I was planning to send some money home recently and had to make two trips to the bank. It really feels like Spanish banks are becoming much stricter with their review process for money transfers, especially for those going to non-EU countries. I don’t remember it being this much of a hassle before. They ask so many questions and require a lot more documents now. Or is it just me? I’m writing down my experience and would love to hear if anyone else has run into similar situations.
Preparations Before the Transfer
This time I went to CaixaBank. I’ve used them for transfers before, but the teller was especially strict about the source of funds. If you’re sending a slightly larger amount, say over a few thousand euros, the bank will almost certainly ask you to provide documentation proving the money is from legitimate income. This was the case for me—my amount was a bit over their limit, and they required extra documents, making it a hassle. This level of scrutiny is common for many international transfers, such as when transferring money from Spain to the US.
From my experience, here are the main types of documents the bank might require, similar to what’s needed for transferring money from Spain to Canada:
- Work contract and payslips: This is the most direct and effective proof, especially for routine bank transfers in Spain. If you’re an employee with a steady salary, providing your payslips from the last few months should generally be sufficient.
- Tax returns: If you are a business owner or self-employed, your personal income tax return from the previous year is strong evidence.
- Proof of asset sale: For example, contracts and bank deposit records from selling a car or a house.
- Other proof of legal income: For instance, compensation payments, inheritance documents, etc.
The bank’s main goal is to prevent money laundering. They need to ensure that every large transaction is traceable, so it’s always a good idea to have your documents ready in advance. Otherwise, you’ll end up missing something at the counter, which can cause significant delays.
Personal Information Needed for the Transfer
Besides the proof of funds, you also need to have all the necessary information for the transfer itself. It might seem basic, but it’s easy to make a mistake, so here’s a checklist as a reminder, especially for newcomers.
| Information Category | Details |
|---|
| Beneficiary’s Information | Full name in Pinyin, bank account number in the home country, name and address of the beneficiary bank, SWIFT Code |
| Sender’s Information | Your full name, NIE number, address and phone number registered with the bank |
| Reason for Transfer | Usually, it’s best to write “living expenses” or “family support.” Avoid sensitive terms like “investment.” |
The SWIFT Code is extremely important. Always double-check it with the beneficiary bank in your home country. If you get it wrong, the money will be returned, and you won’t get the transfer fee back, meaning you’ll lose several dozen euros for nothing. I usually contact my home bank’s customer service directly to get the standard remittance information and save a screenshot of it to be safe.
Finally, I’d like to ask everyone: have you also encountered stricter procedures when transferring money with other banks, like Santander or BBVA? Are there any banks that are a bit more lenient or have more reasonable fees? Feel free to reply and share your experiences to help others out!
