What is the best way to send dollars to Spain for a property purchase?
Use a regulated currency specialist rather than a retail bank wire. Specialists typically quote 0.2% to 0.8% over the interbank rate against 2% to 4% at a bank, and can fix the rate with a forward contract so a euro purchase price stops moving in dollar terms while the purchase completes.
- Compare the euros you actually receive, not the advertised transfer fee.
- A forward contract removes exchange risk between the arras contract and completion.
- Staged transfers match the Spanish reservation, deposit and completion timetable.
- Send funds early enough to clear before the notary appointment.
Key takeaways
- A US bank typically builds 2%–4% into the rate on a large transfer; a specialist provider is usually 0.2%–0.8%.
- On a €1,000,000 purchase that difference is commonly USD 15,000–35,000.
- A forward contract fixes the dollar cost of a euro price for up to twelve months against a deposit of around 5%–10%.
- Spanish purchases pay in stages — reservation, 10% arras, completion — so plan the transfers as a schedule, not one payment.
- Funds usually need to be in euros in a Spanish account several days before the notary date.
What the spread costs on a €1,000,000 purchase
Illustrative dollar cost of the same euro purchase at different effective margins.
| Route | Typical margin | Approximate extra cost | Rate certainty |
|---|---|---|---|
| US retail bank wire | 2% – 4% | USD 22,000 – 45,000 | Spot only, applied on the day |
| Consumer transfer app | 0.4% – 1.5% | USD 4,500 – 17,000 | Spot, limited forward cover |
| Currency specialist | 0.2% – 0.8% | USD 2,200 – 9,000 | Spot, forwards to 12 months, limit orders |
Swipe the table sideways to see all columns.
Illustrative only, based on a EUR/USD rate near parity-plus and a €1,000,000 transfer. Reviewed August 2026.
The Spanish payment schedule you are funding
- Reservation: typically €3,000–€10,000 to take the property off the market.
- Arras (deposit) contract: usually 10% of the price, paid within one to three weeks of reservation and normally forfeited if you withdraw.
- Completion at the notary: the balance of price, plus taxes and fees of roughly 10%–14%, on a date set a few weeks ahead.
- After completion: ongoing euro costs — community fees, IBI, utilities and any mortgage payments.
Fixing the rate: when it is worth it
Between signing the arras contract and completing at the notary there are usually four to ten weeks. A 3% move in EUR/USD over that period is unremarkable, and on a €1,000,000 purchase that is roughly USD 33,000 of pure timing risk. A forward contract removes it: you agree the rate today for settlement on or around the completion date, put down a deposit of around 5% to 10%, and settle the balance when the funds are needed. If your dollar budget is fixed, that certainty usually matters more than trying to time the market.
How a euro mortgage changes the picture
Borrowing in euros against dollar income reduces the amount you need to convert up front, but creates an ongoing exposure: every monthly payment is a small dollar-to-euro transfer at whatever rate applies that month. Many US owners set up a regular transfer plan for the mortgage and community charges, and use forwards only for the large completion payment. Lenders also apply a haircut to converted dollar income when assessing affordability, so the currency question feeds directly into how much you can borrow.
Practicalities that cause delays
- Spanish banks apply source-of-funds checks; be ready to evidence where the dollars came from.
- Large wires from US accounts can be held for compliance review — allow extra days before the notary.
- Your NIE is needed to open the Spanish account that will receive the funds.
- US public holidays and settlement cut-offs do not line up with Spanish notary appointments.
Currency quote
Get a no-obligation USD to EUR quote
Dollar buyers routinely lose 3–4% to their bank on the conversion into euros. Tell us roughly what you plan to transfer and a currency specialist will come back with indicative rates — no obligation.
Frequently asked
Questions from readers
Can I pay a Spanish seller directly in dollars?
Almost never. Spanish completions settle in euros, usually by bank transfer or bank draft arranged in advance, so the conversion has to happen before the notary date.
How far in advance can I fix a EUR/USD rate?
Forward contracts are commonly available up to twelve months, sometimes longer, subject to a deposit and the provider's credit assessment.
Do I need a Spanish bank account as an American buyer?
In practice yes. It is needed to settle at the notary in most cases, and to pay taxes, utilities, community fees and any mortgage by direct debit afterwards.
Will a currency specialist charge me a fee?
The cost is in the exchange rate margin rather than a headline fee, and on property-sized transfers most specialists waive transfer charges entirely. Always compare the euro amount you will receive.
Is the exchange gain or loss relevant for US tax?
It can be, particularly on sale, because the US measures your gain in dollars. Currency movement between purchase and sale forms part of that calculation, so keep records of the rates used.