Large Transfers Spain
Transfer Large Sums to Spain: Fees, Timing & Safety
A practical guide to sending large payments for Spanish property. Learn about fees, transfer timelines, safety measures, and how to avoid costly mistakes.
How Large Transfers to Spain Work
Transferring a large sum of money across borders is not the same as sending a few hundred euros to a friend. When you are buying property in Spain, you may need to send anywhere from €3,000 for a reservation deposit to €300,000 or more at completion. The stakes are high, the amounts are significant, and mistakes can cost thousands.
Most international property payments travel via SWIFT (Society for Worldwide Interbank Financial Telecommunication). Within Europe, SEPA (Single Euro Payments Area) transfers are faster and cheaper for euro-to-euro payments. If you are sending from a non-euro currency — pounds, dollars, or kroner — your money must be converted, and this is where the real costs begin.
Banks and transfer providers do not just charge a flat fee. They also build a margin into the exchange rate — often 2–4% above the mid-market rate. On a €250,000 transfer, that hidden spread alone can cost you €5,000–€10,000, far more than any stated transfer fee.
On top of exchange rate margins, watch out for intermediary bank fees charged when your money passes through a third bank, receiving bank charges in Spain, and currency conversion fees if your bank auto-converts. These costs add up quickly and are rarely disclosed upfront. For a complete breakdown of property purchase costs, see our costs and taxes guide.
Banks vs Currency Specialists
High-Street Banks
Currency Specialists
Your high-street bank may feel like the safest option, but it is usually the most expensive. Banks prioritise their own products and do not compete aggressively on exchange rates. A typical bank might offer a rate 3–4% worse than the mid-market rate, with limited transparency about the margin they charge.
Currency exchange specialists — regulated firms that focus specifically on international transfers — typically offer rates within 0.3–0.7% of the mid-market rate. They also provide features banks rarely match: forward contracts that lock in a rate for future payments, rate alerts, and dedicated account managers who understand property purchase timelines.
For a €300,000 property purchase, switching from a bank to a specialist could save you €7,000–€9,000 — enough to cover your notary fees and legal costs combined. Unsure which route is best for your situation? Our expert panel can connect you with trusted currency specialists for free. Read more about financing options in our finance guide.
Timing, Safety and Compliance
Reservation Deposit
Typically €3,000–€10,000, due immediately when you agree on a property. Often paid by bank transfer or card. The exchange rate impact is small but sets the process in motion.
Private Purchase Contract
Usually 10% of the purchase price, due within 2–4 weeks. This is your first large transfer — lock in an exchange rate early to protect yourself from currency fluctuations.
Completion Funds
The remaining balance, due on the day of signing at the notary. Funds must arrive in your Spanish bank account in advance — allow at least 5–7 business days for clearance.
Taxes and Fees
Approximately 10–13% of the purchase price, payable shortly after completion. Budget and transfer these separately to avoid last-minute shortfalls.
When transferring large sums, security is paramount. Only send money to verified bank accounts confirmed directly by your lawyer — never rely on email instructions alone. Email interception fraud is a real risk in property transactions, and verifying payment details by phone with your legal team is a simple precaution that prevents devastating losses.
Reputable transfer providers are regulated by financial authorities such as the UK's FCA or equivalent bodies in your home country. They segregate client funds from their own, meaning your money is protected even if the company faces difficulties.
Spanish banks must verify the source of funds under EU anti-money laundering regulations. Be prepared to provide proof of income, tax returns, bank statements, sale proceeds from another property, or gift documentation. Having these documents ready well in advance avoids delays at completion. If you have questions about compliance or documentation, ask our experts for free guidance. For more on legal requirements, see our legal guide.
Common Mistakes and Best Practices
Do This
Avoid This
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