Regulatory requirements but most importantly fixed fees and exchange rate markup are things to be considered carefully when transferring money between the UK and Spain. In this article we are going to talk about alternative solutions to using a bank for international transfers whether for day-to-day use or the use of specialist currency brokers for large amounts.

Like most other modern democracies, Spain sets a fixed tax on everything from clothing to taxi rides, called the IVA, or Impuesto sobre el Valor Añadido. You'll notice that this tax is included to just about every item you can purchase in the country and its autonomous cities, making the need for calculating tax before you get to the register unnecessary. This also applies to food products and restaurants.

Banking in Spain is currently undergoing a major overhaul, leading to immense layoffs, bank mergers and public panic for a country whose media image has suffered greatly in recent months. Regardless, if you're planning on living in Spain long-term, having a bank account is absolutely necessary by law. If you live in Spain for more than 183 days of a calendar year or do the majority of your business in Spain, read on.