How to Profitably Transfer Money to an International Bank Account
How to choose a financial company for bank transfers abroad? What fees are charged? Find out how to transfer money internationally!
A Simple Cheat-Sheet: How to Transfer Money Internationally?
There are many ways to send money internationally: money transfers, bank transfers, and cash. Each method has its speed and risks. The safest and fastest option is an international bank transfer – you can immediately send several hundred thousand euros and convert money into any currency. We tell in the article how to transfer money to an international bank account, what is needed for this, and what commissions are charged.
What Do You Need to Know About Sending Money Internationally?
So, you want to send money internationally. For this, you need to know:
- Recipient data. To transfer funds, you need to know the recipient’s bank details, which he must provide to you.
- Set transaction limits. Different banking organizations set specific limits on online transfers. If your total amount exceeds the limit, you will need to call the bank for more information.
- Exchange rate. Be sure to check the real exchange rate with the one set by the financial institution. As a rule, some companies significantly exceed the exchange rate. Thus, the client loses his money during the international transfer of funds.
The SWIFT network is usually used to transfer money from one bank to another internationally.
SWIFT transfers can be sent from any bank account to another bank account in any currency. With SWIFT, you can send money to relatives, pay bills, buy real estate, send salaries, etc.
You can send money internationally online on the website, mobile application, or phone, depending on the financial organization. Some banks require a personal visit to a bank branch.
To transfer money from one bank to another internationally, you need to have the following recipient details:
- Address and name of the beneficiary’s bank.
- IBAN (international bank account number).
- SWIFT ID or BIC bank code is the same.
- Reason for a transaction.
- Currency and the transfer amount.
As a rule, a financial institution asks who will pay the commission for using the services – the sender or the recipient.
About how long does it take to transfer money between international banks. The terms of sending international money depend on various factors. The period is 1-5 days (including currency). The transaction may take longer due to the intermediary bank, destination country, currency conversion, time zones, etc.
At Satchel, it takes 3-5 business days to process outgoing SWIFT transfers.
6 Reasons to Send Money Abroad
Money transfer services abroad may be needed for various reasons:
- Conversion of personal funds into the country’s currency where you live or plan to travel.
- Sending money to relatives or friends.
- Purchasing goods abroad.
- Payment for utilities, education, weddings, rental housing, etc.
- Compensation for company employees or freelancers who have done your work.
- Any investment deposits. For example, business, real estate, etc.
In Satchel, you can open an account for business, and get an individual European IBAN. With a personal account, you will no longer have a question – about how to transfer money internationally. You can manage your money using Satchel’s mobile apps in any convenient place.
How Much Does It Cost to Send Money Internationally?
Different financial companies set their fees. If you have time, you can analyze the rates of organizations to save money on bank transfers.
With international wire transfers, you may encounter the following commissions:
- Transfer fees. Most financial institutions set fees for sending and receiving international money. For example, in Satchel, we set a commission for incoming transfers for business accounts – 0.2%, for outgoing transactions – 0.5%.
- Additional charges. Depending on the company you plan to make bank transfers with, you may face fees such as payment cancellation or additional fees from the correspondent bank. Before initiating an international transfer, carefully study all possible commissions.
Best Ways to Send Money Internationally in 2022
If you are looking for the perfect way to send money abroad, find a financial company that offers the best conditions for international transfers:
But before making a transaction, study the commissions, the exchange rate of currencies, the timing of transfers, and financial protection.
One of the best ways to send money abroad in 2022 is with our EMI Satchel, which lets you open a personal or business European account online in a few minutes.
You need to submit Satchel’s mobile apps, attach two documents, wait for the application to be processed, and receive a confirmation letter about creating an account.
Just a few steps – and you have an international account with a personal IBAN, which allows you to send money abroad and receive international transfers to a personal account or debit card.
Opportunities that Satchel Provides for Customers:
- Opening an account from a computer and smartphone anywhere in the world using a mobile application with an intuitive interface.
- European IBAN allows you to pay utility bills, receive wages, and do other cash transfers.
- Issuance of a virtual or plastic card Mastercard can also be used for international money transfers and payments for services in any country.
- Instant SEPA payments in 10 seconds at any time of the day with a transaction limit of 100,000 EUR.
- International SWIFT transfers to bank accounts in 38 currencies thanks to multi-currency IBAN. EMI guarantees a transparent transaction route and traces payment information. With SWIFT, you can send money to over 100 countries worldwide.
- Internal transfers to a Satchel account indicating the beneficiary’s short account.
Satchel has an agreement with the National Bank of Lithuania. All client funds are placed in a separate, segregated account. Thus, 100% protection of clients’ finances is guaranteed.
Satchel provides high-level customer support so that you can count on help at any stage!