be no restrictions or regulations when transferring Euros to Spain, there will be a number of services that will provide money transfers to Spain, so you will need to consider the various options to find the service that will be able to make the money transfer most beneficial for you.
When you transfer money from the UK to Spain it will involve a foreign currency exchange as you will need to convert the currency that you are paying with in to Euros. Ideally you will want to find a money transfer service that charges the lowest transfer fees for using their service and offers a great exchange rate so your money goes further when you purchase your Euros.
What money transfer services are available?
If you are looking to transfer money from the United Kingdom to Spain, going through your bank may be your initial thought. Although this is an obvious way to deal with your financial requirements, this is likely to be a costly way of transferring money to Spain as banks generally offer a poor exchange rate for the Euro and charge large transfer fees.
While a number of the people who transfer their money through their bank use this money transfer service out of habit, a lot of these individuals are unaware of the other options available.
A money sending bureau
A money sending bureau is another accessible service when you need to make a UK- Spain money transfer. These services can be a convenient alternative to a bank as they enable you to transfer money to a recipient quickly.
The downside of using this service could however outweigh its convenience, as the transfer fees can be as high as 15% and this coupled with the uncompetitive Euro exchange rates on offer make this an expensive way to transfer money to Spain.
A foreign exchange broker
Making a money transfer to Spain can be really simple and a lot cheaper if you transfer the money through a foreign exchange specialist such as Xendpay.
Everyday we assist growing numbers of individuals with their money transfer need, aiming to offer them a better exchange rate than they would get from their bank or a money sending bureaux and charging some of the lowest transfer fees on the money transfer market. Please visit our fee page for our list of currencies and fees.
To see how our transfer fees compare to other money transfer service providers, please see our comparison table below/
|Transfer £500 from the UK to Spain||Transfer fee||Total cost of transfer|
*The fees stated above are correct as of the 02/05/2012 12:25.
Not only will transferring money from the UK to Spain be cheaper with Xendpay than a transfer made through other money transfer services, completing the money transfer will also be more convenient as we have a secure online payments system that enables you to transfer money 24/7, even from the comfort of your home.
Additionally you will find that your money could be received much quicker when transferred through Xendpay as we are a member of the SWIFT banking network which enables us to make faster money transfers.