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USD to EUR Currency Transfers
According to the Bank of Spain, remittances worth €3448 million were transferred to Spain in the third quarter of 2020. Whether you are sending money from United States to Spain as a business or an individual, it is important to understand the different transfer methods available, the type of information required by Spanish financial institutes, as well as how the recipient will access the money. International payments sent to Spain will be processed as Euro transfers so it is important to understand the USD to EUR exchange rate before getting started.
Best Providers for Sending Money to Spain from United States
When considering how to send money Spain from United States there are some key aspects of the transfer that will impact the best provider for your needs.
There are plenty of international money transfer providers for United States to Spain. The fastest provider is XE. The cheapest provider we found is TorFx at 0.9% Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using XE when sending USD – EUR.
This means that by using XE for online money transfers to Spain from United States, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access XE for any reason, our comparison engine has found CurrenciesDirect and Wise also to be very good options when sending USD to EUR.
If you are looking to make an international transfer, in some cases you might need to know the SWIFT/BIC code of your recipient in Spain. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Spain.
The cheapest way to send money from United States to Spain
The cost of transferring money will depend on the value of the transaction and amount of EUR you want the recipient in Spain to receive.
In order to avoid high fees, you should consider the cheapest way to send money from United States to Spain.
TorFx has been determined by our comparison engine to be currently offering you the cheapest rates possible.
The fastest way to send money from United States to Spain
When sending money from United States to Spain, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers, particularly if you want to send money instantly. Currently, XE is the fastest way to send USD – EUR.
What payment methods are available when sending money from United States to Spain?
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
Sending money to Spain from United States using credit card
To avoid high fees you can opt to use an online money transfer provider such as Wise to pay for your transfer to Spain. Our guide on sending money using a credit card has more information.
Sending money to Spain from United States using a debit card
With XE you can send money online to Spain using your debit card. But before making a payment, make sure you understand all the processing fees in place. Our guide on sending money using a debit card has more information.
Using a wire transfer to send money from United States to Spain
Bank and international wire transfers are the most common ways of sending money Spain as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use XE to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
When sending money to Spain from United States using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee. If you do decide to make an international transfer using wire transfer, you might be required to use a SWIFT/BIC code when completing your transaction. If you’re unsure of what it is, check out our guide on what is a SWIFT code as well as use our SWIFT code calculator to find the right SWIFT/BIC code.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as XE, CurrenciesDirect and Wise.
Considerations for a USD to EUR Currency Transfer
Before sending money to Spain from United States, you should consider the following:
- The amount you want to transfer: It is likely that the more money you send to Spain the more value you will get and more EUR the recipient will receive. This is because any flat fee charged ends up as a smaller percentage of your transfer amount, and also because many providers allow you to negotiate a better exchange rate margin if sending large amounts.
- The USD – EUR exchange rate margin: Money transfer providers charge a small percentage on top of the mid-market exchange rates in order to generate revenue. Current mid market rate is 0.95161 and the lowest exchange rate margin is currently offered by XE at 0.9% above the mid market rate.
- Hidden fees & charges: Before sending money to Spain, make sure the provider you are using doesn’t charge any hidden fees. Our reviews of the top ranked providers XE, CurrenciesDirect and Wise will give insight here.
How to send money from United States to Spain at the best rate?
This one’s easy. Simply use our comparison table above to find the best provider to send USD to EUR. After that it’s just a process of making your transfer via the following steps:
- Click “Visit Site” inside our comparison table
- Register for an account if required
- Input how much you are willing to send
- Fund your transfer
- Receive & save an email confirming your transfer
How to receive transfers from USD to EUR in Spain?
Your recipient has a few methods available to receive your money in Spain. These will vary between providers, but it is possible to find services that will:
- Deposit EUR directly into a bank account
- Enable the recipient to pick up cash a specific locations across Spain
- Deliver money directly to their door
- Send EUR to your recipient’s mobile wallet
If your recipient is going to collect or have the money delivered to them in Spain, then they will usually need the following:
- A government issued I.D document
- The money transfer reference number
- Senders details and the amount of money sent
How much money can be transferred from United States to Spain?
The amount of EUR you can receive from United States will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of EUR that can be received in Spain or sent from United States before making your transfer.
Keith is a digital specialist with a background in the financial industry, both as a marketeer and a journalist. Keith joined MoneyTransfers.com in order to take the business to the next level and expand our offering in multiple international money transfer markets.