Sending business payments from the US to Spain
A US company pays a Spanish supplier, contractor or subsidiary in euros to its IBAN as a SEPA transfer, or by SWIFT wire in euros or dollars. You need the legal name exactly as on the account and the 24-character Spanish IBAN, which contains a 4-digit bank code and a 4-digit branch code.
- A Spanish IBAN has 24 characters: ES, two check digits, a 4-digit bank code, a 4-digit branch code and the account details.
- Spanish banks must document money transactions with non-residents for statistical purposes, according to the International Trade Administration.
- The Bank of Spain must be notified of certain resident and non-resident transactions, including payment deferrals of over a year and offsets of credits and debits.
- Royal Decree 1816/1991 lets the Spanish government limit transactions with non-residents only in exceptional circumstances.
- Verification of payee has applied to euro transfers in euro area countries since 9 October 2025.
Details to collect from a supplier in Spain
Spain uses the IBAN for every account. Swift's IBAN Registry lists the Spanish IBAN at 24 characters, with a 4-digit bank code and a 4-digit branch code after ES and the check digits; its example is ES9121000418450200051332. Spanish banks offer verification of payee on euro transfers, as all euro area banks must since 9 October 2025, so the beneficiary name must match the IBAN holder.
| Detail | Format | Why it matters |
|---|---|---|
| IBAN | 24 characters starting ES; 4-digit bank and 4-digit branch codes | Identifies bank, branch and account |
| Beneficiary name | Legal name exactly as registered with the bank | Checked by verification of payee on euro transfers |
| Bank SWIFT/BIC | 8 or 11 characters | Needed for SWIFT wires |
| Company form | For example S.L. or S.A., as part of the legal name | Part of the name the bank checks |
| Reference | Invoice number | Lets the supplier match the payment |
Sources: Swift IBAN Registry, Release 103 (September 2026); European Central Bank. As published on 29 October 2026.
Confirm the BIC with our SWIFT code lookup before a first SWIFT payment.
Pay in euros or in US dollars?
Spain's framework for transactions with non-residents is Royal Decree 1816/1991. The International Trade Administration summarizes its main points: safeguard clauses let the government limit transactions with non-residents only in exceptional circumstances; banks must document money transactions for statistical purposes; and the Bank of Spain must be notified of certain transactions between residents and non-residents, such as financing and deferral of payments and receipts for over a year, offsets of credits and debits, and loans from non-residents.
If the supplier invoices in euros, pay its euro IBAN. A euro invoice paid by SEPA arrives with no conversion; dollars sent to a euro account are converted by the Spanish bank.
| Point | Position in Spain |
|---|---|
| Framework | Royal Decree 1816/1991 |
| Bank documentation | Banks document transactions with non-residents for statistics |
| Bank of Spain notification | Deferrals over a year, offsets of credits and debits, loans from non-residents |
Sources: International Trade Administration, Spain. As published on 29 October 2026.
For euro values, see the USD to EUR currency page.
Rails and arrival times
JPMorgan Chase has a branch in Madrid and BNY Mellon a representative office there, neither offering retail banking, and the International Trade Administration lists the international divisions of BBVA, Banco Santander and CaixaBank as contacts for foreign business.
A euro invoice is best paid as a SEPA credit transfer to the Spanish IBAN. The European Central Bank lists 9 January 2025 as the date from which euro area banks must receive instant euro transfers, and notes that providers offering instant transfers must check at least daily whether any of their users are subject to EU targeted financial restrictive measures.
A SWIFT wire covers dollar invoices. Swift reports that almost 100% of gpi payments are credited within 24 hours, and the payment can carry its UETR tracking reference from end to end.
| Route | Currency | What applies |
|---|---|---|
| SEPA credit transfer | EUR | Instant receipt at Spanish banks since 9 January 2025 |
| SWIFT wire | USD or EUR | Almost 100% of gpi payments within 24 hours; trackable by UETR |
Sources: European Central Bank, Instant Payments Regulation; Swift gpi. As published on 29 October 2026.
Documents, reporting and checks
The notification rules shape how you should pay. Pay each invoice in full rather than netting it against credit notes or amounts the supplier owes you, because offsets of credits and debits between residents and non-residents are among the transactions notified to the Bank of Spain. Avoid informal payment terms longer than a year; if you need them, put them in a written agreement so the supplier can report them correctly.
Quote the invoice number in the reference, and for a Spanish subsidiary state whether the payment covers services, royalties, a loan or capital.
On the US side, every payment to a Spanish company must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
Spanish banks publish their own charges for receiving payments from outside the EU; ask the supplier what its bank deducts. Paying euros by SEPA takes correspondent banks out of the route, and PSD2 Article 62 has each party pay its own provider on EU transfers. On a SWIFT wire, choose OUR to cover all charges or SHA to share them; our guide to OUR, SHA and BEN charges sets out the trade-off. Helm does not open accounts for businesses registered in the UK or the EEA; this page is for US companies paying them. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Why payments to Spain are delayed or returned
| Cause | Prevention |
|---|---|
| IBAN mistyped | Copy it from the invoice and check it has 24 characters |
| Name differs from the account (no match) | Use the full legal name with S.L. or S.A. |
| Invoices netted against credits | Pay invoices gross and settle credits separately |
| Dollars sent to a euro account | Pay euros, or ask for a USD account |
| SHA deductions on a SWIFT wire | Pay euros by SEPA, or send OUR |
Sources: European Central Bank; Swift IBAN Registry; Helm Editorial Team. As published on 29 October 2026.
Checklist before you send
- Collect the legal name with S.L. or S.A., the 24-character IBAN and the BIC.
- Agree EUR or USD on the purchase order.
- Pay each invoice in full rather than netting it.
- Pay euros by SEPA where your provider offers it.
- Quote the invoice number in the reference.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What details do I need to pay a Spanish company?
The legal name exactly as on the account, the 24-character IBAN and, for SWIFT wires, the bank's BIC.
Does Spain have exchange controls?
Not in normal circumstances. Royal Decree 1816/1991 allows limits only in exceptional circumstances, while banks document transactions with non-residents for statistics.
Can I net invoices against credit notes when paying a Spanish supplier?
It is better not to. Offsets of credits and debits between residents and non-residents are among the transactions notified to the Bank of Spain.
Should I pay a Spanish supplier in euros?
Usually yes, if it invoices in euros. Dollars sent to a euro account are converted by the Spanish bank.
How long does a payment to Spain take?
Euro area banks must be able to receive instant euro payments since January 2025. On SWIFT, almost 100% of gpi payments are credited within 24 hours.
References
- International Trade Administration: Spain Country Commercial Guide, Trade Financing
- Swift: IBAN Registry, Release 103 (September 2026)
- European Central Bank: Instant Payments Regulation
- Directive (EU) 2015/2366 (PSD2), Article 62: Charges applicable
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.