Prepaid Cards in Spain
Neteller offer a free virtual account which can be upgraded to a prepaid MasterCard, subject to T & C's including applicant providing acceptable ID, being a resident in the UK or Ireland. Prepaid Card & usage fees apply.
Application is free based on you loading £200 of currency on to your card. This card is an electronic money product issued by Clydesdale Bank PLC. Clydesdale Bank PLC, a company registered in Scotland with number SCOO1111
Europe Traveller by Caxton FX - Preload your card with currency, subject to terms and conditions including applicant providing acceptable ID, being a resident in the UK & aged 18 years+. Travel Card & usage fees apply.
Euro Card by Ace FX - Preload your card with currency, subject to terms and conditions including applicant providing acceptable ID, being a resident in the UK & aged 18 years+. Travel Card & usage fees apply.
Prepaid cards available in Spain where you need to be a Spain resident to get a prepaid credit cards
Moving or going to holiday to Spain? Then there are prepaid cards available for using in Spain where you need to be a Spanish resident to get a prepaid credit cards. The currency in Spain is the euro so you will have two options. The first option is to get a euro prepaid card where you need to live in Spain to do this. You will need to have your passport and your address available which needs to be situated in Spain.
Send money to Spain
Brits are mad for Spain as it is so close to a large number of sun seekers and due to expats retiring over in Spain and sending money transfers to spain either to buy property or to send pension payments overseas or pay rental fees partly because own or rent a property there or because they have family living in the sunshine hotspot. If you need to know more about sending money to Spain, read on.
Buying property in Spain
Individuals who are buying a property abroad typically make the largest foreign exchange transactions, although sending money overseas for holidays, business or emigration can also involve considerable amounts of money being transferred.
If you are looking to buy a property in Spain you need to know its exact price first. Visiting the property itself first and placing a deposit without working out the exact cost after the exchange rate is like buying a home in the UK without knowing how much it is.
Therefore, before you start looking at property in Spain you need to look at the exchange rates so you know the actual amount you can spend on property.
The euro (EUR) is Spain’s current form of currency and like the pound it is available in both notes and coins. The coins are available in 1 Euro Cent, 2 Euro Cent, 5 Euro Cent, 10 Euro Cent, 20 Euro Cent, 50 Euro Cent, 1.00 Euro and 2.00 Euro. The smallest value of a note is 5.00 Euros with the largest being 500 Euros.
Before Spain used the Euro as its official currency, the Peseta was the common form of currency but it is no longer accepted as a form of money in Spain.
How to benefit from good exchange rates
Exchange rates with banks vary massively, with some being reasonable and some being awful. Often, it will depend who the customer sees in the bank when they enquire about exchange rates.
Generally, banks do not offer competitive rates and often consumers assume exchange rates are fixed and therefore do not shop around for a better rate.
Exchange rates are not fixed which is why individuals looking to send money to Spain should look around for a good exchange rate. Using a broker could save as much as 4%, which equates to a saving of £5,000 for a transfer of €150,000.
Use a broker for one or regular payments to Spain
Foreign exchange brokers can help consumers looking to send money to Spain make the most of the exchange rate as they do tend to offer a more beneficial rate than high street banks. A broker can help you for a one off transaction or for regular money transfers.
How long does it take to send money to Spain
There is no guarantee how long it will take to send money to Spain, and a number of different factors contribute to the speed in which the money is transferred.
Transferring money to Spain will be far quicker than sending money to a country such as India, as their currency is the Rupee which is not considered a major currency. Therefore, because the Euro is a major currency money could be sent and received in Spain in one or two days, although this is not certain.