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Author, Mike Smith

Last Updated on August 10th, 2024

Making international money transfers is becoming a more common occurrence for both individuals and business owners.

In this article, we will give you the essential information you will need, explain the simple process, and identify what factors will affect transfers across different international borders and possible fees.

What Information is Needed for an International Bank Transfer? 

To send money internationally, you need three vital pieces of information.

These are: 

1. the recipient’s account number or IBAN
   

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2. the receiving bank’s BIC/SWIFT code
   

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3. the bank’s address

Be sure to confirm the details thoroughly as accuracy is essential to make an international money transfer.

• The account number or IBAN (international bank account number) of your intended recipient. The IBAN in particular is essential as its unique digits will ensure that your funds are sent directly to the correct account of your recipient. You can confirm your, or your recipient’s IBAN with our checking tool before sending it to a provider.
  

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• BIC/SWIFT Code: The Bank Identifier Code or SWIFT Code is the specific code which assures that your international transfer arrives at the designated receiving bank.
  

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• The office address of the branch of the bank where the recipient’s account is held. Including the full address of the bank is essential, because it verifies the bank’s identity when sending international money transfers.

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The Process of an International Bank Transfer 

Sending your international bank transfer can be smoothly handled by our team of experts at Key Currency and the steps are simple:

Register your account

You can register online or over the phone. It’s quick, easy and there’s no obligation to trade.

Discuss exchange rates

All you need to do is tell us what currency you need and the amount. We’ll then quote you a rate, completely free.

Make your payment

On instruction, we will send your money to a segregated client account by bank transfer.

Sending your money

Your funds are converted and transferred to the account you requested as soon as your payment is received.

Details for Different Parts of the World 

The general process of international money transfers is consistent, however, certain differences will vary depending on where you to send money internationally depending on the part of the world you are transferring to.

Here we will use Europe and the USA as examples.

Details to send money to Europe

When sending money between European countries, you need the international bank account number and BIC/SWIFT code of your recipient’s bank. European transfers can use what is known as Single Euro Payments Area or SEPA system.

This simply offers faster processing and lower fees within the European Union.

Details to send money to the USA

When sending an international transfer to the United States you will need to provide the recipient’s account number, routing number and the BIC/SWIFT code of the specified bank account you are transferring funds to.

A useful tip is to also determine the office address of the bank to minimise the chance of internal errors.

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Do I need to Provide Details for Receiving Money?

You are not required to provide any additional details other than your account information.

We advise to always keep in mind that the receiving banks may well charge fees for processing incoming transfers, these fees will vary depending on the policy of the individual bank.

Always ensure that you provide the accurate account number or IBAN number to the sender. Some countries or financial institutions may have specific requirements or regulations depending on the amount you are set to receive.

What are the Fees Involved with Sending an International Bank Transfer? 

Sending an international bank transfer will incur various fees. These fees on average are between £20-£40, but will differ according to the policy of the recipient’s bank and the details of the transfer, for example, the destination country and the amount which is being sent.

We always recommend checking with your bank to ascertain the exact fees associated with international transfers. 

If you’re looking to send large, regular, currency transfers abroad, or even one-off transfers then currency brokers might be one of the best options available for you.

Often much cheaper than banks, currency brokers charge customers much less in transfer fees, and, in some case won’t charge a transfer fee at all, like us at Key Currency.

Another game changer is that brokers have far lower overheads enabling them to undercut the banks on fees and charges.

Exchange rate charges with currency brokers are lower, at times this is between 60% to 70% cheaper than using a bank for sending money abroad.

Get a free quote today and find out how you can save money on your international money transfer with Key Currency.

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How Long Does an IBAN Transfer Take?

Transfer Money from the UK

Best Way to Exchange Large Amounts of Currency

Author, Mike Smith

Last Updated on August 7th, 2024

IBAN transfers are a vital solution should you find yourself needing to transfer money internationally.

If you have never made an international bank transfer before, it’s likely you will have many questions about how an IBAN transfer works, and how long it will take to process.

In this article, we’ll take an in-depth look at how IBAN transfers work, the time they take, and how to make the whole process as simple as possible.

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What is the average time it takes for an IBAN transfer to take?

