When you start your new life in Spain, you’ll need to make an international transfer to your Spanish bank account. Be mindful when choosing your international transfer service. Too many auxiliaries get ripped off by either their local banks, PayPal, or other familiar transfer services. When making an international transfer, please be mindful of the exchange rate and the fees.
Most transfer services offer low fees but absolutely kill you in terrible exchange rates. It’s like being charged a massive hidden fee for each transaction. You want to get the maximum amount of euros possible for your dollars. Before you make a transfer, do a quick comparison.
For all your international transfers, I highly recommend using Wise. Wise offers online banking and a transfer service (you can simply use the transfer service). It is what everyone living abroad uses because it has lower fees, higher transparency on costs, and reliable, fast transfers. If you don’t believe me, check for yourself in the link above.
In this page, I will walk you through the simple process of making an international transfer with Wise.
(Additionally, you can make domestic bank transfers through Wise. The process is nearly identical.)
Step 1: Open an account (optional)
Afterwards, you will be asked to confirm this email address.
Next, select “Personal Account”. Select the country in which you live most of the time. Verify your phone number, and create a password for the account.
Afterwards, you will have to include some personal details such as your name and birth date.
When finishing the account creation process, you will find the home page to look something like this:
Step 2: Transfer money.
It is not necessary to open a bank account with Wise to transfer money through Wise, but you are always free to do so. One advantage of having a Wise bank account is that any funds in that account are immediately transfered when you make a transfer to your Spanish bank account. Also, unfortunately, the Wise bank accounts in Europe aren’t Spanish, so it can’t be used to receive your stipend.
First, select “Send”. Then, click “Add a recipient”. Select the currency of your recipient. If you are making a transfer to your Spanish bank account, choose euros.
Next, click “enter bank details”. Afterwards, it will ask you about your recipient. If you are sending money to yourself, click “Myself”. The next page will ask you to enter your full name as well as the IBAN of your account. Double check the details to make sure there are no mistakes before confirming.
In the next page, you will be able to choose the transfer amount and select a payment method.
DO NOT send large sums of cash all at once when sending money to Spain. Keep your transfers at around 3k EUR or less at a time. Spain has very strict anti-money laundering rules and regulations, so large transfers will get flagged, screened, questioned, and delayed.
Finally, before sending the transfer. Review the details. When you finish reviewing, go ahead and confirm the payment. The transfer should be relatively quick, so soon enough, you will see the funds in your Spanish bank account.
That’s it! It’s quick and painless.
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