In this guide we explain how to send money to Spain from USA in just four steps. You’ll learn that the process is actually surprisingly simple, similar to transferring money from Spain to UK or France to USA, but there are some crucial decisions you’ll need to make if you want to avoid paying unnecessary fees. We’ll run through the cheapest way to transfer money from USA to Spain and the overall best way to transfer money from USA to Spain, taking into account other important transfer related aspects like safety, speed and service.
We’ll also include tips specific to transferring large sums of money from USA to Spain.
⭐Quick Verdict: Best Way to Transfer Money to Spain from USA⭐
Currencies Direct: Best Rated Globally, Strong USA Presence
- 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
OFX: Best for Transfers to Canada, Asia and Australia
- Traded publicly, very well known name in the currency business
- Great online platform and mobile app - easy to use, comprehend an sign up with
- Good rates even for small transfers, and no transfer fees
Moneycorp: Best for Businesses and Sophisticated Transfers
- Personal and close service, perfect for large international money transfers and businesses
- Competitive exchange rates and no transfer fees
- Many industry and business awards - operating since 1979
Remitly: Best for transfers to Mexico
- Transfer from $1
- Remittances-Oriented
- Great Online Platform
WorldRemit: Best for transfers to Africa and India
- Transfer from $1
- Send to 130 Countries
- Remittances-Oriented
We do not recommend rushing your decision, but rather taking the time to find a company that best meets your own personal requirements. However, should you need to move quickly then know that all of the above recommend services provide bank-beating exchange rates, have excellent client reviews and offer expert guidance from a local account manager in your country (i.e. those deemed the best way to transfer money to Spain from USA have local US account managers and those deemed the best way to transfer money from Spain to USA have local Spanish account managers).
US banks provide any number of financial services, from private checking accounts through to corporate finance and M&A. They derive the overwhelming majority of their revenue from multinational corporations and by and large investment banking activities. By contrast, the providers we have listed here provide currency exchange and international transfers only. By having just one focus, it allows them to offer a streamlined and specialised money transfer service. Their staff are experts in foreign exchange and their whole solution is based around making it easier to move money overseas.
Read on to discover how to send money to Spain from USA and learn the best way to transfer money from USA to Spain by:
- Your requirements
- The size of your transfer
- The most important factors to consider when sending cross currency transfers
How to Send Money to Spain From USA?
Spain is one of the closest partners of the US in Europe and the US-Spain trade in goods and services was valued at $48.5 billion in 2019. Whether importing or exporting, there are a number of businesses looking to send money to Spain from USA or send money from Spain to USA. There are also estimated to be some 40,000 Americans who currently live in Spain and have regular requirements to move money between the two countries. Whatever the reason you’re looking to transfer money from USA to Spain, these four steps will tell you how to do it.
Step 1: Choose a Payment Provider
It really is worth taking the time to explore your options here as it will have the greatest effect on the cost of your transfer, the types of payment solutions you have at your disposal, how long your payment might take and how safe your money is in the process. Even more important factors if you’re transferring large sums of money from USA to Spain.
The cost of the transfer, the speed of the transfer, the safety of your money and the quality of the service you receive are four important factors that will influence the best way to transfer money from Spain to USA.
Cost
Our independent research on international bank transfer fees found American and Spanish banks to charge some of the highest fees in the world. A USDEUR trade with Wells Fargo would see a payment fee of $30 incurred and an FX markup of 3.64%. An EURUSD trade with Banco Sabadell see a payment of 0.75% plus an FX markup of 2.94%. This FX markup is ‘hidden’ in the exchange rate and it’s the easiest way to get your fingers seriously burnt on a cross-currency transfer. With a dedicated international money transfer service, you’re more likely to pay anywhere from 0.1% – 2.5%, depending on the size of your money transfer from Spain to USA.
If you’re transferring large sums of money from USA to Spain then costs can escalate quickly. On a $100,000 transfer, losing an extra 3% in the foreign exchange markup would equate to $3,000.
To avoid overpaying when you send money to Spain from USA, we recommend registering with multiple providers. Compare the rates for yourself – see how your bank stacks up vs the likes of moneycorp and OFX.
Timing is another important factor and the cheapest way to send money abroad by standalone fees will not necessarily land you the best exchange rate. Plus, you’ll want to prioritise some other factors, particularly if you’re transferring large amounts of money from Spain to USA.
Service / Solutions
If you plan on trying to time your trade to achieve a better rate then there are two things that can certainly help in doing so. Firstly, you’ll want to have access to a currency expert that can run you through the factors which impact the USDEUR rate and when might be the best time to trade in order to achieve the best exchange rate. Secondly, having access to a variety of hedging solutions means you have more tools in the armoury in the aim to achieve a better rate or protect against downside movements.
Look at a recent example…
On the 3 Nov 2022, the USDEUR rate was 1.03. On the 25 Nov 2022, the USDEUR rate was 0.96. In just over two weeks, the rate had fallen by 6.8%. If you were transferring large sums of money from USA to Spain, say $100,000, the date you made the transfer would have seen you receive either €103,000 or €96,000. A staggering €7,000 difference.
