Chapter
Transfer money to Spain to buy a house
Quick answer
You can send money to Spain through a bank or a payment firm. What you pay is a mix of fees and the exchange rate. We print no rates and name no provider. Plan the transfers early, send from an account in your name and keep the paper trail.
Applies toBuyers who need to move money from another country and currency to Spain.
On this page: 16 sections
§ 1The basic choice
To buy a home in Spain you must put euros in a Spanish account. If your money is in another currency, you convert it and move it. You can do that through your bank or through a specialist payment firm. The cost is the exchange rate plus fees, and the speed and service differ. This page belongs to the section on mortgages and money.
§ 2The cost
The cost has two parts. The fee is visible. The exchange rate margin is less so: it is the difference between the rate you get and the mid-market rate. To compare providers, ask for a quote for the same amount and route, and compute the euros that would arrive. Currency exchange explains the pieces.
§ 3Banks and firms
Banks or currency firms compares banks and currency firms by criteria, without naming any. Firms authorised as payment institutions are regulated, and you can check the authorisation with the supervisor in the country where they are established. Ask for the authorisation details in writing.
§ 4Pounds and dollars
Pounds to euros and dollars to euros cover the two largest currencies that buyers send.
§ 5Locking in a rate
Forward contracts explains forward contracts. Whether to use one depends on your tolerance for risk and the size of the payment.
§ 6The receiving bank
The Spanish bank will ask where the money came from, especially for large amounts. Have your documents ready, and send from an account in your own name. The chapter on paying without a mortgage explains the questions.
§ 7Staged payments
You pay in stages: a reservation, a deposit, the balance at the deed, then the taxes and fees. Plan each payment, and its currency conversion. Do not leave the conversion of the balance to the last day.
§ 8Scams
Fraudsters impersonate lawyers and agents and send changed account details by email. Confirm any change by phone using a number you already know. The legal process section explains it.
§ 9Records
Keep the confirmation of each transfer, the rate used and the fees. You will need them for tax records, especially for a later sale.
§ 10Planning a schedule
List every payment with its date and amount: reservation, deposit, balance, taxes, notary and registry, agent and lawyer. Next to each, write the currency you will use and the date you plan to convert. Review it with your lawyer, who knows which payments are due at the deed.
§ 11Large amounts
For a large transfer ask your bank or provider whether it can be split or whether limits apply. Warn the receiving bank in advance, and have the explanation of the source ready. Large sums that arrive unannounced are the ones that are held.
§ 12What to keep
Keep the quote, the confirmation, the rate, the fee and the statement of the receiving account for each transfer. They are your evidence for tax and for any dispute with a provider. Store them with the purchase file.
§ 13If something goes wrong
If a transfer is delayed or sent to the wrong account, contact the sending bank or firm at once, then the receiving bank, and tell your lawyer. Keep a written record of every call. Speed matters, so do not wait for the next working day.
§ 14Before the first transfer
Check the details of the receiving account twice and test with a small sum. Write down the question, the answer and the date, and keep the reply with your purchase file. Ask your lawyer to read anything that affects the amount or the timing, and do not rely on a verbal promise. If two sources disagree, ask for the official text and tell the person in writing which version you are relying on.
§ 15Back to the section
The rules on mortgages, banking and transfers explains financing, accounts and transfers for a purchase.
§ 16Other chapters in this section
The section on mortgages for non-residents explains what to expect when borrowing as a non-resident and applying for a mortgage step by step explains the steps from first enquiry to signing.
The basics of rates and repayment explains how Spanish mortgage interest works and what repaying early costs and paying without a mortgage for buyers explains the checks on paying with your own money.
What to know about Spanish bank accounts explains how a non-resident opens and uses an account.
FAQRelated questions
What is the cheapest way to send money?
It changes with the provider and the day, so we name none. Compare the total cost: the exchange rate against the market rate plus fees, for the amount and the route. Ask for a quote in writing.
How early should I start?
Early. Open the Spanish account, send a small test transfer and plan the large ones. The receiving bank may ask about the source of the money, which can add time.
Should I fix the exchange rate?
A forward contract fixes a rate for a future payment, which protects against movements but also removes the benefit of favourable ones. The forward contracts page explains it. Use it only if you understand the terms.
Financial note. No rate is printed unless it comes from a dated, official publication. Capital is at risk, exchange rates move, and no lender, broker or provider is recommended here. Mortgage terms are set by each lender; ask a registered intermediary about yours.