Save money when you send an international money transfer to Spain by shopping around for the best service.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Spain is easy. But do your research and shop around for the best available deal.
Compare International Money Transfers
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
How do international money transfers work?
If you don’t already have an account with the company you choose for your transfer, you’ll need to open one either in person or online. The money you send can be in cash or from a bank account, a debit card or even a credit card. Simply put, once you’ve signed over your funds and designated a recipient, the bank or transfer agency whisks it through electronic money networks to its destination, where your recipient either picks it up in person or finds it deposited into their bank account.Back to top
Banks versus money transfer companies
As the accepted currency in Spain is the euro, one of the most commonly traded currencies on global markets, any major U.S. bank will be able to send an international money transfer to a Spanish bank. But there’s a very big downside to using your bank to send your funds: It’ll cost you more money than it needs to. Banks offer poor exchange rates and regularly charge high fees for international transfers, so it often makes more financial sense to shop around to find a specialist international money transfer company.
These companies focus all their energies on sending fast, secure and affordable money transfers. They offer superior exchange rates to the banks and also charge lower transfer fees. Many are based online and can offer transfers to Spanish bank accounts, while others will also give you the option of making your funds available for collection from agent locations throughout Spain.Back to top
Having married an American woman and now relocated permanently to California, Xavi still maintains strong ties with his family in Barcelona. When his sister gets into financial trouble and urgently needs cash to pay her bills, Xavi offers to send her $1,000 of his hard-earned U.S. dollars. Rather than fork over the hefty fee charged by his bank, Xavi decides to see how much it will cost him to transfer the money via specialist money transfer providers.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 0.87 EUR||1 USD = 0.83 EUR|
|Transfer method||Bank account deposit||Cash pickup|
|Processing time||3 business days||10 minutes|
|Amount received (in)||870 EUR||830 EUR|
As you can see, while the second company allows rapid transfers it also charges a much higher transfer fee ($53 greater) and offers a poorer exchange rate. Xavi can send an extra 40 euros if he uses the first provider.
How to compare transfer companies when sending money to Spain
- Exchange rates. When you calculate the full cost of a transaction, even a small difference in exchange rates can equate to a sizable difference in the amount of funds that arrive to your recipient.
- Fees. Fees can vary greatly, as Xavi’s example shows. Examine a company’s transfer fees in relation to its exchange rates and check to see whether they will waive the fee if you transfer a certain amount.
- Transfer methods. Can you make transfers online, over the phone, via a mobile app, and/or by visiting a branch?
- Transfer options. Can you schedule transfers online, over the phone or through an agent? Will they accept payment with your bank account, credit card or debit card? Can you schedule payments ahead of time or take advantage of changing market rates with a forward contract? How long will it take each provider to transfer funds to your recipient? (Western Union, MoneyGram and others offer cash pickup of the funds you send within minutes.
- Turnaround time. From cash within minutes to processing times of several business days, make sure you check how long it will take for your money to arrive.
- Minimum transfer amount. A high minimum transfer limit can be extremely frustrating if you only need to send a small transfer.
- Pickup methods. Can the funds you send be picked up from an agent location, or will they be deposited directly into your recipient’s bank account?
- Customer service. If you need help with a transaction, will customer support be available 24/7?
Ways to send money to Spain from America
- Bank transfers. Bank-to-bank transfers are a safe and secure transfer method but can be expensive.
- Online money transfer providers. Send an affordable money transfer to a Spanish bank account from your computer.
- PayPal. PayPal provides quick and easy international money transfers.
- Checks. You can also send an international check from your bank to your recipient in Spain.
- Money transfer companies with cash pickup options. Companies like Western Union offer agent locations throughout Spain, where the funds can be collected.
How safe is a money transfer?
When processed through a reputable provider, your funds are safely tracked until in the hands of your recipient. When sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
Emergency cash transfers in Spain
If you need to send an emergency cash transfer to Spain, make sure to closely check the exchange rate and fee you will be charged. Urgent transactions usually cost extra, so take the time to see just how much money you will be spending.Back to topFind a money transfer location near youBack to top
How to send money to Spain
When you send money to Spain you will usually have to provide a wide range of information to your money transfer company. This includes:
- Your details. Provide your name, address, contact information, and proof of ID.
- Your beneficiary’s details. You will need to supply your recipient’s name, address, and contact information.
- Your transaction details. Provide information about how much money you’re sending, where you’re sending it to, and the amount you will transfer.
Once your transfer has been lodged you will be given a tracking number which you can use to track the progress of a transaction.Back to top