When you transfer money from USA to a Spanish bank account with a bank, you’ll have one option which is to accept the current exchange rate at the time you make the transfer. This is known as a ‘spot transfer’. Specialist currency companies provide a number of other FX solutions which can help you to achieve a better rate, or protect you from downside movements. One of these is a ‘forward contract’ which allows you to guarantee today’s exchange rate for the future. As an example, if you were speaking with a currency specialist on the 3rd Nov they may have advised that the USDEUR rate was at one of its highest levels in 20 years and it might be worth locking in the rate via a forward contract. So even if you didn’t have to actually move money on the 3rd Nov, you could guarantee the rate of exchange for when you do. It would have protected you from a 6.8% drop in the exchange rate than making the transfer on 25 Nov.
If you’re transferring large amounts of money from Spain to USA, or vice versa, it’s definitely worth having a currency expert on your side and some different FX tools to hedge your currency exposure.
Speed
Banks like BoA, Chase, Citibank and Wells Fargo (none of which are deemed the best bank for international transfers) will send international transfers over the SWIFT network. It’s a pretty outdated system but there are some currency routes which achieve same-day value and this includes EUR/USD. However, time zones will be a factor. When you send money from Spain to USA, you’re more likely to see the payment reach its destination on the same day as the US is behind Europe in time zone. Unless you transfer money from USA to Spain first thing in the morning, you’re more likely to see the funds reach their destination account the next day. This is particularly true if you’re based on the west coast.
By working with a dedicated international money transfer service you may also improve your chances of achieving same-day value. Specialist currency companies operate in multiple jurisdictions and hold bank accounts in multiple countries. This means they can accept local transfers to settle FX payments in the US and then disburse funds to the beneficiary from a local bank account in Spain too. Thus, your provider could make a local EUR transfer to the beneficiary in Spain as soon as your money has credited their USD account in the US.
Safety
US banks are generally considered to be one of the safest ways to transfer money from USA to Spain. When you hold money with a US bank it is covered by the Federal Deposit Insurance Corporation (FDIC) should that bank go bust. However, if you hold money with a specialist provider it is not covered under the scheme.
Despite this, the FDIC still recommends using specialist money transfer providers and explains “using a bank or a money transfer company to ‘wire’ funds electronically is an easy and convenient way to send cash to someone. And when consumers wire money to people they know, the transaction typically takes place without a problem.”
Provided you opt for a credible and financially sound money transfer company, the primary risks associated with sending money from USA to Spain can be reduced. Currencies Direct for example has been operating soundly since 1996 and a company like moneycorp launched in the 1970’s and now handles over $50 billion in transfers every year.
Speak with your payment provider and understand the processes they have in place to keep your money safe. Regulated companies are required to keep your money in separate safeguarded accounts with banks. So should the payment provider go bust, you should get most of your money back. Thus, well-established and reputable money transfer providers are also one of the safest ways to transfer money to Spain from USA.
Reflect on these factors – cost, service, solutions, speed and safety – and then determine which is most important for you. The regulatory complications in the US means there are a smaller number of providers to choose from but we’ve still identified five of the best international money transfer services in the USA.
Step 2: Register With One or More Providers
Once you’ve found the provider that best matches your requirements, you can register with them.
You’ll be able to register online within minutes and then the company should have you fully up and running on the same day.
Regulated payment providers have a legal obligation to identify and verify who you are in order to fight financial crime, only once they’ve done this will they let you actually make a transfer from USA to Spain.
By working with one of our recommended currency brokers you’ll be appointed a personal account manager. Now is the perfect time to get to know them and see what advice they have for your transfer requirements and the USDEUR currency pair.
Step 3: Setup International Money Transfer From USA to Spain / Money Transfer From Spain to USA
Once you’ve registered, you can make a transfer. Do this either via a provider’s app, online platform or by speaking to your account manager over the phone. We always think it’s worth arranging over the phone to see if you can negotiate a better FX rate (this is where it pays to register with two or more providers, particularly when transferring large sums of money from USA to Spain).
Make sure you’re happy with the rate before you accept it as you’ll enter into a legal contract at this point and the provider will immediately buy the requested amount of euros or sell the requested amount of dollars.
To transfer money from USA to Spain bank account or transfer money from a Spain bank account to a USA bank account you’ll need to correctly format the bank details for where the money is going.
If you’re transferring money from USA to Spain, you’ll just need to input what’s known as an IBAN.
The Spanish IBAN Format is a follows:
ESkk BBBB GGGG KKCC CCCC CCCC
ES = Country Code
kk = Check Digits
B = Bank Code
G = Branch/Office Number
C = Account No.
If you’re transferring money from Spain to USA, you might need to provide:
Beneficiary Bank BIC/SWIFT – 8 or 11 characters
ABA Number
Beneficiary Address
It’s very important to get the details right to avoid delays, or even worse, your USD or EUR going to the wrong account. If it credits the wrong account, you may not get your money back.
