Spain is a member of the EU and became one of the first countries to adopt the Euro (€) in 1999. You will see the Euro displayed by its official currency code of EUR at Moneyweb. The new currency replaced the Peseta. One Euro is subdivided into 100 cents. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200 and 500 Euro, while coins are available in denominations of 1 and 2 Euros and 1, 2, 5, 10, 20 and 50 cents. £1 is worth €1.12 at 9.43am on 16 February 2023.

Where to live in Spain

The Costa Blanca, a 200km stretch of Mediterranean coastline, attracts the greatest number of British expats, many of whom have settled in the resort town of Benidorm. Other towns popular with British expats include Orihuela in Alicante, Benalmadena in Malaga, Mijas and Torremolinos on the Costa del Sol, Fuengirola, and Torrevieja. While many expats, especially those who move to Spain for their retirement, prefer smaller coastal towns, others have opted to live in cities such as Barcelona and the capital, Madrid.

Where you choose to live can affect how you experience the average cost of living in Spain, as prices generally are higher in the capital and other large cities. According to the 2022 Mercer Cost of Living Survey, Barcelona and Madrid are the world’s 78th and 90th most expensive cities to live in, respectively.

How much does accommodation cost in Spain?

The price of accommodation is in keeping with the low cost of living in Spain, especially when compared to what you would pay for similar accommodations in London. However, the average rentals and property prices can be slightly higher than what you would pay in smaller cities and towns in the UK. The table below offers an indication of accommodation prices in Spain.

(All figures were taken from Numbeo and exchange rates were calculated on 16th February 2023 at 9:43am).

Madrid

Barcelona

Marbella (Costa del Sol)

Alicante (Costa Blanca)

How much does transport cost in Spain?

As you might expect, given the attractively low average cost of living in Spain, the price of transport is much lower than what you would pay in the UK. Whether you use public transport or purchase a vehicle, you will find that you spend much less of your budget on getting from A to B. The table below offers a good idea of public and private transport costs in Spain.

The cost of living in Spain for international students

Given that this country on the Iberian Peninsula is approximately 20% lower than most other European countries, the cost of living in Spain for students is attractively affordable.

Some Spanish universities charge non-EU/EEA students the same tuition fees as EU/EEA citizens, while others charge non-EU/EEA students between £889.26 and £1333.89 more than EU/EEA citizens. Some institutions charge non-EU/EEA students two or three times more than EU/EEA citizens. As for the rest of your budget, you should aim at between £800.33 and £978.19 per month for your living costs. Student residence hall prices range between £320.13 and £578.02per month, while renting an apartment with other students can cost between £177.85 and more than £889.26 per month.

Other factors to consider when looking at the cost of living in Spain for students include approximately £102.26 for utilities, £26.68 for internet, between £177.85 and £355.70 for groceries.

What is the cost of living in Spain compared to the UK?

The cost of living in Spain compared to the UK is much lower, and almost surprisingly so. You can expect to pay significantly less for food, groceries, goods, and services than you would in the UK. The table below offers an overview of common food items and a few services such as leisure, health and fitness, and children’s education.

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With a climate and culture so vastly different to the UK’s, Spain remains a top choice for British expats who are looking to run a business, study in a different environment, or live the good life in their golden years. Whatever your reasons for moving to this incredible country, you will need to send money to Spain securely, conveniently, and at good rates. Sign up for a personal account with Moneycorp and make this possible.