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The short answer
You do not have to convert everything at once. You can keep pounds in a UK or multicurrency account, convert in stages, or convert in full, and the right mix depends on whether you will spend in pounds again. Before you move, tell your UK bank and ISA provider, because some UK banks close accounts of customers who live abroad, and plan for Spanish tax on worldwide income once you are resident.
Many Nigerians who move to Spain arrive from the UK, with pound savings, an ISA, perhaps a UK pension and family who still visit London. The instinct is to change everything into euros and start fresh. That can be the right answer, but it is not the only one, and the timing affects both what you get and what you owe. This guide sets out the options and the rules on each side.
Option 1: keep the pounds
Keeping pounds makes sense if you will spend them again: UK visits, a UK mortgage, children’s university fees in Britain, or plans to return. The risk is that the pound moves against the euro while you hold it, in either direction.
Will your UK bank let you keep the account?
It depends on the bank. A Wise blog of 17 August 2026 (a third-party summary, not the banks’ own terms) reports that Barclays closes accounts of customers who move abroad, with exceptions, while HSBC lets customers keep an account but expects it to be used so it does not become dormant, and Lloyds and NatWest should be checked individually. Tell your bank you are moving and ask in writing whether the account stays open.
ISAs
GOV.UK says you can keep an ISA after moving abroad and still get UK tax relief on it, but you cannot pay into it while you are not UK resident (unless you are a Crown employee overseas or their spouse or civil partner), and you must tell your ISA provider as soon as you stop being UK resident. UK tax relief does not bind Spain; see the tax section below.
Option 2: convert in stages
Converting in stages spreads the timing risk. You might convert enough for the first months of rent and deposits immediately, then convert the rest in fixed amounts each month. You will not get the best possible rate, but you will avoid putting everything through on one bad day.
Worked example (illustrative rates, not quotes). You hold £30,000. If you convert it all at £1 = €1.15, you receive €34,500. If you convert £10,000 in each of three months at €1.15, €1.12 and €1.18, you receive €11,500 + €11,200 + €11,800 = €34,500. The outcome can be the same, better or worse; staging changes the spread of outcomes, not the average you can expect. Fees apply to each conversion, so check how they are charged before splitting.
Option 3: convert in full
If you will live and spend in euros and have no pound costs ahead, converting in full removes the currency risk entirely. Compare the rate you are offered with the mid-market rate on the same day; the gap is the provider’s margin, on top of any stated fee.
Spanish tax once you are resident
Under Spain’s personal income tax law (Ley 35/2006), you are tax resident if you spend more than 183 days in Spain in a calendar year, or if your main centre of economic interests is there; you are presumed resident if your spouse (not legally separated) and dependent minor children live in Spain (article 9). A resident is taxed on income wherever it arises (article 2), so interest on UK savings and ISA income can become taxable in Spain even if the UK treats it as tax-free. Accounts left in the UK may also need to go on the Agencia Tributaria’s Modelo 720 information return on assets abroad, depending on value. See our guide to the 183-day rule for Nigerians in Spain. This is information, not tax advice.
Do not carry the savings as cash
GOV.UK says you must declare £10,000 or more in cash when travelling between Great Britain and a country outside the UK, before you leave. On arrival in Spain from outside the EU, EU Regulation 2018/1672 requires a declaration of €10,000 or more. Undeclared cash can be detained or seized on both sides. A bank transfer is safer and leaves a record that a Spanish bank will want anyway; our guide to carrying over €10,000 into Spain explains the rule.
A short checklist
- List what you hold in pounds and what you will still pay in pounds.
- Ask each UK bank and ISA provider, in writing, what happens when you move.
- Decide how much to convert now, how much in stages, and how much to keep.
- Keep statements showing where the money came from, for your Spanish bank.
- Note the date you became Spanish resident for tax purposes, and keep travel records that show it.
- Keep a small pound balance for UK costs you cannot yet avoid, such as subscriptions or a UK phone number.
Where Pryme fits
A Pryme account holds GBP and EUR side by side, alongside NGN and USD, so you can keep pounds and convert only when you choose with Swap, which shows the rate and the fee before you approve. Outside Nigeria, Pryme works through regulated partners. See the multicurrency account.
Questions people ask
Should I convert all my pounds to euros when I move to Spain?
Only if you have no pound costs ahead. If you will spend in pounds again, keeping some or converting in stages reduces the risk of converting everything on a bad day.
Can I keep my UK bank account after moving to Spain?
It depends on the bank. Some close accounts of customers living abroad; others allow it. Tell your bank you are moving and ask in writing.
Is my ISA still tax-free in Spain?
The UK keeps giving UK tax relief, but you cannot pay in while non-resident. Spain taxes residents on worldwide income, so ISA income may be taxable in Spain.
Can I bring my pound savings to Spain in cash?
You can, but £10,000 or more must be declared leaving Great Britain and €10,000 or more entering the EU. A bank transfer is safer and creates the record a Spanish bank will ask for.
Sources
- GOV.UK: ISAs if you move abroad · accessed Oct 2026
- Wise blog: can you keep your UK bank account if you move abroad? (17 Aug 2026) · accessed Oct 2026
- BOE: Ley 35/2006 del IRPF (consolidated text, updated 7 Oct 2026) · accessed Oct 2026
- Agencia Tributaria: Modelo 720, declaración informativa sobre bienes y derechos situados en el extranjero (updated 23 Oct 2026) · accessed Oct 2026
- GOV.UK: taking cash in and out of Great Britain · accessed Oct 2026
- EUR-Lex: Regulation (EU) 2018/1672 on controls on cash entering or leaving the Union · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.