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Discover effective ways of transferring money to Europe

DNBC Team DNBC Team

Jan 28, 2023

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Europe is the hub of thriving finance and business around the world, so transferring money to Europe has become more and more popular nowadays.

There are various reasons for you to transfer money to Europe. It can be for business, education, jobs, or entertainment.

Whatever the reasons you have, this article will show you more details of transferring money to Europe.

Discover effective ways of transferring money to Europe

Discover effective ways of transferring money to Europe

4 things to consider when transferring money to Europe

Once sending money to Europe, you have to consider some factors before getting started with your money transfers.

Currencies related

When referring to the money transfers to Europe, there are several factors of the currencies in the transactions to consider. It consists of the total cost, transfer time, and which providers you pick.

For example, if you’re planning on sending money from the US to France, many providers will offer instant transfers. However, if you intend to make the same transactions to Serbia, they can take longer because the transfer route seems rare to use.

Most European countries use the Euro as their currency, but others such as the UK, Romania and Sweden have their own currencies. This can be seriously considered in terms of the exchange rate margins given by several providers for each currency.

Exchange rates and fees

The most crucial factors to concern about are the fees and currency exchange rates offered by each provider. In general, not all transfer providers give you the same exchange rates.

Some providers can charge some flat fees, so you need to consider these to make sure they cost you as little as possible.

Where you’re planning on transferring money from

As mentioned above, although a money transfer provider allows transfers to Europe, it can not consist of all European countries. They can focus on the transfer route to charge relatively higher fees than those of other providers in different destinations.

Payments of SEPA Vs SWIFT

SWIFT & SEPA help money transfers across countries. Charges will depend on where you’re sending money from and which kinds of payments are.

SWIFT payments can help money transfers overseas, while SEPA can only be applied within the SEPA area of 36 countries in Europe.

SWIFT transfers can be made in different currencies while SEPA is applied only to Euro transfers.

SEPA transfers will charge no or nominal fees, whereas SWIFT transfers can be from $15 to $45.

Thus, SEPA is a better choice if you’re planning on sending money international from one European country to another, provided that both countries you send to and from are located in the SEPA area.

Is an online money transfer company or a bank better?

The first thought in your mind can be How to transfer money to a European bank account if you intend to send money to Europe. You can also think about a bank as a transfer solution because it’s popular and secure.

However, it may not be the quickest and most economical method to send money to Europe or to everywhere.

It’s better to pick an online money transfer provider. It can often save you time and money. There are some following reasons to use an online money transfer provider instead of a bank:

Transfer cost

For international transfers, banks seem to charge rather higher. Before being received, your money will be moved around the intermediary banks over the SWIFT networks.

Each intermediary bank will charge a flat fee. If there are many intermediary banks, the fees will become higher.

Moreover, it’s quite rare for banks to offer good exchange rates. They are often as high as 5% compared to the mid-market rate.

On the contrary, money transfer providers give more optimal solutions and often have local bank accounts in countries they’re operating in. This enables them to reduce the fees and offer exchange rate margins below 1%.

Payment and delivery options

Money transfer providers allow you to make payments with various methods such as credit/debit cards, cash, bank transfers.

In addition, they can use different delivery methods such as cash pickup, bank transfer or even home delivery.

Transfer speed

As mentioned above, several money transfer providers have local bank accounts in the countries they’re operating in. So, the speed of transferring your money to your beneficiary in Europe is quicker than a bank.

It can take from 3 to 5 days to transfer money to Europe with a bank. With a money transfer provider, it can take from 1 to 2 days, and some of them can even have instant transfers.

Send money to Europe – how much does it cost?

To answer this question, we have to consider some certain elements. For example, consider the currencies related, the country from which you will send money, the transfer amount of money, and which provider.

Transfer fee

Both money transfer providers and banks will charge a fixed fee for sending to Europe.

This fee can be between 1.99 and $49.99 or more. In general, banks will charge higher. On the other hand, some money transfer providers offer additional services without fees.

Exchange rate margins

Exchange rate margins are the mark-ups on the intermediary bank rates. In order to make profits, international transfer providers will charge a small percent of markups on this rate.

If you’re planning on sending a large amount to Europe, make sure your provider just charges a low exchange rate margin.

Exchange rate margins can be different when you send money to Europe. With banks, the margins can be as high as 4 – 5%. With money transfer providers, this margin is a lot lower.

For some particular transfer routes, some providers will even be able to charge exchange rate margins below 1%.

Other costs

Other costs can be added to your money transfers to Europe depending on the payment and delivery ways.

There can be additional fees if you pick a credit/debit card or cash pickup. In some countries, the beneficiaries can pay a receiver’s fee when getting funds.

About DNBC Financial Group

DNBC Financial Group aspires to be the top transfer business account provider for international payment.

We provide full online payment experience, which allows you to make transactions around the clock in more than 170 countries and in different currencies. In which, you can easily send money to Europe or to anywhere with our service.

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Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.