How to Send Money to Greece: A Step-by-Step Guide

Sending money internationally is a common necessity, connecting individuals and businesses across continents. This guide provides a clear overview of how to send money from the United States to Greece. It covers transfer methods, required information, costs, delivery times, and practical steps for a successful transaction. Efficient international remittances ensure funds reach their destination securely and without delay.

Common Methods for Sending Money to Greece

Traditional bank transfers, often called SWIFT transfers, facilitate direct account-to-account movements of funds. They use the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, a global messaging system for secure bank communication. While widely available, bank transfers often involve intermediary banks, which can affect both cost and speed.

Online money transfer services operate through websites or mobile applications. Companies like Wise, Revolut, Xe, Remitly, Instarem, and OFX offer streamlined processes, often bypassing the traditional SWIFT network. Senders can initiate transfers from bank accounts, debit cards, or credit cards. Recipients in Greece can receive funds directly into their bank account, or sometimes via mobile wallet or cash pickup.

Traditional wire transfer services, such as Western Union and MoneyGram, offer established networks for sending and receiving money, including cash options. These services have extensive physical locations, allowing in-person transfers and cash pickups without a bank account. Many also provide online platforms for digital initiation. The choice among these methods depends on desired speed, cost, and the recipient’s access to banking or physical pickup points.

Essential Information and Requirements

Before initiating a money transfer to Greece, gather specific information and documentation. Senders typically provide government-issued identification, like a driver’s license or passport, and sometimes proof of address. This is standard practice under Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, preventing illicit financial activities. Such verification protects both the sender and the financial system.

Accurate recipient details are crucial for successful fund delivery. These include the recipient’s full legal name (matching their ID), physical address, and a valid phone number. For bank transfers, the recipient’s bank name, International Bank Account Number (IBAN), and the bank’s SWIFT/BIC are essential. The Greek IBAN is a 27-character alphanumeric code, beginning with “GR.”

The SWIFT/BIC code, an 8 or 11-character identifier, specifies the recipient’s bank and often the branch, ensuring correct routing. Some banks use a single SWIFT code, while others have branch-specific codes, requiring verification. Transfer limits vary by provider and amount. For larger transfers, additional information on purpose or source of funds may be requested for regulatory compliance.

Understanding Costs and Delivery Times

Costs for sending money to Greece include fees and exchange rate considerations. Providers typically charge a fixed fee or a percentage of the amount. Fees vary by service, amount, and payment method. Some providers offer lower fees but use less favorable exchange rates, creating a hidden cost. Compare the total cost, including fees and exchange rate margin, for the most economical option.

Exchange rates fluctuate, directly impacting the Euros the recipient receives. Many services display real-time rates and the total amount received, allowing transparent comparison. For larger transfers, some services may offer customized rates or reduced fees, making them more cost-effective.

Delivery times for transfers to Greece vary by method. Online services often deliver faster, sometimes within minutes or hours, especially with debit or credit card funding. Bank transfers generally take longer, typically one to five business days. Factors like bank holidays, daily cut-off times, time zone differences, and security checks can influence delivery speed.

Executing the Transfer

Initiating a money transfer involves straightforward steps. For online services, log in or register via their website or app. Enter the destination country, amount in U.S. dollars, and select Euros as the payout currency. The system will display the exchange rate and fees, showing the exact amount the recipient will receive.

Next, provide the recipient’s details: full name, address, and bank account information (IBAN and SWIFT/BIC code). Double-check all entered information for accuracy, as errors can cause delays. Choose a payment method to fund the transfer, such as linking a bank account, using a debit card, or a credit card. After reviewing, confirm the transfer.

After submission, the sender typically receives a confirmation email or in-app notification with a tracking number, like a Money Transfer Control Number (MTCN). This number allows monitoring the transfer status online or via the app. Communicate with the recipient, providing the tracking number and confirming expected arrival. If issues arise, contact the service’s customer support.