Send Money to Spain

Sending money to Spain with Rutland FX is straightforward. Both businesses and individuals can sign up for a free account, provided they meet the criteria on our application guidelines page. Once your account is active, you can perform currency conversions and initiate money transfers directly through our platform or by contacting your account executive.

To send money to Spain with Rutland FX, you can use SEPA or SWIFT payment methods.

For SEPA transfers:

• IBAN: The recipient’s International Bank Account Number.
• Recipient’s Name and Address.

SEPA transfers are typically used for payments within the Eurozone and generally take 1-3 days to complete.

For SWIFT transfers:

• IBAN: The recipient’s International Bank Account Number.
• SWIFT/BIC Code: Identifies the recipient’s bank internationally.
• Recipient’s Name and Address.

SWIFT transfers are ideal for international payments, offering speed, traceability, and recallability. You can validate and save these account details on the platform for future transactions, making the process more efficient and convenient.

Rutland FX provides UK-based EUR multi-currency accounts in your or your business’s name, making it easy to manage EUR transactions. Ideal for businesses dealing with Spanish transactions or individuals with financial interests in Spain, these accounts offer a convenient solution. You can hold and manage EUR balances, simplifying cash management and reconciliation. Receiving funds from Spain into your Rutland FX account is straightforward, and you can convert them back to GBP as needed. For outbound payments, you can hold EUR in your account until you’re ready to transfer.

FAQs: Sending Money to Spain

What are IBAN and SWIFT/BIC Codes for Payments in EUR?

When transferring funds to Spain via SEPA or SWIFT, the IBAN and SWIFT/BIC Code are essential. These codes ensure the money is accurately directed to the recipient’s bank and branch in Spain.

• IBAN: The recipient’s International Bank Account Number. An example IBAN might be “ES91 2100 0418 4502 0005 1332”.
• SWIFT/BIC Code: This code identifies the recipient’s bank internationally. An example SWIFT/BIC Code could be “BBVAESMM”.
• Recipient’s Name and Address

What Differentiates SWIFT and SEPA Euro Transfers?

SWIFT is the primary method Rutland FX uses for international payments due to its speed, traceability, and recallability. Payments are tracked and monitored throughout their journey, with no limits on transfer amounts.

SEPA (Single Euro Payments Area) transfers are designed for transactions within the Eurozone, typically taking 1-3 days to complete. SEPA transfers focus on ease of transactions within Europe but may not offer the same level of traceability and recallability as SWIFT.

How Are My Funds Protected?

As an Electronic Money Institution (EMI), Currency Cloud is obligated to maintain adequate capital reserves and ensure the proper safeguarding of customer funds. All funds received in relation to electronic money will be safeguarded in tier-one credit institutions such as Barclays Bank PLC. This ensures that in the unlikely event of our insolvency, administrators would reimburse your funds from the safeguarded funds.

Can I Receive Funds from Spain?

Yes, Rutland FX can provide you with a UK-based EUR account that supports SWIFT transfers. This is particularly useful if you are selling a property or assets in Spain and need to repatriate funds at a better exchange rate. However, we can only onboard you as a customer if you are a citizen, have a residence in, or if your business is registered in one of the supported countries.

Can I Send Money to Spain Using Other Currencies Besides EUR?

Yes, you can. For example, businesses and individuals in Spain often hold multi-currency accounts. You can send USD to Spain if the recipient has a USD account in Spain that supports SWIFT payments.

Are There Any Limits on the Amount of Money I Can Transfer to Spain?

There are currently no transfer limits on SWIFT payments to Spain with Rutland FX. This means you can settle large invoices or transfer substantial amounts of money with ease.

How Do I Track the Status of My Transfer to Spain?

Our EUR transfers are sent using SWIFT GPI by default, making them trackable, traceable, and recallable. You can monitor your payment directly on the platform or by contacting your account executive. The full journey of the transfer can be tracked along the SWIFT network, including the time taken to arrive and any deductions by correspondent banks.

How Do I Cancel or Amend a Transfer to Spain After It Has Been Initiated?

Always double-check bank details and ensure you wish to dispatch a payment before sending funds internationally to avoid delays. However, on some occasions, you may need to cancel a payment. If a payment has been instructed but not yet dispatched, you can cancel it on the platform or by contacting support.

If the payment has already been dispatched and the funds have reached a trusted recipient, the fastest way to get the money back is to ask the recipient to return it to your EUR account with Rutland FX. If not, we can initiate a recall of the funds; however, this is not guaranteed and may require the recipient’s consent if the funds have been credited to their account.

How Can I Contact Rutland FX Support?

Rutland FX offers live support via telephone and email. Email support is available 24 hours a day, ensuring assistance is available at any time. Telephone support is available during UK business hours, from 8:30 AM to 5:30 PM.