Send Money To Spain
Officially known as the Kingdom of Spain, Spain is a sovereign state in south-western Europe. Its territories also include the Balearic Islands and the Canary Islands. Spain is the second largest country in the European Union, and is the fourth largest country in Europe, with an area of 504,645 square kilometers. The country also has the sixth largest population in Europe. Spain has a capitalist, mixed economy that is the 5th largest in the European Union and the 14th largest in the world. The country is also a popular tourist destination and a popular destination for many people looking to relocate to the sunshine. This means that plenty of people send money in and out of the country on a daily basis.
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Currency and Foreign Exchange
Spain is part of the Eurozone and, as such, uses the Euro as its currency. The Euro is comprised of 100 Cents. As in all other Euro countries, Spain produces Euro notes in 5, 10, 20, 50, 100, 200, and 500 Euro denominations, and coins in 1, 2, 5, 10,and 50 Cents, and 1 and 2 Euro pieces. Prior to the introduction of the Euro in 2002, the official currency in Spain was the peseta, which was established in the country in 1869. The peseta was divided into 100 Centimos and 4 reales.
Money Transfer Regulations in Spain
As Spain is part of the Eurozone, there are no restrictions on sending money into or out of the country and all capital controls were abolished during the 1992 European monetary crisis. When transferring funds into Spain, you must make a declaration to the Customs Authority (servicios de aduanas) if you are transferring €10,000 or more (or the equivalent in another currency). Cash transfers over the value of €2,500 cannot be made in cash as they must be completed through a verifiable means of payment. This rule does not apply to international bank transfers, however, and so should not impact on your transfer of funds to Spain.
When transferring money to Spain, there are several payment methods and options to choose from. Each payment method offers it’s own benefits and the best option for you will depend upon a number of factors including how much you are transferring and how quickly you want the funds to reach their destination. Wire transfer is the most popular method of international transfer transaction. If you are sending money to Spain using wire transfer, there are two main options available to you. You can transfer via a high street bank or by using a specialist international money transfer company. A comparison service such as sendthatcash.com will allow you to compare the rates and fees at different banks and transfer companies in order to identify the most efficient and cost effective option for you.In certain circumstances, you may need to send money for cash-collection. You can send money to Spain this way by conducting a cash payment transaction via a service such as MoneyGram. Cash collection services such as this allow money to be transferred from your bank account and be collected in cash by the recipient in Spain. You should be aware that, compared to bank-to-bank transfers, cash collection transfers can be a relatively expensive option and are generally best reserved for isolated instances where you need to move money quickly or if the recipient doesn’t have a bank account in Spain.
Potential Difficulties of Sending Money to Spain
For many people, the entire process of sending money abroad can be daunting, especially when it comes to finding the quickest and most affordable payment method. The good news is, this doesn’t have to be the case – finding the best deal can be quick and easy! Sadly, fees and charges when sending money abroad are, to a large degree, unavoidable. However, if you know where to look, it is possible to keep them to a minimum and potentially save yourself hundreds, or even thousands. By using a comparison service such as sendthatcash.com, it is quick and easy to find the best rates available and ensure that you pay the lowest possible fees and charges.A further problem is identifying the best exchange rates. Currency rates change constantly throughout the day and, to make things more complicated, different service providers and institutions offer different rates. It’s therefore not surprising that many people are unclear about how to find the best deal. Although the currency rate is out of control of you or your service provider, using a comparison service will allow you to check a range of rates and chose the one that best suits your transfer needs, allowing you to send money to Spain with minimum costs and effort.
Why use sendthatcash.com?
The process of sending money to Spain can seem somewhat daunting, complex and expensive. That’s where sendthatcash.com comes in. We are a professional money transfer and foreign exchange comparison website. We take care of all the hard work for you, allowing you to compare the fastest and most reliable international money transfer providers and foreign exchange firms that will allow you to send money to Spain quickly, efficiently, and cheaply. We will help you to find a great deal with a regulated, secure money transfer provider, making the whole process as simple and straight-forward as possible.