Many folks dream of a life in beautiful and majestic Spain. If you have a friend or a family member there, there are situations where you need to send money to Spain to help them with college tuition or living expenses.
Whether a one-time lump sum or a small but frequent transfer, you’re naturally looking for an affordable option. So, you may ask yourself, “is it expensive to send money to Spain?” Well, it depends on what remittance provider you choose. Here, we’ll show you three ways to send money to Spain and help you pick the most affordable option.
Banks
Many individuals and corporations use the wiring service because they believe it to be the safest method. Since banks are heavily regulated establishments, your money is undoubtedly in safe hands.
However, banks charge a fortune for a simple international transfer. For example, if you send money to Spain using a bank, you have to pay a £35 fee plus a 6% exchange rate markup. Also, heavy regulations translate into significant paperwork/bureaucracy delaying the execution of the transfer.
PayPal
In the last decade, people’s frustration with banks has pushed them towards using digital wallets like PayPal. It’s easy to use, no need for heavy paperwork, and it is effortless to manage. Moreover, small businesses and individuals can utilize its mobile-friendly quality to make the transfer in a matter of minutes.
However, such speed and simplicity come with significant downsides. For instance, once you surpass a specific limit, like £500, the fees go up exponentially, and you may face certain limitations. Plus, a slight suspicious activity may set off the alarm bells at PayPal, and the account might get suspended instantly.
Online Money Transfer Services
Besides banks and digital wallets, some online companies offer money transfer services. They’ve grown popular in the last decade because they charge significantly less than the other options. Contrary to banks, you don’t have to go through endless paperwork to make a simple transfer.
Some companies have an easy signup process and deliver the money within 48 hours, but not all do. In addition, some reliable providers utilize advanced tech features to match the high-tech security of banks.
Bottom Line
You may sense that online money transfer services are the most sensible option. However, not every company can offer all the stated benefits. Some providers provide excellent speed but charge extra hidden fees and support a limited range of countries.
Therefore, it’s vital to find a company offering most, if not all, of these advantages. Lycaremit is one of the few providers on the market that charges minimum, transparent fees, supports a wide range of countries, and delivers the money within 48 hours. Plus, the RSA 256-bit encryption helps Lycaremit protect your money on every transfer. Therefore, register right away if you’re looking for a safe, fast, and affordable way to send money to Spain.