The time taken for an IBAN transfer depends on variables such as the countries, banks, and time zones involved.

An international IBAN bank transfer typically takes between 1 to 5 working days. As a general rule, IBAN transfers within Europe are quicker than transfers across different time zones. The time taken also depends on bank verification processes. 

Here are some helpful comparisons of average times between different countries:

UK to USA

1 to 3 working days.

It typically takes 1 to 3 working days to transfer money from a UK to a US bank account. The time taken varies because different US banks are often slower than others at clearing your funds.

UK to Spain

2-3 workings days.

Sending money to Spain from the UK usually takes 2-3 working days. The Spanish bank receiving the funds will need to do their own internal checks before they clear your money into the account.

UK to Australia

3-4 working days. 

An IBAN money transfer to Australia by your bank takes around 3-4 working days for your money to arrive in Australia.

UK to Canada

2-3 working days. 

It usually takes 2-3 working days for your Pounds to arrive in Canada using an IBAN transfer service.

How an IBAN transfer works

An IBAN transfer should be a straightforward process, and is conducted in just a few easy steps.

Firstly, you as the sender instruct your bank to start the international transfer process, and provide the recipient’s IBAN number.

For example, in Spain the IBAN has 24 characters, comprising our full account number preceded by 4 other characters. The first two are the country code (ES) followed by two check digits.

A Spanish IBAN number will something like this – ES91 2100 0418 4502 0005 1332.

Your bank will then clarify this account information and process the transfer request. The funds are then debited from your account and sent directly to the recipient’s specified bank.

When the funds are received, they credit the amount to the relevant account. The transfer is completed when the recipient’s bank credits the account balance and verifies the funds that have been sent.

The IBAN transfer process is recognised as they best way to carry our secure and accurate transactions between individual banks across international borders.

What can cause delays with IBAN transfers? 

There are several different factors which can potentially delay an IBAN transfer. The main reasons are as follows:

Currency Conversion

When the transfer is being made between different currencies, for example, Pounds to Euros, the transfer will require currency conversion.

The time your bank takes to convert the currency can cause a delay in the transaction time.

Working Days and Time Zones

Of course, we have to remember that all banks adhere to their local time zones and therefore working days.

If the IBAN transfer is sent at the weekend, or before a bank holiday in the time zone of either the senders or recipients bank, the transfer time is affected by the non working days.

Internal Payment Process

Both the sender’s bank and the recipient’s bank will most likely operate with different payment processes or internal procedures such as additional verification measures, which may again affect the transfer time.

Fraud Prevention Measures

For compliance reasons, all banks have to ensure they have strict security checks to avoid any fraudulent activities.

Should a transaction appear to be suspicious for any reason, it may undergo additional checks and verification, resulting in delays.

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What Happens if an IBAN Transfer can’t go through?

In our experience it is rare, but on occasion, an IBAN transfer can potentially have issues which can prevent it from being completed.

In the event that this should happen with your IBAN transfer, the funds are typically returned to the sender’s account.

Our top tip is to thoroughly check the details of the recipient’s IBAN, as one incorrect digit can lead to the transfer being rejected. 

Quick Summary

1. An IBAN transfer will usually take around 1 to 5 working days. This varies depending on the country you’re sending money to and several other factors.
   

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2. The process is straightforward and making sure to have the right recipient’s IBAN number is important.
   

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3. It is rare for IBAN transfers not to go through.
   

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4. An IBAN transfer is one of the best ways to send money abroad.

How Key Currency Can Help with Smoother IBAN Transfers

At Key Currency we are here to assist you to ensure a smoother IBAN transfer process.

As an FCA-regulated company, your money is always secure in client safeguarded accounts during the process.

We deal with international money transfers on a daily basis and are industry experts at helping you manage your transactions.

With our competitive exchange rates, lower fees, and personalised service, we work with you from the initial point of contact to ensure your transfers are efficient and cost-effective.

Our industry expertise helps you navigate the complexities of currency conversion and streamline your international payments.

Get a free quote today with us and ensure your international IBAN transfer is smooth and seamless.

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How to Transfer Money to France 

Transferring money from the UK to Germany

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