I have to wire a large sum of USD to someone in Spain .. aside from going through my bank in the states and paying a $50 fee and getting a crappy rate .. does anyone know of a better way to exchange large sums of $$ ? On a few hundred dollars I wouldnt worry so much but I know the crappy rate will cost me a lot more this time. Any suggestions would be appreciated.

How quickly do you need to do the transfer? I was in the same situation a few months ago and you have a couple of options, but they aren't fast. There are internet exchanges such as xe.com, but it requires you to set up an account in advance. The other option is to deposit a U.S. check into a european bank. Does the person to whom you are sending the money have a Spanish bank account? Check that option and see what the rate would be. I went to about 10 different banks until I found one with a reasonable rate that didn't charge commission (but the bank is not in Spain). Is there someone there who could run around and do research for you? The time and trouble saved us about 10k in the exchange.

I have to wire the money by Friday ... and banks here are closed Tuesday for 4th of July. I have deposited US checks into my Spanish bank before but thought the rate was similarly bad.. I will call the bank in Spain and find out that their rate is - that might be a good option - although if I remember correctly can take 10-14 days to clear.... With all the talk here of the US govt monitoring bank transactions abroad I must have a huge FBI file by now :-) I am only sort of half joking...

I just looked at that xetrade.com .... you have to wire them the money right? So you still have to pay a wire fee .. they just do the conversion.. is that correct?

I'm sure I have a huge FBI file...scary (and I'm not joking). I heard of a woman in texas or arizona who was tagged doing something similar (way before the nytimes article came out). anyway, with xe the fees seem nothing compared to what you would save although there's no way you'll get it done in time. And yes, you probably won't be able to do the check thing either. I usually have to wait a week or so for it to clear. I tried a bank check once and that took a month (go figure). Good luck and let us know what you find out.

I once lived in a shared apartment in madrid with a Libyan guy and a guy from Northern Ireland...and me the American.. we used to joke that we were under surveilance for suspected terrorist activity .. I thought it was funny as a kid now I am scared to think I might have been watched :-) Oh well .. yes the xetrade things looks good - I will let you know how it works out thanks