If you need to make an international money transfer from Spain to the USA, it’s essential that you thoroughly explore your options.
This article offers an in-depth insight as to what information is required and the process involved when sending money from Spain to the USA and also outlines the most cost-effective methods.
Having the facts simply outlined makes sure that you are in a position to make a well-informed decision regarding exchange rates and potential fees.
In practice, the process to send money from Spain to the USA is extremely quick and easy, especially when choosing to work with our expert brokers at Key Currency.
Simple Steps to Send Money from Spain to the USA
1. Register as a Client
Every new customer needs to register to comply with anti-money laundering rules.
There is a legal requirement to identify a person before they can send money overseas.
Fortunately, this is usually straightforward and can be done the same working day (sometimes in under an hour).
Most people can be identified quickly and easily through basic details such as their name, address, and passport number.
2. Secure a Euro to USD Exchange Rate
Once you are registered, you are in a position to lock in a EUR/USD exchange rate if you wish.
At any time you can request the latest rate from your broker.
Rest assured that no transaction will take place without your consent to go ahead.
If you are happy to proceed with the US Dollar rate quoted, the broker will lock in your rate.
You will then receive an email confirmation of your transaction, with the amount of US Dollars you have bought and the number of Euros you have sold.
That locked rate is what you get when the euros leave Spain.
The EUR/USD chart below shows recent moves, so you can tell if the quote is sitting high or low before you commit.
EUR to USD rate = 1.11940445
This data uses the mid-market rate. For an exchange rate on your money transfer, please get a transfer quote.
If you are not sending yet, our euro to dollar forecast looks at where the rate may go.
3. Send in Your Euros
Your broker will provide you with the bank details of where to send your Euros to the designated account in the USA.
4. Euros are converted to USD and sent to your recipient
Once Key Currency has received your Euros, they will convert them into US Dollars at the exchange rate agreed upon and send your money to the US bank account you’ve requested.
How Much Will a Transfer to the USA from Spain Cost?
Spanish banks typically charge substantial fees and an exchange rate margin of around 4% for international transfers to the USA. Exchange rates are a particularly significant factor in determining the final cost. Fees charged by banks will differ according to the amount of the transfer and the transfer method you choose, which is why it is important to explore all options.
At Key Currency, we do not charge a transfer fee when sending funds from Spain to the USA.
However, other transfer specialists may do so, and certainly using your Spanish bank to make a transfer to the USA will incur fees.
How Long Will the Transfer Take?
The time taken for a transfer of funds between Spain and the USA to be completed will be affected by the method of transfer you have chosen and there service provider you are using.
As an example, when you send your money via Key Currency:
Once your Euros are deposited in our client account, we can send the transfer that same day up until 14:30 CET, which should ensure that your funds are received by the beneficiary in the USA within one working day.
The only factor which could potentially cause a delay is if there is a routing bank involved, in which case, the transfer could take slightly longer.
We will of course always endavour to ensure that your transfer is processed in the shortest time possible.
Generally speaking, a transfer from a bank in Spain to a bank in the USA will take between 2-5 working days, and the exchange rates and fees will be much less favourable.
What Details Will I Need to Make a Transfer from Spain to the USA
To make an international money transfer from Spain to the USA, you will need the recipient’s full name, bank account number, and routing number. You will also need the SWIFT or IBAN code, the recipient’s bank address, and your bank account details. It’s important to check with your bank for specific requirements and any additional documentation needed for international transfers.
Here’s a more detailed outline of what will be required:
Account Details and Personal Information
Be sure to clarify the exact details of your intended recipient’s bank account information. The most vital detail is the recipient’s bank account number. Be sure to be precise in obtaining the correct details to avoid any delays in your transfer.
Your Personal Information
This will include your full name, business or residential address, and contact telephone number plus email.
Reasons for Transfer
You may well be asked to clarify the reason for the money transfer. For example, whether it is a business investment, loans, or sending funds to family, be prepared to specify why you are sending the funds.
Compliance
You must adhere to compliance requirements when sending money from Spain to the USA, meaning you will need to provide certain documents for anti-money laundering purposes. These commonly include your identification documents, such as a valid passport or national ID card.
Make sure your money is safe when sending it abroad
It is important to choose a money transfer company that is authorised by the Financial Conduct Authority (FCA).
The reason for this is that authorised companies must adhere to strict safety rules covering client funds. An FCA-authorised money transfer company is required to keep all customer money in safeguarded bank accounts.
To see whether a firm is indeed authorised, you can search for its name on the FCA register.
Key Currency is Authorised by the FCA (no.753989).