Moving a large sum across borders to complete a purchase is one of the parts of buying in Spain that worries people most — and where avoidable mistakes cost the most. Here is how it works: opening a Spanish account, timing the transfer, choosing how to move the money, proving where it came from, and getting it out again when you sell.
To buy property in Spain you will usually open a Spanish non-resident bank account and move your purchase funds into it ahead of completion, so the money is in place and in euros when you sign. Most buyers move large sums through a specialist currency provider rather than a high-street bank to manage the exchange rate and reduce costs — but Platinum Legal Spain does not give financial advice, so you should compare providers yourself.
You should also be ready to prove the source of your funds. Banks, notaries and lawyers are all bound by anti-money-laundering rules, and a large incoming transfer with no clear, documented origin can stall or block your purchase. Get the paper trail ready early and the money side of buying in Spain becomes routine rather than stressful.
From an account abroad to euros on the notary's desk, the journey has a clear order. Plan it and nothing is rushed.
You will normally need an NIE first, then open a non-resident euro account in Spain. This is where your purchase funds sit and from which completion is paid — usually by banker's draft handed over at the notary.
Transfer your purchase funds from home into the Spanish account ahead of completion, converting to euros along the way. Done early, this removes last-minute pressure and the risk of a transfer arriving late.
Keep documented proof of where the funds came from for anti-money-laundering checks, then pay the price, taxes and fees at completion. Your lawyer makes sure each payment is justified and routed correctly.
The order matters because each step depends on the last: no NIE, no account; no account, nowhere for the funds to land; no proof of funds, and the transfer can be frozen. Getting the NIE in place early is the foundation of the whole sequence, which is why we treat it as a first priority rather than a last-minute scramble.
Almost every foreign buyer needs a Spanish bank account to complete a purchase. You can technically pay in other ways, but in practice the price, taxes, utility direct debits and the local IBI all run far more smoothly through a Spanish account, and most completions are settled with a banker's draft drawn on one. As a non-resident you open a cuenta de no residente — a non-resident account — which behaves much like a normal current account but is opened on the basis that you live abroad.
The practical requirements are straightforward but unforgiving if you leave them late. You will generally need your NIE (or at least to have started the process), your passport, proof of address abroad, and often evidence of income or the source of the funds you intend to bring in. Banks increasingly want to understand who you are and where your money comes from before they open the account, part of the same anti-money-laundering regime that governs the transfer itself. Because requirements vary between banks and branches and some are far more comfortable with non-resident foreign buyers than others, it is worth arranging this well ahead of the day you need the money to land. We help clients get the account opened in good time as part of preparing for completion.
If your money is held in a currency other than euros, the exchange rate becomes part of the price you pay for your property — and it can move significantly between the day you agree a price and the day you complete. A purchase that looks comfortably affordable when you sign the arras can become noticeably more expensive if your home currency weakens before completion, or cheaper if it strengthens. That uncertainty, on a sum the size of a property price, is something every cross-currency buyer has to confront.
There are well-known ways to manage this — converting earlier, fixing a rate in advance with a regulated provider, or moving the money in stages — but which, if any, is right for you is a financial judgement that depends on your circumstances and view of the markets, and it is not advice we are able or permitted to give. What we will always flag is the practical timing: your euros need to be in your Spanish account, cleared and available, before completion, not in transit on the day. Leaving the transfer to the last moment risks a delay that can put the whole completion — and your deposit — at risk. Plan the transfer to land comfortably ahead of the date, and treat the exchange-rate question as a separate financial decision to take on independent advice.
One of the biggest surprises for foreign buyers is how seriously Spain takes the question of where your money came from. Banks, notaries, lawyers and currency providers are all subject to anti-money-laundering (AML) obligations, which means a large incoming transfer is expected to come with a clear, documented explanation of its origin. This is not suspicion of you personally — it is a legal duty that applies to everyone — but a transfer that cannot be explained can be delayed, queried, or in the worst case frozen at exactly the moment you need it.
The way to make this painless is to prepare the evidence before you need it. Depending on where the money has come from, that might mean bank statements showing the funds building up, a contract and completion statement from the sale of another property, documentation of an inheritance or gift, investment or pension records, or evidence of business proceeds. The key is a continuous, documented trail from the money's origin to your Spanish account, with no unexplained gaps. We help clients identify what they will be asked for and assemble it in advance, so the AML checks at the bank and the notary are a formality rather than an obstacle. Leaving it until a bank queries an arriving transfer is how completions get delayed.
A Spanish mortgage changes the money picture but not the underlying logic. The bank advances its share of the price directly at completion, so you only need to transfer in the cash you are funding yourself — typically the part of the price the mortgage does not cover, plus the taxes and fees. Because non-resident borrowers are usually offered 60–70% loan-to-value, that self-funded portion is still substantial, and it must be in your Spanish account in cleared euros before completion just as it would be for a cash purchase.
The mortgage adds its own timing and documentation demands — the bank will want its own proof of income and source of funds, a valuation, and time to approve — which is one more reason to start the money side early. The interaction between the mortgage advance, your own funds and the various payments due on the day is something your lawyer coordinates with the bank and the notary. Our guide to Spanish mortgages for non-residents covers how much banks lend and what they require; here, the point is simply that a mortgage reduces how much you need to transfer, but the transfer of your own share still has to be planned and proven in exactly the same way.
