Whether you’re investing or buying somewhere to settle down, purchasing property in Spain often involves sending large amounts of money overseas. Here’s what you need to know about transferring money to Spain when purchasing property.
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If you’re buying property in Spain, you’ll usually need to transfer money from the UK as part of the purchase. Using a specialist provider like Currencies Direct can help you simplify the process and get more from your money transfer.
This page will guide you through the key considerations when sending money to Spain, including when you’ll need to transfer funds, how to manage exchange rate risk, and the best ways to move your money. If you’d like to learn more about the buying process itself, read our ultimate guide to buying property in Spain.
When sending money overseas for a property purchase, a few factors can affect how much you pay and how smoothly the transfer goes.
The exchange rate determines how many euros you receive for your pounds, while transfer fees or charges can add to the overall cost.
The currency market is always moving, so the timing of your transfer can have a big impact on how much you receive.
There are several ways to move your money, from quick online transfers to specialist tools that help you manage larger payments and exchange rate movements.
Having access to a dedicated currency expert can help you navigate exchange rates and choose the right transfer option, particularly for larger transfers.
It’s important to use a trusted, regulated provider and ensure your transfers are protected by strong security systems.
Purchasing property in Spain often involves multiple money transfers, each with its own considerations about how and when to transfer.
You may transfer a small reservation deposit to secure a property, followed by a larger payment when signing the purchase agreement. Having the funds ready to go means you can act quickly when you find the perfect property.
Completing the sale can be the biggest money transfer in the whole purchasing process, particularly if you’re paying in cash. With this transfer, it’s best to plan ahead, as you could save a significant amount of money.
You may also need to transfer funds to cover legal fees, taxes, notary costs or other purchase expenses. Having an online currency account is useful for making ad hoc transfers. You can also buy euros in advance and hold them until you need to make a payment.
Once you’ve purchased the property, you may need to make regular currency transfers to Spain to pay for utilities, move your pension, or repatriate rental income. It’s good to think about your ongoing transfer needs ahead of time.
Currency markets are always moving, and even small changes can significantly affect how much your money is worth when it’s converted.
For example, if you’re transferring £250,000 to Spain, a 2% movement in the GBP/EUR exchange rate could change the value of your transfer by more than €5,000.
Planning your transfers carefully and using the right currency tools can help reduce this risk.
If you know roughly when your deposit or completion payment will be due, planning ahead can help you avoid last-minute transfers at an unfavourable rate.
It’s a good idea to consider your currency transfer strategy early in the property search process so you’re ready to move funds quickly when needed.
Some currency specialists allow you to fix an exchange rate in advance using a forward contract.
This means you can secure today’s GBP/EUR rate for a transfer that will take place up to a year later – useful when you know a deposit or completion payment is coming up.
If your transfer timeline is flexible, tools like rate alerts and market orders can help you aim for a specific exchange rate.
Rate alerts notify you when your chosen rate is reached, so you can decide whether to transfer. Market orders go a step further by automatically executing the transfer if the market hits your chosen level.
Currency specialists tend to offer competitive exchange rates, fast transfers, and a wider range of tools, including forward contracts and market orders.
With Currencies Direct, you’ll also have a dedicated account manager to guide you through the process, offering support on exchange rates, timing and the transfer options available when moving money to Spain.
When transferring money to Spain for a property purchase, it’s often best to use a dedicated currency specialist rather than your high-street bank.
Banks tend to offer less competitive exchange rates, fewer transfer options and limited support.
Money transfer companies, such as Currencies Direct, often provide you with a wider range of ways to transfer paired with specialist support, to help you move your money at the right time. They also tend to offer more competitive exchange rates and lower fees, potentially saving you a significant amount of money.
|
Feature |
Banks |
Currency specialists |
|---|---|---|
|
Exchange rates |
Less competitive |
More competitive |
|
Transfer fees |
Often higher |
Often lower, or none at all |
|
Other charges |
May include receiving fees and intermediary bank charges |
Often fewer intermediary fees; some providers help reduce receiving charges |
|
Expert guidance |
Limited |
Dedicated account manager |
|
Support with large transfers |
Limited |
Specialist support for property purchases and other large money transfers |
|
Security |
High |
High |
|
Speed |
Usually 1-3 working days |
Often same day or next working day |
|
Transfer availability |
Often limited to banking hours |
Online transfers up to £50,000 often available outside banking hours |
|
Transfer tools |
Basic |
Forward contracts, market orders, rate alerts, currency wallets, automated transfers |
We’ve been helping people move money internationally since 1996, supporting thousands of property buyers transferring funds overseas. Our services are designed to make sending payments to Spain simple, secure and cost-effective.
Moving large sums for a property purchase means exchange rates matter. We offer competitive GBP/EUR rates to help you get more from your transfer.
You’ll have a personal currency specialist to guide you through the process, helping you plan transfers, monitor exchange rates and choose the right options for your property purchase.
Access specialist tools such as forward contracts, market orders, rate alerts and multi-currency wallets to help you manage currency movements during the buying process.
Currencies Direct is authorised by the Financial Conduct Authority (FCA) in the UK and the Bank of Spain in the EU. We use robust security systems and safeguarding measures to protect your transfers.
With over 20 local offices in Spain and experience supporting overseas property buyers, we understand the practicalities of transferring money during a Spanish property purchase.
