Spain Price Comparison Research 2024

An independent research team compared Wise to four Spanish bank accounts as well as PayPal, Revolut, Western Union and Xoom by PayPal. They found that we’re on average 4x cheaper for spending abroad.

Wise is also on average 8x cheaper to send 250€ abroad. Our fees to withdraw 250€ from an ATM abroad are on average 3x cheaper.

This is based on the prices offered by Wise Europe S.A during the research period.

Research methodology

The competitor research was collected in July 2024 during a 5 day period (15/07/2024 - 19/07/2024).

The team looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.

The research scope looked at the following, across AUD, GBP and USD using 250€ as the transaction value:

• The cost to send money abroad from an account
• The cost to spend money abroad using a debit card
• The cost to withdraw money abroad from an account via an ATM

The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency. The costs collected for spending money abroad and withdrawing money abroad from an account via ATM are only made up of foreign transaction fees.

How did we calculate our price claims?

Comparing fees
For each currency pair — such as EUR to AUD, EUR to CHF, etc. — our team compared the fees charged by Wise to the average fees charged by competitors.

Calculating savings
The following formula was used to show how much you save with Wise compared to competitors:

• % saving = cost of using Wise against a competitor’s average fee × 100
• This formula tells you the percentage you’d save by using Wise instead of the average competitor.

What does that look like?
If a EUR to AUD transaction shows a 85% saving, it means Wise fees are 85% lower than the average competitor fees for that particular currency pair.

What about the average savings?
After calculating the savings percentage for each currency pair, the average represents the overall savings claim for Wise across different services like sending, spending, or withdrawing money.

The research and results

1. Total cost to send 250€. Overall, Wise is 8x cheaper.

Sending 250€ to another country? Wise will cost up to 85% less compared to how you’re doing it now.

EUR > AUD: Wise is 9x cheaper

• Wise: 2.31€
• BBVA: 14.50€
• Santander: 37.86€
• Caixa Bank: 47.82€
• OpenBank: 39.14€
• PayPal: 15.05€
• Revolut: 0.98€
• Western Union: 13.17€
• Xoom by PayPal: 6.28€

EUR > GBP: Wise is 7x cheaper

• Wise: 2.17€
• BBVA: Not available
• Santander: 8.60€
• Caixa Bank: 47.77€
• OpenBank: 32.74€
• PayPal: 14.44€
• Revolut: 0.98€
• Western Union: 7.50€
• Xoom by PayPal: 6.68€

EUR > USD: Wise is 7x cheaper

• Wise: 2.70€
• BBVA: 29.97€
• Santander: 38.73€
• Caixa Bank: 47.86€
• OpenBank: 25.95€
• PayPal: 12.72€
• Revolut: 1.06€
• Western Union: 5.02€
• Xoom by PayPal: 6.87€

2. Total cost to spend 250€. Overall, Wise is 4x cheaper.

It’s up to 75% cheaper to spend 250€ overseas with Wise.

EUR > AUD: Wise is 4x cheaper

• Wise: 1.08€
• BBVA: 7.50€
• Santander: 2.50€
• Caixa Bank: 6.25€
• OpenBank: 7.50€
• PayPal: Not offered
• Revolut: 0.00€
• Western Union: Not offered
• Xoom by PayPal: Not offered

EUR > GBP: Wise is 3x cheaper

• Wise: 1.20€
• BBVA: 7.50€
• Santander: 2.50€
• Caixa Bank: 6.25€
• OpenBank: 7.50€
• PayPal: Not offered
• Revolut: 0.00€
• Western Union: Not offered
• Xoom by PayPal: Not offered

EUR > USD: Wise is 4x cheaper

• Wise: 1.15€
• BBVA: 7.50€
• Santander: 2.50€
• Caixa Bank: 6.25€
• OpenBank: 7.50€
• PayPal: Not offered
• Revolut: 0.00€
• Western Union: Not offered
• Xoom by PayPal: Not offered

3. Total cost to withdraw 250€. Overall, Wise is 3x cheaper.

It’s up to 70% cheaper to withdraw 250€ overseas with Wise.

EUR > AUD: Wise is 3x cheaper

• Wise: 1.95€
• BBVA: 7.50€
• Santander: 12.50€
• Caixa Bank: 6.25€
• OpenBank: 11.25€
• PayPal: Not offered
• Revolut: 1.00€
• Western Union: Not offered
• Xoom by PayPal: Not offered

EUR > GBP: Wise is 3x cheaper

• Wise: 2.08€
• BBVA: 7.50€
• Santander: 12.50€
• Caixa Bank: 6.25€
• OpenBank: 11.25€
• PayPal: Not offered
• Revolut: 1.00€
• Western Union: Not offered
• Xoom by PayPal: Not offered

EUR > USD: Wise is 3x cheaper

• Wise: 2.03€
• BBVA: 7.50€
• Santander: 12.50€
• Caixa Bank: 6.25€
• OpenBank: 11.25€
• PayPal: Not offered
• Revolut: 1.00€
• Western Union: Not offered
• Xoom by PayPal: Not offered

Monthly account fees*

• Wise: 0.00€
• BBVA: 3.00€
• Caixa Bank: 0.00€
• PayPal: 0.00€
• Revolut: 0.00€
• Santander: 20.00€
• Western Union: 0.00€
• Xoom by PayPal: 0.00€

*Assuming that waiver criteria has not been met.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.