I’ve just arrived in Spain and have more or less sorted out the essentials like opening a bank account and handling residency paperwork. My family is about to send me my first set of living expenses, so I’ve been researching the process of transferring money from home to a Spanish bank account. I discovered there are quite a few small details to pay attention to. I’m sharing my experience here to help fellow students avoid any hassles.
Preparations Before the Transfer
Before initiating the transfer, it’s crucial to have all your Spanish bank account details ready and correct. Any mistake could result in the funds being returned, and you’d lose the transfer fees. To ensure a smooth transaction, whether it’s receiving funds from home or even transferring money from Spain to the US later on, you’ll need to provide your family back home with the following precise information:
- Beneficiary’s Name: Your full name in Pinyin as it appears on your passport and is registered with the bank.
- Beneficiary’s Address: Your residential address in Spain, the same one you provided to the bank.
- Bank Name: The full name of your bank, for example, Banco Santander, S.A. or Banco Bilbao Vizcaya Argentaria, S.A. It’s best to write the full name.
- SWIFT/BIC Code: This is the bank’s international identifier. Each bank has a unique code; for example, Santander’s is
BSCHESMMXXX. You can find this on your bank’s official website or by asking your account manager.
- IBAN (International Bank Account Number): Spanish IBANs start with
ES followed by a long string of numbers. You can find this in your banking app or contract. This is the most important piece of information, so make sure it’s absolutely correct!
Transfer Methods and Fee Comparison
The most common method is still a wire transfer from a bank in your home country. I had my family check with a few major banks in China, and the fees and timelines are pretty similar. The principles of international wire transfers are quite universal, whether you’re sending money to Spain or, for example, transferring money from Spain to Canada. Here is a simple table for reference, but please note that fees may vary, so it’s best to confirm with your bank before making the transfer.
| Bank | Handling Fee | Cable Fee | Arrival Time |
|---|
| Bank of China | 0.1% of amount (Min 50, Max 260 CNY) | 150 CNY/transfer | 2-3 business days |
| ICBC | 0.08% of amount (Min 16, Max 160 CNY) | 100 CNY/transfer | 2-3 business days |
| China Merchants Bank | 0.1% of amount (Min 100, Max 1000 CNY) | 150 CNY/transfer | 1-3 business days |
A quick reminder: In addition to the fees charged by the sending bank, the receiving bank in Spain might also charge an incoming transfer fee, which can range from ten to several tens of euros. My bank, Santander, charged about €18. So, when calculating the total amount for your money transfers to Spain, it’s a good idea to factor this in.
What to Write in the Remittance Message?
The “message” or “remarks” section of the transfer form is also important. To avoid unnecessary complications, it’s best to keep it simple and clear. For example, write “Gastos de manutención” (Living expenses) or “Gastos de educación” (Education expenses). This helps the bank understand the purpose of the funds and can speed up the process. Definitely avoid writing anything vague or odd, like “Pocket money for my son” or anything similar, haha.
As long as you double-check all the beneficiary information, the transfer process should be quite smooth. The money usually arrives within a few business days. If you’re unsure about anything the first time, it’s safer to have your family go to a bank branch and have the staff help verify the details. Hope your funds arrive safely, and you can begin your wonderful life in Spain!
