A guide to international money transfers from Ireland

Whether for family overseas, covering bills, or investing, people send money abroad for many reasons. This guide explores the main ways to transfer money internationally, with a focus on speed and security, plus the factors that affect the total cost of your transfer.

The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.

An international money transfer, also known as a wire transfer, is the process of electronically sending funds from one person’s bank account to another account in a different country. The funds are usually received in the currency of that country, so they are ready to use. You can typically do this from an Irish bank account or use specialist third-party services like Western Union and other regulated providers.

People send money internationally for many reasons. You might need to make a once-off payment to a family member living overseas, or maybe you need local currency to buy property, sell shares, or pay bills in another country. For businesses, transferring money internationally is often necessary for paying suppliers or employees in other countries.

International money transfers made from Ireland generally fall into two main systems: SWIFT or SEPA. 

• SEPA (Single Euro Payments Area) is used for euro payments within the Eurozone and a few other European countries, including the UK, Iceland, Norway, Switzerland, and Monaco. 
• The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network is the system for sending money outside SEPA countries or in other currencies. Banks that are part of this network are connected globally, which means you can initiate transactions across multiple currencies worldwide. 

SWIFT is essentially a communication system between member banks. When you transfer money overseas, your money isn’t physically moving to that country. Instead, a message is sent between banks to deposit funds into the intended account.

To transfer money internationally you will use either SEPA (for a transfer with Europe) or SWIFT (for transfers worldwide).

1. Provide the recipient’s details and the amount you want to send. For SEPA transfers, you’ll need:
   1. the recipient’s full name
   2. the recipient’s IBAN (International Bank Account Number)
   3. For SWIFT transfers, you’ll additionally need to provide their BIC (Bank Account Identifier) or SWIFT code.
2. Depending on your bank or money transfer service, you can make the payment using your bank account, debit card, or sometimes cash.
3. The transfer details are securely transmitted via a message through the SEPA or SWIFT network.
4. The bank receives the message and deposits the funds into the recipient’s account.
5. The recipient will typically receive their funds within a few business days, but this can vary widely.

The exact time the international money transfer takes can vary depending on the currency being sent, the method used, and the destination country – plus whether it’s a standard or instant transfer. Regular SEPA credit transfers, for example, are required to be credited to the recipient within one banking business day. SEPA Instant transfers, on the other hand, are completed in seconds*.

For international bank transfers using SWIFT, it usually takes between one and five working days for the funds to arrive at their destination account. The exact timing often depends on the particular transfer route. Some providers, such as Wise, state that most transfers complete within 24 hours, but this does depend on the destination country and currency.

Money transfer platforms give you an estimated duration based on the specific currency and destination. You can also check your provider’s cut-off time, which is the daily deadline by which you need to submit your transfer for it to start processing that same day.

*Source: European Payments Council

Yes, transferring money abroad can be costlier thanks to processing fees and less favourable exchange rates.When sending money internationally, fees can come from your own bank, the receiving bank, or even third-party intermediary banks involved in passing along payments. In some cases, costs are paid by the sender, the receiver, or split between both parties. 

The particular fee will ultimately depend on the currency, exchange rate, destination, how much you’re sending, and the payment method. Under EU regulation, euro transfers within the European Economic Area must cost the same as domestic payments.

Banks offering seemingly free international money transfers may charge. However, they often include hidden fee by marking up the exchange rates. If you want to reduce transfer costs, compare total fees and exchange rates across providers.

Factors that can affect costs include:

1. Transfer provider: Different providers have different fee structures and currency margins. Online money transfer platforms typically charge a small fixed fee plus a percentage of the amount sent and often use real-time market exchange rates.
2. Payment method: Credit card payments can have higher processing fees compared with debit cards or bank transfers. Digital wallets may also be an option for making payments.
3. Exchange rates: Using real-time market rates (available through the Central Bank of Ireland or the European Central Bank) may reduce conversion costs compared with standard bank rates.

If you’re sending money abroad from Ireland, it can help to look at what each service offers. People typically decide based on factors such as transfer speeds and costs. The three main methods are international bank transfers, online money transfer companies, and remittance companies.

International money transfers are generally safe when processed by regulated banks or authorised payment institutions, which are overseen by the Central Bank of Ireland or similar authorities. You might check what security measures the provider takes to protect your money and sensitive information. The SWIFT system uses unique IDs and codes to verify sender and recipient information.

Some users take extra precautions when transferring money abroad, including:

• Checking how the provider is regulated: Providers overseen by the Central Bank of Ireland or another EU authority follow rules to protect customers and prevent fraud.
• Referring to PSD2 and Strong Customer Authentication (SCA): Under newer EU rules like the 2nd Payment Services Directive, certain transfers automatically require you to verify your identity using one or more methods, such as a password, a banking app, or biometric authentication.
• Verifying website and app security: Money transfer services might use SSL encryption, which essentially means your account number and password are scrambled so others can’t read it.
• Double-checking recipient details: International money transfers might require the IBAN, BIC/SWIFT code, and recipient’s name. Checking this using an online IBAN checker can ensure the transfer arrives securely and on time.
• Avoiding public Wi-Fi: Transferring money abroad using a private network can help to protect your connection.

If you’re unsure, read our guide on how to check if a website is legit.

If you’re transferring money between your own accounts in Europe, you might not always need to make a traditional international money transfer. Indeed, increasing numbers of Irish savers are keeping their savings in European savings accounts.

Through Raisin, you can access savings accounts from a range of European partner banks and manage them all from your Raisin Account. Up to €100,000 of your money is legally protected per person, per bank by the national deposit guarantee scheme of the country where the bank is headquartered.

Some savings account providers allow international payments, but others may not. It depends on the provider and the type of account. Generally speaking, savings accounts are meant for holding funds rather than making regular outgoing payments. International money transfers typically involve current accounts, often using a debit or credit card to initiate the payment. With savings accounts, restrictions or fees may apply to any withdrawals you make.

With Raisin, you can apply to open savings accounts across Europe through one secure online platform. Compare rates on fixed interest term deposits and flexible demand deposit accounts, register to open an account, and manage everything with one login.