Best Way to Exchange Currency from UK to Spain (2026): GBP to EUR

Currency exchange is one of those costs that sneaks up on you when you move to Spain. The individual transactions seem small, but if you are transferring pension payments, selling a UK property, or just topping up your Spanish account each month, the rates add up to real money over a year.

I moved over with a reasonable amount of savings and made the mistake of using my UK bank for the first couple of transfers. Once I understood what the alternatives were, I switched and have not looked back.

Here is an honest rundown of your options.

Why Your UK Bank Is Almost Always the Wrong Choice

UK high-street banks typically offer exchange rates that are 2 to 4 percent worse than the mid-market rate (the “real” exchange rate you see on Google). On top of that, they usually charge a transfer fee of £15 to £30 per transaction.

On a £10,000 transfer that 3 percent rate difference alone costs you around £300. On a £100,000 property purchase, it costs £3,000. These are not trivial amounts.

Some banks have improved their rates in recent years, particularly for international account holders, but as a baseline you should always compare your bank’s offered rate against the mid-market rate before any significant transfer.

Wise (Formerly TransferWise)

Wise is the option most expats end up using for regular transfers. They use the actual mid-market rate and charge a transparent, low fee (typically 0.4 to 0.6 percent of the transfer amount). There are no hidden margins buried in the exchange rate.

For a monthly transfer of £2,000 to cover living costs in Spain, Wise typically costs £8 to £12. Your bank might charge £30 to £60 for the same transaction at a worse rate.

You can also hold a Wise account with a UK sort code and a Spanish IBAN in the same account, which is useful if you are not yet fully set up with a Spanish bank.

The Wise debit card lets you spend in euros at the real rate directly from your account, which is handy for everyday use until your Spanish bank account is running smoothly.

Open a Wise account here (no monthly fees, free to open)

Revolut

Revolut offers excellent exchange rates on weekday transfers during market hours. They convert at the mid-market rate (same as Wise) with no additional spread. The main difference is that on weekends and public holidays, Revolut applies a 0.5 to 1 percent markup, and the free plan has a monthly limit on fee-free exchanges (currently around €1,000 equivalent per month).

For regular small transfers during the working week, Revolut’s free plan competes directly with Wise. For larger or weekend transfers, Wise is more predictable.

Revolut’s Premium and Metal plans remove the weekend markup and the monthly limit, which may be worth the subscription cost if you are making larger or more frequent transfers.

Get started with Revolut here

Wise vs Revolut: Which Should You Use?

Both are excellent products and most expats I know use both. A practical approach:

• Use Wise for larger transfers, irregular transfers, and anything you need to send on a weekend or bank holiday
• Use Revolut for smaller day-to-day currency needs if you are on a plan that suits your volume

Neither charges international bank transfer fees the way traditional banks do. Both have strong apps and good customer service.

Currency Brokers: For Large Transfers

If you are transferring £50,000 or more, for example from a UK property sale, it is worth looking at a specialist currency broker like Chase Buchanan or Moneycorp alongside Wise.

Currency brokers can offer:

• Rates that match or slightly beat Wise on very large transfers
• Personal account managers who can advise on timing (though predicting currency movements is genuinely difficult)
• Forward contracts that let you lock in today’s rate for a transfer happening in 3 to 6 months, useful if you have a Spanish property completion date and want certainty

The downside is that brokers work on relationship-based pricing, which means rates vary and require a phone call rather than a clean online quote. For amounts under £25,000, Wise is usually simpler and equally competitive.

Chase Buchanan currency services for Spain expats

Spanish ATMs: Not Worth It for Large Amounts

Spanish ATMs (cajeros) are fine for small cash withdrawals using your Wise or Revolut card, as both cards allow fee-free withdrawals within monthly limits. Using a UK debit card in a Spanish ATM usually triggers both your UK bank’s foreign transaction fee and a local ATM fee.

For anything beyond day-to-day cash, transfer to your Spanish account rather than using ATMs.

The Current GBP/EUR Rate

Exchange rates change constantly, but as of early 2026, £1 buys roughly €1.17 to €1.20 depending on the day and the method used. You can check the mid-market rate at any time on Google by searching “GBP to EUR.”

The gap between the mid-market rate and what you are actually offered is where your costs live. Wise and Revolut minimise that gap. Your bank probably does not.

Quick Summary

For most expats living in Spain, the practical setup is:

1. Open a Wise account for regular monthly transfers and larger one-off amounts
2. Use Revolut for day-to-day spending and smaller weekend top-ups if you are on a paid plan
3. Consider a currency broker only for transfers over £50,000

The hour spent setting up Wise in your first week in Spain will save you more money than almost any other single financial decision you make.

Open your Wise account here

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*Affiliate disclosure: Some links in this article are affiliate links. If you open an account or use a service through these links, I may receive a commission at no extra cost to you. I use Wise myself and recommend it genuinely.*