How to Send Money to Spain From the USA

Sending money from the United States to Spain is a common necessity for family support, property transactions, or business dealings. The process has become increasingly streamlined, making international transfers more convenient. Understanding the different options and required information helps ensure a smooth transaction.

Choosing a Money Transfer Method

Several avenues exist for transferring funds from the USA to Spain, each with distinct characteristics regarding speed, cost, and convenience. Traditional bank wire transfers are reliable but can involve higher fees, often $25 to $50 per transaction, and may take one to five business days for funds to arrive.

Online money transfer services are popular due to competitive exchange rates, lower fees, and faster transfer times. Companies like Wise, Remitly, and Xoom (a PayPal service) allow digital transfers, with funds often arriving within minutes or hours. These platforms offer transparent fee structures, which can be a flat fee, a percentage of the transfer, or incorporated into the exchange rate. Compare both transfer fees and exchange rates, as providers can profit from currency exchange even with zero transfer fees.

International money orders are a less frequent option. This method involves purchasing a physical money order from a postal service or financial institution and mailing it to the recipient in Spain. Money orders are slower than digital alternatives, often taking several days or weeks for delivery and processing. They also have limitations on the maximum amount that can be sent, making them less suitable for larger transfers.

Gathering Required Information and Documentation

Before initiating any money transfer to Spain, gather specific information and documentation from both the sender and recipient. Accurate details are necessary for regulatory compliance, transaction security, and to prevent delays. Financial institutions and money transfer services are legally required to collect this information to prevent financial crimes like money laundering.

For the recipient in Spain, you will need their full legal name, complete address, and phone number. Obtain their Spanish bank account details, including the International Bank Account Number (IBAN) and the SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Business Identifier Code) for their bank. A Spanish IBAN consists of 24 characters, starting with “ES.” The SWIFT/BIC is an 8-to-11 character code identifying the recipient’s bank for international transactions. Double-check these details with the recipient directly to ensure accuracy.

As the sender, provide identification, such as a government-issued ID (passport or driver’s license). Proof of address, like a recent utility bill or bank statement, is also required. For larger transfers (exceeding $10,000), financial institutions may ask for proof of funds (bank statements or pay stubs) to verify the source. You may also be asked to state the transfer’s purpose for significant amounts to comply with anti-money laundering (AML) regulations.

Initiating Your Money Transfer

Once all necessary information and documentation are collected, initiate the money transfer based on your chosen method. For online services, create an account on their website or app. Select Spain as the destination and input the US dollar amount. The service will display the converted Euro amount, applicable fees, and exchange rates.

Input the recipient’s bank details: full name, address, IBAN, and SWIFT/BIC code. Select your preferred funding method, such as linking a bank account, using a debit card, or a credit card. After reviewing all transaction details for accuracy, confirm the transfer. The service will provide a confirmation or tracking number.

For bank wire transfers, visit a bank branch or use your bank’s online portal. At the bank, complete a wire transfer form, providing your identification and the recipient’s details: name, address, bank name, IBAN, and SWIFT/BIC. If using online banking, navigate to the wire transfer section, input recipient information, specify the amount, and authorize the transaction. Bank wire transfers, once initiated, are often final and cannot be easily canceled.

Purchasing an international money order is a traditional approach. Visit a postal office or authorized agent, provide recipient details, and pay the amount plus fees. The money order is then mailed to the recipient, who can cash it upon receipt. This method is less common for bank-to-bank transfers but remains an option for cash delivery.

Monitoring and Completing the Transfer

After initiating the money transfer, track its progress to ensure it reaches the recipient successfully. Most online money transfer services and banks provide a tracking number or transaction ID. This allows you to monitor the transfer status online or through their mobile applications, providing visibility into whether funds are processing, in transit, or delivered.

The sender receives confirmation via email or SMS once the money has been delivered to the recipient’s account. This notification serves as proof of successful delivery and can be shared with the recipient. For bank transfers, the recipient in Spain does not need to take action beyond confirming fund receipt. If the transfer involves cash pickup, the recipient will need to visit an authorized agent location with valid identification and possibly the tracking number to collect the funds.

Should there be delays or issues, such as money not arriving, contact the customer support of the service or bank used. Common reasons for delays include incorrect recipient information, time zone differences, bank processing times, public holidays, or regulatory compliance checks. Having the transaction ID readily available helps customer service investigate efficiently and provide resolution guidance.