The money question does not end when you buy; it returns when you sell, and the rules then are different. When a non-resident sells Spanish property, the buyer is required to withhold 3% of the sale price and pay it to the Spanish tax authority as an advance against the seller's capital gains tax — so you do not receive the full price on completion. You then reclaim any overpayment, or settle any balance, through the tax return that follows. On top of that there is the local plusvalía tax and potentially capital gains tax to account for before the net proceeds are truly yours.
Repatriating the proceeds raises the same practical points in reverse: the funds sit in your Spanish account, you convert and transfer them home, and you face the same exchange-rate question and the same AML expectations — this time your bank at home may want to understand the large incoming sum. Planning the exit before you even buy is sensible, because the tax treatment of a future sale, and the 3% retention in particular, can materially affect the net amount that comes back to you. We cover the seller's side, including the retention and the reclaim, in our guides to selling property in Spain and the 3% retention.
It is worth being clear about the boundary. The currency transfer itself — choosing a provider, picking a moment to convert, moving the money across borders — is a financial matter, and we are a legal practice, not a financial adviser or currency broker. We do not recommend FX providers, advise on exchange-rate timing, or take part in the transfer of your money. That is your decision to make on independent information, and we keep our distance from it deliberately.
What we do is handle the legal completion that the money is for, and make sure everything around the transfer works. We help you get the NIE and Spanish account in place in good time, advise on what proof of funds you will need and help assemble it, structure the payments at completion correctly — including the 3% retention where you are buying from a non-resident seller — and coordinate with the bank and notary so the right euros reach the right parties on the day. We set out the total figure you need in advance as part of the wider cost of buying, and our legal fees are quoted clearly upfront, with any extras flagged before they arise. We act for English-speaking clients across Spain.
You will usually open a Spanish non-resident bank account and move your purchase funds into it in euros ahead of completion, then pay the price, taxes and fees on the day, typically by banker's draft. Many buyers convert and move large sums through a regulated currency specialist rather than a high-street bank, but you should compare providers yourself — Platinum Legal Spain does not give financial advice.
In practice, almost always. The price, taxes, utility direct debits and the local IBI all run far more smoothly through a Spanish account, and most completions are settled with a banker's draft drawn on one. As a non-resident you open a non-resident account, normally needing your NIE, passport, proof of address abroad and often evidence of the source of your funds.
That is a financial decision and we do not advise on it or recommend providers. In general, a high-street bank transfer is familiar but may carry a less competitive rate, while a regulated currency specialist often offers rates closer to the market and tools to fix a rate in advance. Compare the all-in cost of receiving euros in your Spanish account across properly regulated providers and choose what suits you.
The cleared euros must be in your Spanish account comfortably before completion, never in transit on the day — a late transfer can delay completion and put your deposit at risk. The separate question of when to convert for the best exchange rate is a financial decision to take on independent advice; we only advise on the completion timing, not the currency timing.
Yes. Banks, notaries, lawyers and currency providers are all bound by anti-money-laundering rules, so a large incoming transfer is expected to come with a clear, documented explanation of its origin. Prepare evidence such as bank statements, a sale completion statement, inheritance or gift documentation, or investment and pension records, showing a continuous trail to your Spanish account, before the money moves.
A banker's draft is a payment effectively guaranteed by the bank, used to hand over a large sum to the seller at the notary so they know the money is real. To obtain one, the cleared funds must already be in your Spanish account — which is the main reason your transfer cannot be left to the last day.
Yes, if your money is in a currency other than euros. The rate can move significantly between agreeing the price and completing, changing the real cost of the property in your home currency. How to manage that — converting early, fixing a rate, or moving in stages — is a financial judgement to take on independent advice, as we are not financial advisers.
The bank advances its share of the price at completion, so you only transfer the cash you fund yourself — typically the part of the price the mortgage does not cover (often 30–40% for non-residents) plus taxes and fees. That self-funded amount must still be in cleared euros in your Spanish account before completion, and the mortgage adds its own documentation and timing demands.
When you buy from a non-resident seller you are generally required to withhold 3% of the price and pay it to the Spanish tax authority on the seller's account, as an advance against their capital gains tax. This affects how the money is split on completion day. Your lawyer handles the mechanics so the right amounts go to the right places.
When a non-resident sells, the buyer withholds 3% of the price for the tax authority, so you do not receive the full price at completion, and local plusvalía and possibly capital gains tax also fall due. The net proceeds then sit in your Spanish account to convert and transfer home, raising the same exchange-rate and anti-money-laundering points in reverse. It is sensible to plan the exit before you buy.
No. We are a legal practice, not a financial adviser or currency broker. We do not recommend FX providers, advise on exchange-rate timing, or take part in moving your money. We handle the legal completion the money is for — helping you get the NIE and Spanish account in place, advising on proof of funds, structuring the payments and the 3% retention, and coordinating with the bank and notary so the right euros reach the right parties.
You choose how to move your money; we make sure the account, the proof of funds and the payments at completion all work around it. In plain English, across Spain, with legal fees quoted upfront.
The information on this page is general guidance only and does not constitute legal or financial advice. Platinum Legal Spain is a legal practice and is not a financial adviser, currency broker or regulated provider of foreign-exchange services; we do not recommend currency providers or advise on exchange-rate decisions, which you should take independently from a properly regulated source. Banking, anti-money-laundering, tax and transfer requirements vary by institution and circumstance and change over time. Always obtain advice on your specific transaction before acting. Platinum Legal Spain is an independent English-speaking legal practice — a team of bar-registered solicitors and legal specialists — serving clients across Spain. Fees are quoted clearly in advance and extras may apply depending on the complexity of your matter.