Moving money across borders

It is for anyone thinking about moving to Spain, planning the move or already living there. You will learn how to move money cheaply and what evidence banks will ask for.

Start with "Sending your first big transfer to Spain". It walks you through documents, timing and cost for your first large transfer. After that, read "Bank, Wise-type provider or FX broker: choosing a transfer method" to compare your options.

Foreign asset reporting, buying a property and claiming foreign pensions are covered elsewhere.

Key rules

• Cash declaration: If you carry 10,000 EUR or more in cash into or out of Spain, you must declare it at the border.
• Reply window: Banks usually set their own window to answer a source-of-funds request, commonly about 10 to 30 days, so reply promptly and ask in writing for more time if needed.
• Euro transfer time: Euro transfers within SEPA normally arrive by the next business day, while non-euro transfers usually take 1 to 3 business days.
• Account first: Open the account and get its IBAN before any money is sent, or the transfer can be rejected or returned.
• Compare euros received: Compare providers by the euros that actually arrive, using the same amount, payment method and moment.
• Euro transfers: A euro transfer inside the EU costs the same as a domestic one, but this excludes currency conversion and transfers from outside the EU.

Moving money across borders: the whole process, step by step

• Open your Spanish bank account and get the IBAN (Sending your first big transfer to Spain): before you send anything; opening takes from the same day to about two weeks, and longer for online banks or non-resident accounts

• Choose how to send: bank, specialist provider or FX broker (Bank, Wise-type provider or FX broker: choosing a transfer method): before the first transfer, once the account is ready

• Prepare your source-of-funds paperwork (Why your bank asks where your money came from): before a large first transfer arrives, so the bank has it on file

• Send a small test transfer, then decide between one transfer or stages (Moving savings to Spain in stages or in one transfer): after the account is active and before the main amount

• Wait for the money to arrive: euro transfers within SEPA normally arrive by the next business day; non-euro transfers usually take 1 to 3 business days

• Answer any bank query about where the money came from (Why your bank asks where your money came from): within the window the bank sets, commonly about 10 to 30 days; ask in writing for more time if you need it

• Set up recurring salary or pension inflows (Receiving a foreign salary or pension in Spain every month): once the account is working and the first transfer has landed

• Send money home to family or accounts abroad with an authorised provider (Sending money from Spain to family or accounts back home): whenever you need it, after your account is established

Documents you may need

Income and work

• Savings or employment income — Why your bank asks where your money came from
• Recent payslips — Receiving a foreign salary or pension in Spain every month

The home and the lease

• Proof of address — Sending your first big transfer to Spain

Payments and receipts

• The confirmation receipt for each transfer — Sending money from Spain to family or accounts back home

Other documents

• Gift — Why your bank asks where your money came from, Sending money from Spain to family or accounts back home
• Proof of where the money came — Sending your first big transfer to Spain, Sending money from Spain to family or accounts back home
• Property sale — Why your bank asks where your money came from
• Inheritance — Why your bank asks where your money came from
• Crypto proceeds — Why your bank asks where your money came from
• A short statement of what the money — Sending your first big transfer to Spain
• Proof that your provider is authorised — Sending money from Spain to family or accounts back home

Each article lists the other documents it asks for, where you need them.

Moving money across borders: questions that cross several articles

How long does money take to reach my Spanish account?

Euro transfers within SEPA normally arrive by the next business day, while non-euro transfers usually take 1 to 3 business days. See Bank, Wise-type provider or FX broker: choosing a transfer method.

Is my bank or a specialist provider cheaper for non-euro transfers?

A specialist provider is usually cheaper, because it converts near the mid-market rate and shows a visible fee. Banks add a margin to the rate plus a commission, though both can be negotiable on large amounts. Read Bank, Wise-type provider or FX broker: choosing a transfer method, then Moving savings to Spain in stages or in one transfer if provider limits matter.

Can a provider limit how much I send at once?

Yes, providers set their own limits per transfer and sometimes per day, and these vary by currency and how far you are verified. Large amounts often need extra identity and source-of-funds checks. Read Moving savings to Spain in stages or in one transfer and Why your bank asks where your money came from.

How do I check that a transfer provider is authorised?

Search the provider's name in the Banco de España public register of payment institutions and their agents. EU firms using a passport are checked in their home country's register. Read Sending money from Spain to family or accounts back home before choosing a provider.

What can I do if my bank holds or returns a transfer over a money-laundering query?

You can complain to the bank's customer service, and then to the Banco de España if the bank rejects it or does not reply within one month. The Banco de España handles conduct issues but cannot review a suspicious-activity report. Read Why your bank asks where your money came from, and Sending your first big transfer to Spain to prepare your papers in advance.

Fees, limits and authorisation status change, so check current figures with the bank or provider.