How to Send Money From Europe to US

Sending money across international borders, especially from Europe to the United States, is a common financial necessity for individuals and businesses alike. Navigating the process involves understanding various financial systems and regulatory requirements that differ between regions. Successfully completing an international money transfer requires careful consideration of available methods, the specific information needed, and the associated costs.

Available Money Transfer Options

Several options are available for international money transfers from Europe to the United States. Traditional bank wire transfers facilitate direct movement of funds between financial institutions. These transfers are typically initiated through a bank’s online banking portal or directly at a branch location. Bank wires are secure but can take one to five business days for funds to arrive in the recipient’s account.

Online money transfer platforms offer an alternative, providing specialized digital services for cross-border transactions. Companies like Wise, Remitly, and Xoom operate primarily through their websites and mobile applications, streamlining the transfer process. These platforms often leverage local payment networks to expedite transfers and potentially reduce overall costs compared to traditional banks. Transfers through these services can be faster, with some funds arriving within minutes or within one to two business days.

While bank wires rely on established interbank networks, online platforms often use a system where they receive funds in one currency and pay out in another, minimizing direct international bank-to-bank movement for each individual transaction. This operational difference contributes to the varying speeds and fee structures observed across the different service types.

Essential Information for Transfers

Gathering specific details from both the sender and recipient is essential before initiating any money transfer from Europe to the United States. The sender will need to provide their full legal name, current physical address, and contact information, including a phone number and email address, for verification purposes. Service providers often require valid government-issued identification, such as a passport or national ID card, especially for new accounts or larger transaction amounts. Additional documents, like proof of address, may also be requested to comply with regulatory requirements.

For the recipient in the United States, precise information is necessary to ensure funds reach the correct account. This includes their full legal name, current physical address, and a contact phone number or email. Accurate banking details for the US recipient’s account are required. This includes the recipient’s bank account number and the nine-digit US routing number (ABA Routing Transit Number), which identifies the financial institution.

International transfers also require a SWIFT/BIC (Bank Identifier Code) for the recipient’s US bank. This international code, consisting of 8 or 11 characters, acts as a global identifier for banks involved in cross-border transactions, ensuring funds are directed to the correct bank abroad. While European bank accounts use IBANs for domestic and intra-European transfers, the SWIFT/BIC is the identifier for reaching a US bank from Europe.

Initiating Your Transfer

Once a transfer method is selected and information gathered, initiating the transfer can begin. The first step involves accessing the chosen service, either by logging into a bank’s online platform or a money transfer service’s website or mobile application. New users may need to complete a brief registration process, including identity verification.

After gaining access, navigate to the international transfer section, often labeled “Send Money” or “International Transfer.” Specify the destination country (United States) and the desired currency (US Dollars). The system will then prompt for the recipient’s details, including their full name, physical address, US bank account number, and the US routing number. The SWIFT/BIC code for the recipient’s US bank will also be entered to identify the receiving institution.

Next, specify the amount to be sent. The sender can input the amount in their originating European currency or indicate the exact amount they wish the recipient to receive in US Dollars. Select the chosen payment method for funding the transfer, such as a direct bank transfer from a European bank account, a debit card, or a credit card. Before final confirmation, a summary screen will display all transaction details, including the amount, recipient information, applicable fees, and the exchange rate. A careful review of this summary is essential to catch any potential errors. Upon confirming the transfer, a unique transaction reference number will be provided to track the transfer’s progress. Senders can expect email or in-app notifications regarding the status of their funds until they are delivered to the recipient.

Navigating Fees and Exchange Rates

Understanding fees and exchange rates is essential for optimizing the amount received by the beneficiary. Transfer services levy various types of fees, which can include a fixed charge per transaction, a percentage based on the transfer amount, or a combination of both. For traditional bank wire transfers, there is also the potential for intermediary bank fees, which are charges imposed by correspondent banks involved in facilitating the transfer between the sending and receiving institutions. These intermediary fees can sometimes be unpredictable, potentially reducing the final amount received.

Exchange rates also play a significant role in the total cost of an international transfer. The interbank rate, also known as the mid-market rate, represents the true market value at which banks trade currencies among themselves. However, consumers are typically offered a consumer rate, which includes a markup from this interbank rate. This markup is a primary source of revenue for money transfer services and can vary significantly between providers. A higher markup means that for the same amount of originating currency, less US dollars will ultimately reach the recipient.

To compare total costs, calculate the precise amount the recipient will receive after all deductions. This involves considering both explicit fees and the implicit cost embedded within the exchange rate. While some services might advertise lower upfront fees, their less favorable exchange rates could result in a higher overall cost. The speed of transfer can also influence cost, with faster services occasionally commanding higher fees or less competitive exchange rates.