Our property payments platform, Redpin Payments, allows buyers and sellers to make instant, zero-cost payments to lawyers and estate agents, helping avoid the high bank fees often charged for cheques and transfers.
Sending money with Currencies Direct is simple – you can transfer funds to Spain in four straightforward steps. Creating your account early gives you time to speak with your account manager, plan your transfers and secure a strong exchange rate.
Online, via our app or over the phone – it only takes a few minutes.
We'll help you understand your options, pick the right time to transfer, and secure a great rate.
Via bank transfer, debit card or your wallet balance.
We'll convert your money and send it to Spain swiftly and securely.
"Both Charlotte and Myra made the process so easy. I would recommend the services of Currencies Direct. They work hard to get you the best deal. If you are buying or selling in Spain and need to move funds one way or the other, these are the people to contact."
Emma
"From our initial conversation with Currencies Direct staff, the level of professionalism, friendliness, efficiency, knowledge and experience has been unparalleled. Nothing is too much trouble, no question too daft… I can’t imagine how any company could do more to support and reassure at every step."
Chris Wildman
Many buyers pay a small reservation deposit, typically a few thousand euros, to secure the property while legal checks are carried out.
When signing the purchase agreement, buyers usually pay a larger deposit, often around 10% of the property price.
The remaining balance of the purchase price – often around 90% if you’re buying without a mortgage – is transferred shortly before completion.
If you’re financing the purchase, you can learn more about getting a mortgage in Spain as a UK buyer.
You’ll also need to transfer funds to cover Spanish property taxes and costs such as legal and notary fees, which can add around 10% to 15% of the property price, depending on the region.
Read our article on the costs of buying property in Spain for more information about fees, taxes and additional expenses.
The reason you’re buying property in Spain can affect your currency transfer needs. Here are four common scenarios and what they could mean for moving money overseas.
If you’re retiring to Spain from the UK, you’ll need to think about how you move your pension and savings from the UK. This could mean arranging regular pension transfers or sending a larger lump sum.
Automating transfers can make regular payments simpler, while securing a strong exchange rate is especially important when moving larger amounts.
Owning a holiday home may require regular transfers to cover bills and services, along with occasional payments for repairs, furnishings or spending money.
You may choose to buy euros when the GBP/EUR rate is favourable and hold them in a secure currency wallet, so funds are ready whenever you need them.
If you’re relocating to Spain permanently, you may still have financial ties in the UK that require occasional transfers in both directions.
With the Currencies Direct app or your online account, you can monitor exchange rates, track transactions and send up to £50,000 24/7 – useful for ad hoc transfers or unexpected expenses.
If you’re purchasing property as an investment, managing exchange rate risk can help protect returns and create more predictable cash flow.
Your account manager can help you explore tools such as forward contracts and market orders to build a currency strategy that supports your investment goals.
If you sell your Spanish property, you may need to repatriate the proceeds back to the UK. Securing a strong exchange rate can make a significant difference when transferring a large lump sum, as even small movements in GBP/EUR can affect how much you receive in pounds. You may choose to fix an exchange rate in advance or hold funds in euros until the rate improves before making your transfer.
Ready to start planning your transfers to Spain? Open a free Currencies Direct account in minutes to access competitive exchange rates, specialist transfer tools and support from a dedicated currency expert.
Transfers to Spain typically arrive within 24-48 hours. If we receive your funds before 10am, we can usually send your transfer the same working day.
Timing can vary slightly depending on the receiving bank or if additional documentation is required. It’s always a good idea to speak with your account manager in advance so they can help you plan your transfer and make sure the funds arrive on time.
Exchange rates are always moving, so the rate you’ll receive for your GBP/EUR transfer to Spain depends on when you make the transfer. We can help you navigate currency volatility and target a strong exchange rate, so get in touch if you need guidance.
Yes, you can use a forward contract to lock in an exchange rate for up to a year in advance. This is a common tool used by property buyers that helps protect against currency market volatility and gives you certainty over how much you’ll receive for your GBP/EUR transfer.
It’s important to note that when you secure a rate with a forward contract, you won’t benefit if the rate improves. However, you’ll also be protected if the rate weakens, and you’ll be able to budget with certainty.
With Currencies Direct, there’s no limit on how much money you can send to Spain from the UK. You can transfer up to £50,000 online or via the app, and amounts above £50,000 through your account manager.
However, your bank may limit the amount you can transfer in a day. If this is the case, you can often ask them to either permanently or temporarily increase the limit to allow a larger transfer.
The key risk in currency exchange is that the exchange rate will weaken when you’re ready to make a transfer. We can help minimise this risk by providing market insights, expert guidance, and specialist transfer options.
For example, you can use a forward contract to lock in an exchange rate for up to a year, protecting you from currency volatility.
When making a large international transfer, you’ll need to provide evidence for the source of funds, such as a bank statement or investment certificate. Having these documents ready in advance can help ensure everything goes smoothly.
You’ll also need to provide photo ID when you first open a Currencies Direct account.
Yes, it’s safe to transfer large sums overseas, as long as you use a trusted, regulated provider and you take steps to protect yourself from fraud.
Find out more about how to safely send large sums of money overseas, or visit our security and fraud page for tips on keeping your accounts secure and how to spot common scams.
Yes, you can automate regular overseas payments on a monthly or quarterly basis.
Read our latest articles about buying property in Spain.
