Traditional banks
The large Spanish banks (BBVA, Santander, CaixaBank, Banco de Sabadell) offer international transfers. To use one of them you first need a Spanish bank account. The advantages: personal advice in branch, high security, wide availability.
The disadvantage: high fees and poor exchange rates. BBVA charges around 15-30 EUR per SEPA cross-border transfer plus an exchange rate markup of 2-3%. That is expensive.
Example: you transfer 5,000 EUR from Spain to Germany via BBVA. Fee: 15 EUR. Exchange rate markup: estimated 100 EUR. Total: 115 EUR in costs.
When traditional banks make sense:
- You need an in-branch appointment and personal advice
- You transfer money very rarely
- You need maximum security (backup accounts)
Wise - the exchange rate champion
Wise is the best service for international money transfers. The company was founded in 2011 and focuses on one thing only: transferring money cheaply.
How Wise works: You transfer money from your Spanish account in euros. Wise converts it at the real exchange rate (today's Google rate, not the manipulated "bank rate"). There is no markup. Instead Wise charges a small, transparent fee:
- 0.66% + minimum fee (approx. 0.50 EUR)
- On 5,000 EUR: approx. 33 EUR total fee. That is about 70% cheaper than BBVA.
Exchange rate (March 2026): 1 EUR = 1.09 USD (Google). BBVA would give you 1.06 USD and keep the difference.
Speed: Transfer usually within 24 hours, often faster. The money arrives in your German account the next day.
Limits: Initially up to 10,000 EUR/day. After verification (video call, account confirmation) up to 100,000 EUR+.
Special feature: You can also open a Wise account with an account number. Your employer can then pay directly into it, and you have an IBAN for direct debits.
Revolut - versatile and mobile
Revolut is a British fintech bank with over 20 million users. Its main feature: you can switch between 150+ currencies in the app and often pay just a fraction of a cent in fees.
How Revolut works:
- Account opening: 5 minutes via app
- Exchange rate: very good, similar to Wise
- Fees: free for the first transfer, then 1.50 EUR per transfer (not percentage-based)
- Speed: instant if both parties are on Revolut; otherwise 1-2 days
Example: you transfer 5,000 EUR to Germany.
- Exchange rate: very fair
- Fee: 1.50 EUR
- Total: around 8 EUR. Excellent!
The catch: Revolut is strict about verification. Some Germans have had trouble opening an account if they are not registered in the UK. For Spain it usually works without problems.
Special feature: The Revolut card is also a physical card with cashback programmes. You can use it to withdraw cash worldwide and never pay foreign transaction fees.
N26 - a modern German alternative
N26 is a German bank, founded in Berlin, with millions of customers across Europe. It offers a simple, clean banking experience with good design.
How N26 works:
- Account opening: 8 minutes
- Fees: free for the standard account
- International transfers: from 0 EUR (SEPA transfers), international approx. 1 EUR
- Exchange rate: good, but not better than Wise
Example: you transfer 5,000 EUR to Germany via N26.
- Fee: 1 EUR (for instant transfer)
- Exchange rate: standard bank rate, approx. 0.5% markup
- Total: approx. 30 EUR
N26 vs. Wise: Wise is cheaper for large transfers. N26 is better if you need the money in Germany quickly and regularly transfer small amounts.
Special feature: N26 has very clean app design and works well as a primary account with a debit card.
Comparison and recommendation
Here is an overview for a transfer of 5,000 EUR from Spain to Germany (2026 rates):
| Service | Fee | Exchange rate markup | Total | Duration |
|---|---|---|---|---|
| BBVA | 15 EUR | ~100 EUR | 115 EUR | 3-5 days |
| Santander | 20 EUR | ~100 EUR | 120 EUR | 3-5 days |
| Wise | 33 EUR | 0 EUR | 33 EUR | 1 day |
| Revolut | 1.50 EUR | ~10 EUR | 11.50 EUR | 1-2 days |
| N26 | 1 EUR | ~25 EUR | 26 EUR | 1 day |
My recommendation:
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For large transfers (1,000 EUR+): Use Wise. Full stop. It is the cheapest option and the exchange rate is right.
-
For frequent small transfers (less than 500 EUR): Use Revolut. The 1.50 EUR fee is unbeatable.
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For everyday banking: Use N26 or a Spanish bank account. Both are practical and free.
-
Hybrid approach (recommended):
- Primary account: N26 (current account, card, SEPA payments)
- Transfers to Germany: Wise (large amounts) + Revolut (small amounts)
- Spanish account: BBVA or CaixaBank (local payments such as rent)
This saves you hundreds of euros a year and gives you maximum flexibility. You can find an overview of monthly expenses in our article on the cost of living on Mallorca.
Summary
Forget the high fees of traditional banks. Use Wise and Revolut for international transfers. They are safe, regulated, fast and above all cheap. Your wallet will thank you.