Transferring a large sum of money internationally is not the same as sending a few hundred euros to a friend. When buying property in Spain, you may need to send anywhere from a few thousand euros for a reservation deposit to several hundred thousand at completion. The amounts are significant, the timing matters, and there are genuine risks to be aware of — from hidden costs to fraud.
This guide explains how international transfers to Spain actually work, what they cost, how to keep your money safe, and what to expect at each stage of a property purchase.
Taking professional advice before transferring large sums to Spain can help you avoid costly mistakes. Photo: Magnific
How international transfers to Spain work
Most large international payments travel through one of two systems, and understanding the difference matters both for cost and timing.
SEPA transfers
SEPA — the Single Euro Payments Area — covers 36 countries including all EU member states, the UK, Switzerland, and Norway. If you are sending euros from a SEPA country to a Spanish bank account, the transfer is fast (typically next working day), cheap (often free or a small flat fee), and straightforward. You need the recipient's IBAN (International Bank Account Number) and BIC/SWIFT code. SEPA transfers have no maximum amount limit, which makes them well suited to large property payments.
SWIFT transfers
If you are sending from outside the SEPA zone — the United States, Canada, Australia, or any non-euro currency — your transfer will travel via SWIFT (Society for Worldwide Interbank Financial Telecommunication). SWIFT transfers can involve intermediary banks along the route, each of which may deduct a handling fee before the money arrives. This means the amount that reaches the Spanish account can be slightly less than what you sent. Always ask your bank for a cost estimate and whether you can select a 'SHA' or 'OUR' fee arrangement — the latter means you cover all intermediary fees and the recipient receives the full amount, which is important when an exact sum is required (as it often is at completion).
What details you need
For any international transfer to Spain you will need:
- The recipient's full legal name (exactly as registered with their bank)
- Their full IBAN — Spanish IBANs are 24 characters and begin with ES
- The BIC/SWIFT code of the recipient's bank
- The name and address of the recipient's bank
- A reference or payment description — particularly important for property transactions, where the notary or gestoría may need to match the transfer to the transaction
From October 2025, EU Regulation 2024/886 requires banks to verify that the beneficiary's name matches the IBAN before executing an instant euro transfer. This new name-matching requirement adds an important layer of protection against misdirected payments — if there is a discrepancy, your bank must alert you before proceeding.
Read more at thinkSPAIN.com