If you have family outside the European Union, or are a professional conducting business abroad, international transfers are a practical way to send money. It allows the holder of a bank account to transfer funds to another bank account located outside the SEPA zone, generally in foreign currencies.
However, there are fees and a certain delay for an international transfer, which can be an issue when you need to send money quickly. In this article, we explain what you need to know about international transfers: processing times, fees, and the solutions to transfer money quickly to all your loved ones.
What is an international transfer?
An international transfer is a money transfer made between a local sender account and a beneficiary account located in another country. There are two types of international transfers: SEPA transfer and non-SEPA transfer (outside the euro zone).
Non-SEPA transfer, also called a SWIFT transfer, refers to the SWIFT network (Society for Worldwide Interbank Financial Telecommunication) and covers around two hundred countries.
How does an international transfer work?
During an international transfer, the sending bank (where the sender’s bank account is held) or money transfer provider communicates with the receiving bank (where the beneficiary’s bank account is held) via the SWIFT network. Once the transfer is authorized, the money is debited from the sender’s account and credited to the beneficiary’s account. Depending on the transfer, other intermediary banks may be involved.
The international transfer is most often carried out in a foreign currency (pound sterling, dollar, Swiss franc, etc.). It may also be sent in euros, but will in this case be converted to the currency of the beneficiary account upon receipt of the funds, according to the receiving bank’s own exchange rate.
The international transfer is also subject to maximum sending amounts, which vary depending on the sending bank or money transfer provider. Banks and money transfer providers can freely apply transfer ceilings that may affect not only the transfer amount but also the sending period.
If you wish to know precisely the ceilings applied to international transfers in your case, contact your bank for more information.
How do you make a bank international transfer?
To send an international transfer, the sender must initiate the transfer via their bank (online, in a branch, or via a banking application) and provide several pieces of information:
- Full name and address of the beneficiary
- Name, address and country of the beneficiary’s bank
- IBAN, beneficiary’s bank account number
- BIC/SWIFT code of the beneficiary
- Reason for the transfer (optional)
- Other
How long does an international transfer take?
An international transfer generally takes about 3 to 5 days to arrive in the beneficiary’s bank account, starting from the moment the sending bank receives the transfer order. The processing time of an international transfer may be shorter or longer depending on several parameters:
- The bank or money transfer provider
- The destination country
- The day and time of the non-SEPA transfer
- Missing information required for the transfer
- Other
Thus, the transfer time of an international transfer typically may be longer than for a domestic transfer or a SEPA transfer, which under the right circumstances may be completed within 1 banking day.
The day and time are particularly important for the delay of an international transfer. Transfers made during the week during bank opening hours (before 6 p.m.) are generally processed the next business day. Conversely, transfers made on Fridays, weekends or public holidays are processed on the next business day (either two or three days after the transfer depending on the situation).
Likewise, when currencies are converted, the delay for an international transfer may be longer, especially if the currency concerned is less common. In addition, although the reason for the transfer is optional, depending on the bank, the sending currency, the receiving country, or the amount sent, it may be necessary to avoid delays in the transfer. Indeed, without a stated reason, the sending bank can place the transfer on hold.
To know the exact processing time of an international bank transfer, consult your bank.
What are the fees for an international transfer?
There are three main types of fees applied during an international transfer:
- Issuing fees: processing fees or also called transfer fees are billed at the time of the transfer by the sending bank or transfer platform and paid by the sender.
- Receiving fees: these fees may be billed by the entity carrying out the transfer operation and paid by the beneficiary.
- Exchange fees: fees calculated based on the exchange rate (from euro to dollar for example), paid by the sender. These fees, which correspond to the bank’s or money transfer providers margin on the transfer, depend on the current exchange rate and the amount sent.
These fees — fixed or variable — depend on the bank or money transfer provider used, the place of payment (online or in a branch), the payment method (bank card, transfer, mobile wallet), and the sending and receiving countries. Likewise, the person who pays the fees can be determined when the international transfer is initiated:
- SHA (Shared): the transfer fees are shared between the sender and the beneficiary
- OUR (Ours): The sender of the international transfer pays the fees
- BEN (Beneficiary): The beneficiary pays the fees
Send money easily and quickly with Western Union
With Western Union you can send money quickly and securely to your loved ones in over 200 countries and territories.
The processing time of a Western Union international transfer from France, the United Kingdom, Germany, Italy and Spain is generally 1 to 3 business days depending on the country and the bank, with most transfers arriving the same day. In some cases, they may take more than three days.
Rest assured, we always display the fees and estimated transfer time for every payment and delivery method, as well as for every destination country in the transfer overview. You therefore benefit from complete transparency.
With Western Union, you choose how to send funds to your loved ones:
- From a branch
- On the website
- Via our mobile app
Once your transfer is sent, you can easily track it in real time thanks to a unique tracking number (MTCN).
FAQs
What are the reasons for a delay in the processing time of an international transfer?
There are several reasons that can delay international bank transfers:
- Fraud prevention
- Incorrect or incomplete information
- Sending during a public holiday or on a weekend
- Currency conversion and exchange rate fluctuations
- Destination country (less developed banking infrastructures, strict regulations, etc.)
What should I do if my international transfer is blocked?
If your international transfer does not appear on your account statement, it is recommended to contact your bank to verify the status of the transfer and to know the reason for the blocking or refusal if applicable.
If you are the beneficiary of a transfer, you must contact the sender so that they can request information from their bank. You can also check with your bank whether the transfer is pending receipt.