Step 4: Send in Your USD or EUR and Settle the Trade
If you’re sending money to Spain from USA, you should be able to fund your deal via ACH, fedwire or debit/credit card. Personally, we strongly advise against using a credit card as this incurs very high fees (3%+).
If you’re transferring money from Spain to USA you should be able to fund your deal using local payment networks like TARGET2, SEPA and debit/credit card.
If you fund your deal via a bank transfer, be sure to input the reference provided by the payment company, this ensures funds are quickly allocated to your trade.
Once you’ve funded the deal just sit back and let the payment provider handle the rest. Either monitor the progress of your payment online or wait for your provider to confirm once it’s reached its destination.
What is the Best Way to Transfer Money From USA to Spain?
Best For: Service
In the US: moneycorp is a traditional currency brokerage that has invested heavily into a knowledgeable team of currency experts. Account managers will inform their clients of currency exchange movements and recommend risk management strategies in order to protect against fluctuations in the exchange rate. Rated ‘Excellent’ on customer review platform Trustpilot, customers regularly praise moneycorp for their brilliant customer service.
Operating since the 1970’s they are known to be one of the most courteous, knowledgeable and professional outfits in the money transfer industry today.
In Spain: Currencies Direct has a long heritage in Spain. They opened their first Spanish office in 1999 and have been serving the market for over 20 years since. They’re our no.1 rated provider in most major territories on MoneyTransferComparison, including the UK & Europe. The firm enjoys an impressive 4.9 / 5 TrustScore on Trustpilot and assigns all customers looking to send money from Spain to USA with a dedicated account manager.
This is the main reason why Currencies Direct it’s also the main option when sending money from Spain to the UK.
Best For: FX Solutions
All of the specialist currency providers listed on this page provide customers with flexible FX solutions that can help to protect against adverse movements in the currency markets, or potentially benefit from improvements in the USDEUR rate. Given their experience and knowledge, we recommend moneycorp who provide customers with; spot contracts, forward contracts, market/stop loss orders, rate alerts and even FX options for business.
Best For: Safety
Operating since 1996, opening a Spanish office in 1999 and a US office in 2007, Currencies Direct is one of the largest and most credible money transfer services in existence today. With a level 1 credit rating from Dun & Bradstreet (the highest a firm can get) the firm is built on a sound financial model and helps to move billions of dollars on behalf of its clients each year. Employing over 500 staff, the firm has an experienced senior leadership team and continues its positive growth trajectory YoY.
Best For: Transferring Large Sums of Money
All three of Currencies Direct, moneycorp and OFX have decades of experience in handling high-value cross currency transfers. Given their reputation, quality of service and safety profile, we’d probably have to opt for Currencies Direct when transferring large amounts of money from Spain to USA. To learn more about high-value transfers then see our dedicated guides transferring large sums abroad or receiving large sums from abroad.
Best For: Paying Staff
Papaya Global is a US-headquartered and world-leading global payroll service offering global payroll in both the US and Spain. Experts in employment law in the US and Spain, Papaya Global can also assist with providing employer of record services in both countries.
What is the Cheapest Way to Send Money to Spain from USA?
Finding the cheapest money transfer method depends on how much you’re looking to send and how well you can time the currency markets.
As a general rule of thumb, online-only providers are cheaper for smaller amounts (but grant no flexibility with regards to when and how you’d like to make the transfer) and specialist currency brokers are cheaper for larger amounts.
Cheapest Way to Transfer Money From Spain to USA < $10,000: Wise
Wise is most likely going to be the cheapest way to transfer money from USA to Spain and the cheapest way to transfer money from Spain to USA when you’re sending under $10,000/€10,000.
There are no currency specialists to help you through the process, and you can’t access the sort of currency hedging tools which may help you to achieve a better rate but Wise provides low fees with a no-fuss approach. They’ll be much cheaper than US banks (up to 3-4% cheaper on certain amounts) and they’ll probably be cheaper than currency specialists who generally offer more favourable rates on higher value transfers.
Cheapest Way to Transfer Money to Spain From USA > $10,000: Currencies Direct
A currency broker like Currencies Direct provides a lower FX markup with the more that you send. For money transfers from USA to Spain over $10,000 we recommend comparing rates from at least two providers. When transferring large sums of money from USA to Spain, differences in exchange rate could mean losing hundreds if not thousands of dollars. Whether this is through the provider you choose or the day you make your trade. Both factors will severely influence how much you have to pay.
Last Word: Best Money Transfer USA to Spain
US and Spanish banks charge some of the highest fees and foreign exchange markups in the world. To save money when you transfer money from Spain to USA, you should consider working with a dedicated money transfer service. Whilst there is a smaller selection to choose from in the US, three of the most trusted and reputable companies are available – Currencies Direct, moneycorp and OFX. When we consider a blend of all the important factors like cost, service, speed and safety, these firms come out on top as the best way to transfer money from USA to Spain. All three of which are also top-rated options to send money from Spain to USA.