global payment guide

Spain

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Receiving currencies in
GBP, EUR, USD
Sending currencies to
EUR, USD
Transaction processing time
1-5 working days
Available payment networks
SWIFT
SEPA
FasterPayments

Spain, with its expanding market economy, has seen a significant increase in business transactions, particularly in e-commerce. The pandemic has further accelerated the shift towards online purchases, making digital businesses more prominent than ever. For business owners and investors either planning to expand into Spain or already operating there, it’s crucial to understand the popular payment methods among potential customers. The reliance on digital and online payment methods for mobile transactions has grown, creating new opportunities in the Spanish market.

However, nonresidents may face difficulties in opening traditional bank accounts in Spain, which is essential for conducting frequent and high-value transactions. In this context, innovative platforms like WeavePay offer an alternative, providing accessible and efficient payment solutions that cater to the needs of businesses navigating Spain's digital economy.

Payment Methods Available in Spain
Credit and Debit Cards

The top payment methods in Spain are credit and debit cards for online payment services, which dominate the e-commerce landscape. Card payment systems comprise 53% of online transactions

Unlike many European countries, such as Bulgaria, Spain reports high credit card usage, taking about half of all card transactions. Cards can be used in Spain for making and receiving payments, and the most common debit and credit card brand in Spain is Visa, with nearly 57% of the market share, and Master is second.  

Digital Wallets

Recently, digital wallets have become prominent payment choice methods in Spain. Although they still lag behind credit and debit cards, they have gained popularity in Spain in recent years, holding nearly 30% of the online payment market share. 

In Spain, PayPal is the leading digital wallet, complemented by other services like Apple Pay, Google Pay, and Amazon Pay. These digital wallets are well-suited for personal use and smaller transactions. However, for business purposes, they may not offer the comprehensive features required. Businesses typically need more robust and personalized financial solutions. This is where platforms like WeavePay come in, providing essential tools such as corporate cards and multicurrency accounts, tailored to the specific needs of businesses.

Bank Transfers

Bank transfers are another top standard payment method in Spain. This is mainly due to their security and efficiency for business owners and customers. Bank transfers allow customers who have bank accounts and may need access to cards to participate in online payment services. 

SEPA Direct Debits

Single Euro Payments Area (SEPA) direct debit is a payment type used in the European Union. A merchant can directly debit a customer’s account after receiving customer authorization for the payment information. It is mostly used for recurring transactions such as subscriptions, as authorization needs to be given only once; subsequently, a deduction will be made without any other online payment processing. Also, SEPA can be used for one-time transactions. 

Some Payment Network and Transaction Fees in Spain
Bizum

In 2016, the Bizum payment service was launched by Spanish banks to allow users to conduct Person-to-Person (P2P) payments through a phone or other smart devices. Bizum enables customers to make P2P bank transfers, i.e., payments from a bank account to a bank account, in a secure, convenient, and fast way just by knowing the recipient's mobile phone number.

Compared to other payment networks such as Paypal, Bizum is not a multiple currency account; users outside Spain cannot provide international bank account details on the Bizum platform, such as their International Bank Account Number (IBAN) or a non-resident bank account, to make payments. 

Bizum Transaction Fees

In Spain, Bizum’s fees may vary depending on the payment method. However, the processing fee is fixed at about €0.11. Some payment methods accepted by Bizum and fees include American Express with a 3.5% charge and iDeal with a fee of €0.22.

WeavePay is your Best Choice for Sending Money to Spain

WeavePay is the answer to the traditional banking ecosystem. It provides a solution for international businesses, and the services are cheaper and faster than traditional banks. With WeavePay, you can receive money in any currency and exchange it. Some of the benefits of using WeavePay are;

  • 24/7 access to your cash
  • 48 hour onboarding
  • 30+ currencies
  • Personalized, human support
How to Get Started with WeavePay

To start with WeavePay, you only need to check your eligibility, provide the required documents such as proof of identity, address, and business documentation, and proceed with the account opening.