Santander Money Transfer
Santander is a Spanish bank with over 125 million customers worldwide. Many Santander account holders use the bank for international transfers.
But is it worth sending money abroad with Santander rather than with a dedicated online money transfer company that could be faster, cheaper and more convenient?
This blog will help you discover the pros and cons of sending money abroad with Santander, so you can decide whether it’s right for you.
How to send money abroad with Santander
With Santander, you can choose to either go in-branch to make a transfer with the help of a cashier, or you can use their online banking service to send money abroad. You should remember that you’ll need to have a bank account with Santander if you want to send money internationally with them.
What are the pros and cons of Santander Money Transfer?
There are plenty of money transfer options to choose from, so how do you know if Santander is right for you?
Here are some of the pros and cons of using Santander for your money transfers, based on cost, speed and simplicity:
Pros:
- It’s a useful service if you already bank with Santander, as you won’t need to set up a new account
- You can send money to either a person or company overseas
- Santander supports 147 different currencies
Cons:
- Santander charges an average of 5% above the mid-market rate for transfers involving a currency conversion - much higher than many money transfer providers
- Standard overseas transfers cost a flat fee of £25 (or equivalent) for non-SEPA transfers
- With transfers of less than £5,000, fees are calculated as a percentage - so you may end up paying a lot
- Transfers can take up to four working days to arrive
- You need to have a bank account with Santander to use the service
Is there another option to Santander?
Overall, costs for Santander transfers can often be much higher than using a specialist money transfer provider - although you can split the payment between yourself and the recipient.
Santander money transfers might not be the best option if you’re looking to reduce fees for you and your recipient. It’s a good idea to take a look at all of the options available before making your decision about which platform you use.
Paysend is a fast, affordable and hassle-free money transfer app and web browser platform that lets you send money abroad to over 100 countries.
Paysend transfers cost just £1, €1.5 or $2 (or equivalent amount), no matter how much you want to send. Paysend uses excellent, competitive exchange rates, so if you send money with Paysend you might save yourself some money!
On the Paysend homepage you can find a useful tool to help you find out if your money transfers with Paysend are cheaper than with Santander. Click here to visit the homepage and get started.
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Here's the short answer: yes, you can use a credit card to get money into someone's bank account abroad. "Credit card to bank transfer" means exactly that — you fund the transfer with your credit card, and your recipient receives it in their bank account. Or on their card, in their wallet, or as cash to collect, depending on where they are.
The card and the bank account do different jobs. Your card pays for the transfer. A provider like Paysend then pays the money out through local systems on the other end. It's one flow, and it takes about a minute in the app.
One thing worth knowing before you start: a credit card is usually the most expensive way to fund a transfer. Some issuers treat it as a cash advance, and credit tends to carry higher payment fees than debit. You'll always see the full cost, exchange rate included, before you confirm anything. What follows is: the ways your money can arrive, what each one costs, how fast it gets there, and the cheaper routes worth checking first.
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Pavel Štich hilft seinen Lesern seit Jahren genau dabei, dieses Problem zu lösen. Er ist Mitgründer und Chefredakteur für Finanzen bei Moneyo.cz, einer unabhängigen tschechischen Plattform, die Geldtransferdienste, Aktienbroker und alternative Investments vergleicht – und Paysend-Botschafter, was bedeutet: Er testet selbst, was er empfiehlt, erklärt es verständlich und bietet seinen Lesern exklusive Vorteile. Wir haben ihn gefragt, wie Moneyo entstanden ist, wer die Plattform liest und warum er sich für Paysend entschieden hat.
