Last Updated on March 18, 2026 by Bruno Bianchi
Question
Is it necessary to pay taxes on the amounts deposited in a Spanish bank account when transferred through an overseas bank transfer after moving to Spain on a non lucrative Spain visa?
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These are the answers of some Facebook group members:
”No, you won’t pay taxes to transfer cash to your Spanish account. The best way to move money is usually not a bank transfer, but to use a transfer service like Wise”
”Taxes are on earnings. Savings are not taxed, just interest earned. You probably have to pay fees to transfer, so do your research on the best transfer options”
”Best and least expensive way to transfer is by using WISE, formerly Transferwise”
“I always use Caxton to send money from the UK to Spain. A Place in the sun money service. Good rates and great service.”
”You won’t pay taxes when you make the transfer but if you become a resident before July 1st you will be a de facto Tax resident in Spain for this financial year. In early 2024 you will have to complete a tax return and depending on your income (not necessarily the money you’ve transferred to Spain) you may have to pay tax. Best to find a tax advisor once you arrive in Spain and they should be able to help you.”
”Transferring money to yourself is not a taxable event. Savings can be taxable in Spain if you have a lot of them. This is a wealth tax. As other Spainguru community member say, by moving before 30th June you become a tax resident in Spain from 1/1/2023. Yep, you’re already a Spanish resident and any earnings or capital gains in 2023 you already have are taxable again in Spain under the DTA”
In conclusion, according to Spainguru Facebook group members, transferring money to a Spanish bank account through an overseas bank transfer service (Such as Caxton or Wise) does not incur immediate taxes. However, becoming a resident in Spain before a certain date may make you liable for taxes on your income and assets, including savings, in the subsequent financial year. It is advisable to consult a tax advisor once you arrive in Spain to understand your specific tax obligations.
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