If by species you mean gender, that's a given.
If you mean different species of egg group, not necessarily.
The Masuda method is basically an incentive to trade with people around the world,
via wireless or thru the now unusable nintendo wi-fi connection for the DS,
so it's not necessary to change your knowledge of pokémon's breeding.
The only requirement is that at least one of the parents comes from a different country than the one where the breeding takes place.
Here's a more detailed explanation on the matter.
Hope this clears your doubts!