Banco Santander has announced that it will no longer charge fees for international transfers between individuals made through its app and website. The change applies to all retail customers, regardless of the destination country or the amount being sent.
According to the bank, "It is the only bank in Spain that does not charge a fee for sending money anywhere in the world and for any amount." All individuals will be able to access this service via digital channels.
The new policy removes both transfer issuance and SWIFT fees, which previously could total around 50 euros for transactions outside the SEPA zone, even when done digitally. Countries affected by this change include Mexico, Colombia, China, and the United States.
Santander stated that with this move it aims to simplify banking services for customers who send money abroad and strengthen its position in digital payment services. The bank said it is advancing its strategy to provide a borderless banking experience with simpler processes.
Additionally, starting next week, Santander will lower and standardize branch fees for international transfers outside SEPA: 20 euros for amounts up to 10,000 euros and 50 euros for higher sums.
Santander also highlighted its role as the first Spanish bank to offer instant cross-border payments between individuals using just a mobile phone number through interconnected payment solutions such as Bizum (Spain), Bancomat (Italy), and MBWay (Portugal). This allows customers to send and receive money instantly by selecting a contact from their phonebook. Technical tests are underway to add Blik (Poland and Slovakia) and Vipps MobilePay (Norway, Finland, Sweden, Denmark) to this network, which would extend peer-to-peer payments across nine European countries and potentially reach over 80 million users.