Not long after I arrived in Spain, my family sent me some living expenses. But when I checked my bank account, I found that the amount that arrived was a lot less than what was sent! At first, I thought it was due to the exchange rate, but after carefully checking the statement, I realized the bank had charged a bunch of miscellaneous fees. It was such a headache.
I believe many of you have had similar experiences, especially students and new immigrants who have just arrived in Spain. Our families back home send us money with the best intentions, only for the banks to take a cut before it even reaches us. Today, I’m going to talk about this issue of receiving fees at Spanish banks, sharing the pitfalls I’ve encountered and some lessons learned. Hopefully, it can help you save some money.
Fee Comparison of Major Banks
The Spanish banking system, how should I put it, sometimes feels quite traditional. When it comes to international transfers, each bank has different policies and fee structures. I’ve asked some friends and combined their experiences with my own to put together a general overview. Please note, this is just a reference; the actual fees may vary depending on your account type, the transfer amount, the transaction route, and other factors.
| Bank Name | Approximate Receiving Fee | Notes |
|---|
| Santander | Usually 0.2% - 0.75%, with minimum and maximum charges. | Minimum fee can be €15-€20, max can be over €100. Account type matters. |
| BBVA | Similar to Santander, a percentage-based fee, generally considered not cheap. | A popular bank among international students, but they don’t hold back on fees. |
| CaixaBank | Also percentage-based, around 0.4%, with a minimum fee. | Caixa has many branches, but their fees aren’t cheap either. |
| Sabadell | Complex fee structure, sometimes deducted in several transactions. | Some friends reported being charged both an intermediary bank fee and a receiving bank fee, totaling over €40. |
Traditional major banks really charge a lot for receiving international transfers. They usually have a percentage-based fee and then a minimum charge. For example, for a €1000 transfer, a 0.5% fee would be €5, but if the bank’s minimum charge is €18, you’ll pay €18. It’s such a rip-off!
How to Minimize the Fees?
So, are there ways to pay less in fees? Of course!
- Open an account designed for students or young people: Some banks offer accounts with no maintenance or transaction fees for specific groups. Before opening an account, make sure to ask clearly about their policy on receiving international transfers and the associated Spanish bank fees.
- Use online banks or modern financial apps: Digital banks like N26 or Revolut are often much cheaper for receiving foreign currency transfers than traditional banks. They might even have no fees, though there could be slight differences in the exchange rate for Spanish bank transfers. They are very cost-effective for small, frequent transfers.
- Choose the fee payment option when sending money: When sending money from your home country, you can often choose between ‘SHA’, ‘OUR’, or ‘BEN’. To ensure the full amount arrives, it’s best to choose ‘OUR’. Although this means paying more on the sender’s end, it can prevent the Spanish bank from deducting another fee. However, please note that even if you choose OUR, some aggressive banks will still find an excuse to charge a ‘handling fee’, and these Spanish bank fees can be unpredictable. It really depends on the bank and your luck.
I hope this information is helpful! Feel free to share your own experiences in the comments below—which bank ripped you off, or if you have any money-saving tips. Let’s exchange ideas and help others avoid the same mistakes!
