+
For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
.png){kind=logo}
For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
Sending large sums of money from Spain can be far more expensive than many people expect. While Spanish banks are often the default option, the real cost of international transfers is rarely obvious upfront. Fees, poor exchange rates and banker’s draft charges can reduce the amount you receive by thousands of euros.
In this guide, we explain how international transfers typically work at Santander, Sabadell and CaixaBank and the hidden costs many people overlook. We also go over why a specialist currency exchange provider is the better choice for high-value transfers.
Most Spanish banks apply more than one cost layer when sending money abroad. Even when a transfer is advertised as “free”, charges are often built into the exchange rate.
The main costs to look out for are:
For everyday payments, these costs may feel manageable. However, for transfers above €50,000, they can become significant.
Santander has simplified its pricing structure in recent years, particularly for online customers.
While Santander may remove the visible transfer fee, the exchange rate offered is typically around 2.5-3% worse than the interbank rate but can be as high as 4%.
Example:
On a €200,000 transfer, that margin alone can cost €5,000-€6,000, even before considering any additional charges.
Santander works well for small, routine payments. For large international transfers, the exchange rate is where most people lose money.
Banca Sabadell is widely used by expats and property buyers but costs can be higher for international payments.
Typical features include:
Example:
On a €150,000 transfer, Sabadell’s exchange rate margin alone can reduce the amount received by €4,500, before any fees are added.
CaixaBank offers broad international coverage but applies traditional bank pricing.
Even when SEPA transfers are low-cost, currency conversion is rarely competitive, particularly for larger sums.
One key detail many people overlook is that exchange rate margins at Spanish banks are not fixed.
Unlike specialist currency providers, Spanish banks do not offer a consistent or guaranteed margin. The rate you receive can vary:
This means you may be quoted an exchange rate margin of around 2% on one transfer, only to receive a noticeably worse rate on a later transaction, even if the amount and destination are similar.
In Spain, large transactions, especially property purchases and sales often rely on a banker’s draft rather than a digital transfer.
When a banker’s draft is paid into a Spanish high-street bank, many banks charge a processing fee of around 1% to 2% just to cash it.
This means that on a €300,000 purchase or sale, the banker’s draft could end up costing you €3,000-€6,000 in before the funds are even converted.
Once credited, the money is typically exchanged at a less favourable rate, often adding anywhere from 2% to 5% in margin.
On a typical €300,000 property sale, total bank costs can easily reach €9,000-€12,000.
Choosing the right payment route matters.
Often free or low-cost but banks still apply poor exchange rates when conversion is involved.
Usually involve higher fees, intermediary bank charges and longer processing times, especially for large sums.
Spanish banks set their own exchange rates, typically adding a margin above the real mid-market (interbank) rate.
This margin varies per bank and per transactions and often:
This is where the biggest cost usually sits and where specialist providers deliver the greatest savings.
Here’s a typical comparison if you were sending €150,000 from Spain to the UK:
In practice:
On a €150,000 transfer, Spanish banks could end up costing you €7,500 on top of the exchange rate.
By using a specialist provider such a Regency FX we typically save our clients up to 5% compared to the banks and will end up saving you thousands on large transaction.
As a currency exchange specialist, our focus is on value, transparency and support, not just processing payments.
Banks have bigger overheads and make most of their profits elsewhere. Currency exchange is secondary for them, so their rates often include hidden costs to cover that.
Here are Regency FX, we run a leaner operation, without expensive branches or complex structures, which means we can pass those savings directly on to you.
We work much closer to the real mid-market rate, so more of your money reaches its destination.
When you exchange banker’s drafts with us, what the money is worth is what gets credited, without percentage deductions.
You get a free dedicated account manager as a point of contact who:
All funds are processed through client-segregated accounts in line with FCA guidelines.
If you’re planning a large transfer, we’ve put together four steps that can help save you thousands:
They can be. While some advertise low fees, the exchange rate margins and banker’s draft charges often make them expensive for large transfers.
High street banks regularly charge a processing fee of around 2-3% when handling banker’s drafts.
SEPA is usually cheaper for euro payments but currency conversion costs still apply and can be high.
We don’t charge any fees to exchange banker’s drafts and our exchange rates typically beat the banks by up to 5%.
Yes. When using Regency FX, funds are held in segregated, safeguarded accounts and processed securely. This means we never hold your funds; they are kept completely separate from the company’s own funds.
Spanish banks like Santander, Sabadell and CaixaBank are well-suited to everyday banking and smaller international exchanges.
For large international transfers and property transactions which involve banker’s drafts, the total cost can be far higher than expected.
Specialist currency exchange providers exist to handle these transactions more efficiently, more transparently and at a lower total cost.
Even if you’re only at the early stages of sending or receiving a significant sum from Spain, it’s worth getting in touch. As a trusted and experienced currency specialist, Regency FX works hard to deliver competitive rates, smooth transactions and clear communication at every step.
Get your free quote today and see how much more of your money you could keep.
© RegencyFX. Unauthorised copying or re-wording of this blog content is prohibited. Any unauthorised copying or re-wording will constitute an infringement of copyright. The copyright of this content is owned by Regency FX Ltd.
