Expat Guide to Wise Low-Cost Money Transfers to Spain

The ‘Best Way to Transfer Money?’ Expat Question

Transferring money between your native country and Spain can be costly. This guide explains the benefits of Wise for Expats, and its step-by-step guide shows how you can set up your Wise account and make low-cost money transfers to Spain easily, securely, and in different currencies.

What is Wise?

Wise is a financial service that allows you to easily send and receive money across different countries at lower fees than traditional banks. It is ideal for Expats. It uses mid-market exchange rates (the real exchange rates), often more favorable than bank rates. This makes international transactions much more cost-effective.

With a Wise account, you effectively hold a global account with access to Wise online branches in many countries. When you make money transfers to Spain (or between any countries), the transaction is ‘in-house’, which means exchange rates are favorable and fees are low. Transaction times are much faster as well.

It operates entirely online, making sending and receiving money while living in Spain easy. Additionally, Wise offers borderless accounts and debit cards, allowing you to hold and spend money in multiple currencies using your Wise account and debit card.

Is Wise a Bank?

Wise is not a bank. It is licensed as a money transfer service provider and works with partner banks to facilitate transactions. While it offers bank-like features, such as account balances and debit cards, it does not provide loans, savings accounts, or other traditional banking services.

Benefits of using Wise for Expats in Spain

Wise offers significant benefits:

Cost-Effective Money Transfers

Wise offers significantly lower fees and better exchange rates than traditional banks, making it ideal for transferring money to and from Spain. This saves you substantial amounts in international transactions.

Easily Manage Multi-Currency Accounts

Wise allows you to hold and manage multiple currencies in one account, including USD, GBP, and EUR. This feature is handy for Expats who need to receive or send money in different currencies.

No Hidden Fees with Debit Card Usage

The Wise debit card lets you spend money in over 200 countries without hidden fees or poor exchange rates. This is especially beneficial for daily expenses in Spain, as you can use the card like a local without incurring additional charges.

Fast transfers

Most transfers arrive faster than standard bank transfers, often within hours, often within seconds, depending on the value and destination.

Secure and regulated

Wise is regulated in multiple countries and required by law to safeguard customer funds by keeping them separate from its operational capital, storing them in top-tier banks like JP Morgan Chase, or investing in low-risk assets such as government bonds. This means your money is protected. It is licensed and regulated by financial authorities like the UK’s Financial Conduct Authority (FCA) and the US Financial Crimes Enforcement Network (FinCEN).

Why Wise is a Smarter Choice Over Banks

Operating since 2011, Wise provides transparent, upfront pricing with no surprises. It has around 12 million active customers. This is expected to grow rapidly to over 17 million by the end of 2025 — a sure sign that it is an established and trusted financial service.

READ ALSO >>> Transfer Money to Spain >> Save Time & Money with Our 2025 Tips

Step-by-Step Guide to Setting Up a Wise Account

Setting up a Wise account is straightforward and can be done online or through the Wise app. Here’s how:

Step 1 >> Registration

Go to wise.com or download the Wise app from the App Store or Google Play. 

Step 2 >> Verify Identity

Before you can do anything with Wise, you must verify your account. After initial verification, Wise may ask for re-verification. This depends on the value, currency, and number of transfers.

You will need a photo valid ID, usually one of a passport, government-issued ID, or driving license. You’ll also need proof of address, such as a utility bill or bank statement.

See Wise’s Help Centre for more details on how to verify your Wise account and for specific information on how to confirm your identity with photo ID.

Step 3 >> Start Using Your Wise Account

Once verified, you can start using your account. Add money to your account by linking it to your existing bank account or using a debit/credit card to add funds.  If you wish, you can order a Wise debit card to spend in multiple currencies without conversion fees.

Step 4 >> Send Money

Transferring entails four simple steps:

• Enter the amount you want to send.
• Wise will show the exact fees and exchange rate before you proceed.
• Pay via bank transfer, debit card, or credit card
• Wise will process the payment and notify you when it’s sent

See this short video on how to send money with Wise:

The entire process of setting up and verifying your account and sending money is nicely described in this video: How to Set up and Use Wise:

Save Money and Stay in Control

Wise is an invaluable financial tool for Expats moving to Spain. It offers a seamless and cost-effective way to international money transfers to Spain. Its fair exchange rates, low fees, and ease of use make it an excellent choice.

By following these steps and tips, you can start enjoying the benefits of borderless banking. Sign up to Wise today and start saving on international transfers.