Last Updated on November 5, 2023 by Bruno Bianchi
Question
Does anyone know how to make a payment to a Spanish bank account from Canada?
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These are the answers of some Facebook group members:
”wise. It’s super easy”
”Ask your bank to wire it”
”I have used Wise for 7 years now, works very well”
”Every Canadian bank has instructions on how to transfer money abroad and associated fees. Spanish bank may charge something as well, but I couldn’t help here on how to find it out. However, depending on the amount of money you are to transfer, using a bank transfer may or may be not the most cost-effective way of doing so. Another aspect is how long it would take to get money available in Spain. On top of that, how frequently you need to transfer and the convenience of the process. Using transfer platforms as advised by others has pros and cons associated with it. You are to share a lot of private information with a third party and give them permission to withdraw money from your accounts. But you can gain that cost-effectiveness and convenience”
”Global money transfer (BMO bank account) costs $5 but is easy to do and usually has the transfer same day or the next day. (They say up to 3 business days but we found that was the first time and the time after that has been fast”
”I would get a Wise account. It is fast and easy and would save you fees the bank would charge”
”Do not, I repeat not use Canadian banks, the exchange rate is awful”
”Transfer bank to bank, online is usually cheaper”
”You can use the Wise app, but check with your Canadian bank first because sometimes they have a feature to transfer money for a really low fee or even free”
”Yes Wise … formerly Transferwise”
”WISE is pretty good”
”Gc partners. Better rates than wise. And they have customer service reps if anything goes wrong”
”Either Wise or BMO global money transfer”
”Swift from the bank or WISE. The latter is easier and less pricey”
”From your bank to your Spanish account’s IBAN number”
”Use both Currencies Direct and Wise on the big amount, CD has better rates the rest the same”
”
MTFX, converts to €, with a good rate and you could transfer to whoever you want. The only thing is for your bank to recognize MTFX as a payee. TD doesn’t but ask again”
”CIBC has the option to make global money transfer”
”I’ve used Currency Direct and found them to give good service. I’m not saying they are the best, I don’t know, only that they worked fine for me”
”Just ask for the account and Swift number and then you make the transfer”
In conclusion, according to Spainguru Facebook group members, when sending payments from Canada to a Spanish bank account, options like Wise and bank wire transfers were recommended for their ease and cost-effectiveness. It’s advised to compare fees, exchange rates, and transfer times. While Wise appeared popular, individual preferences and needs should guide the choice of method.
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