Article by Mozo
If you have a business transaction to make in Spain, want to purchase property there or have money to send to a relative or friend, then brushing up on making an IMT or International Money Order is what you need to do. Good thing you’ve come to the right place!
Mozo illustrates how transferring money to Spain can be simple and quick. Some people see Mozo as a one-stop-shop for various matters, especially when it comes to money, so makes sure you bookmark us as your favourite!
When it comes to comparing international money transfer provider services to answering FAQs about money transfers, we offer an unbiased comparison on who will offer you the best rates and fees. This information is updated daily so be sure to check back regularly so you don’t miss out on any great rates.
Want to transfer money to euros for your next holiday to Spain? Then you need to visit Mozo’s Travel Money section. There you’ll find a lot of great information on the dos and don’ts when traveling as well as the best travel cards and exchange rates around.
Just select the amount of Australian dollars you want to exchange and Mozo’s IMT comparison tool will give you an estimate of how many Euros you’ll get with today’s exchange rates. Our service updates euro exchange rates every hour.
An IMT or an International Money Transfer is possible when you transfer money from account to account. Converting Australian dollars to euros means you can transfer them anywhere in the Spain. From Barcelona to Almeria, providing you have your recipient's bank ID numbers and their account details, then you can transfer anywhere you like in the Spanish-land.
Not only will various numbers like bank ID and recipient's account details be needed to verify the transaction, but it helps direct the money exactly where it needs to go. With an IMT, your money is safe from start to finish. You can use one of the following agents to transfer money from Australia to Spain:
For most, probably the most obvious vehicle in transferring money from one place to another. But it certainly not the only way! Banks have a reputation of being safe, but when it comes to fees and exchange rates, banks also have the reputation of being expensive.
Pros: Respectable brands you’ve known for years.
Cons: Usually higher transfer fees than other agents or financial providers. May not be convenient with their availability, especially if you can’t visit a branch during business hours.
Foreign Exchange Specialist
While banks are financial generalists, Foreign Exchange Specialists are just that - specialists. Also known as Specialist FX, these are companies that specialise in foreign exchange. Because they exchange foreign currency on a regular basis, it means that they may have a better rate than your average bank. If you can save a bundle, why not?
Online IMT and foreign exchange providers like TorFX, HiFX, OFX offering expert service and support at a reasonable price. Unlike some financial institutions, many Special FX agents don’t have minimum transfers, allowing you to transfer money to pay for your auntie’s small gift for her birthday, or a large amount to help her with her home renovations in Spain. Ah the choices!
Remember, online transfers are available 24/7 which means that there’s likely to be online help.
Pros: Safe and fast and cheaper international money transfer
Cons: Currencies fluctuate each day, so trading the Aussie dollar for Euros may be great one day, but not give you as much the next.
Not at all. Whether you walk into a bank, use a Foreign Exchange Specialist or take transfer the money yourself online, it’s all pretty safe. Nowadays, banks and money exchange agents use the some of the best and most up to date encryption technologies around, protecting your money transfer and personal details.
If you’re afraid of the hacker stories you hear about, it’s usually because customers haven't downloaded the latest protection software or installed the latest updates for their computer, leaving them unprotected with nearly all their online activity.
Yes. It’s really up to you how often you transfer money to Spain and it may affect your rate and fees very little. You want to be careful to not pay too much for your fees though, so shop around for the best deal. Have you considered using PayPal? If they’ve already got an account set-up, some people use PayPal to transfer small amounts. But it won’t work unless both sender and receiver has a PayPal account.
This is a good question. With so many IMT agents available, who do you pick? It doesn’t matter who you select, each one’s main objective is to transfer your money in a safe and timely manner. In terms of comparing the finer details to transferring money to Spain, we’ve come up with a selection of pointers for you:
Firstly, you need to decide which direction you will take - online, in person or over the phone? Working this out first, will determine your best next steps.
Whichever way you choose to transfer money to Spain, some crucial bits of information you’ll need for a successful transfer include:
BIC - Bank Identification Code
SWIFT - Society for Worldwide Interbank Financial Telecommunication
IBAN - International bank account number
Recipient - The person or party who receives the money being transferred
IMT - International money transfer
IMO - International money order.Country guides for transferring money internationally