How to Send Money to Someone in Europe

Sending money internationally requires understanding available methods and necessary steps. This guide explores common approaches and requirements for transfers to Europe.

Choosing Your Transfer Method

Several options are available when sending money to Europe. Traditional bank transfers offer a familiar route for international money movement. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network facilitates global transfers, while the Single Euro Payments Area (SEPA) streamlines euro-denominated transactions within participating European countries. SWIFT transfers typically involve correspondent banks, which can lead to higher fees and longer processing times, ranging from one to five business days. In contrast, SEPA payments are often quicker and cheaper, sometimes even free, as they are treated similarly to domestic transactions within the Eurozone, often completing within one to two business days, with some instant options available.

Online money transfer services provide a popular digital alternative, often featuring competitive exchange rates and lower fees compared to traditional banks. Companies like Wise or Remitly allow users to initiate transfers from a computer or mobile device. These platforms typically offer faster transfer times, with funds sometimes arriving within minutes or hours, depending on the destination and payment method. Their transparency in displaying fees and exchange rates upfront helps users compare costs effectively.

Dedicated money transfer operators, such as Western Union or MoneyGram, offer another avenue, particularly useful for cash pickup options. These services are practical for recipients who may not have a bank account or require immediate access to cash. While they provide widespread accessibility and convenience, especially for urgent situations, their fees can sometimes be higher, and exchange rates may include a larger markup compared to online-only services.

Information and Preparation

Before initiating a money transfer to Europe, gather all necessary information. The recipient’s full legal name, complete address, phone number, and email address are required. This ensures funds reach the correct individual and allows for communication.

For direct bank transfers, specific banking details are essential. This includes the recipient’s bank name, the full bank address, their International Bank Account Number (IBAN), and the bank’s SWIFT/BIC (Bank Identifier Code). An IBAN uniquely identifies an account for cross-border payments, while a SWIFT/BIC code identifies the specific bank. Recipients can usually find this information on their bank statements or by contacting their bank directly.

The sender also needs to provide identification to comply with Know Your Customer (KYC) regulations. A government-issued ID, such as a passport or driver’s license, is required. Additionally, the sender must select a payment method for funding the transfer, which can include linking a bank account, using a debit card, or a credit card. Using a bank account for funding usually incurs lower fees, though it might result in slower transfers compared to debit or credit card payments.

Understand exchange rates and associated fees before committing to a transfer. The “mid-market rate” represents the true midpoint between currency buying and selling prices, without markups. Banks and transfer services often add a spread or margin to this rate, which is a hidden fee, so comparing the offered rate against the mid-market rate is advisable. Fees can vary, sometimes being a percentage of the transfer amount or a flat fee, and some services may charge both. Finally, transfer services often impose daily, weekly, or monthly limits, with transfers exceeding $10,000 typically reported to the IRS by the financial institution.

Executing the Transfer

Once information is gathered, the money transfer process can begin. This involves logging into the chosen service or bank portal and navigating to the international transfer section. The sender then inputs the pre-collected recipient details, including their full name, address, and banking information such as the IBAN and SWIFT/BIC code for bank deposits. The amount to be sent and the preferred payment method are also entered at this stage.

Before finalizing the transaction, a review screen displays a summary of the transfer, including the amount, any applicable fees, and the exchange rate that will be applied. Verify all details for accuracy to prevent delays or errors. After confirming the details, the sender authorizes the payment, and the transfer is initiated.

Upon initiation, the sender receives a confirmation number or a unique transaction ID, such as a Money Transfer Control Number (MTCN) for services like Western Union, or a Unique End-to-End Transaction Reference (UETR) for SWIFT transfers. This number allows the sender to track the transfer’s progress online or through customer support. Many services also send notifications via email or SMS to the sender when the funds are delivered. While some services notify the recipient directly, others expect the sender to share the tracking number so the recipient can monitor the funds’ arrival.

In case of delay or incorrect details, contact the service’s customer support, providing the tracking number. For instance, if an IBAN is incorrect, the transfer might be delayed or returned. Most platforms offer guidance for such issues, helping to resolve problems efficiently.