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Traditional banking methods are often inefficient, with poor exchange rates and excessive hidden fees. Instead, consider using a service like Wise for smaller transactions or engage a currency broker for larger amounts. Brokers provide personalized service and expert advice, streamlining the money transfer process and helping you avoid bureaucratic complications.
Tax Planning
Understanding the tax implications of your move to Spain, especially for Americans, is critical. Moving to Spain doesn’t relieve you from your tax obligations in the U.S. Conducting a tax simulation prior to relocating is recommended to ensure you understand the potential tax burden you may incur based on your income sources and property value.