Transfer Money to Europe

How Your Business Can Transfer Money to Europe or Within Europe

Many international companies need to transfer funds to Europe or to move emoney around between different European countries in order to pay employees or suppliers. If you work with European companies you may need to transfer money to Europe or within Europe daily, monthly or just occasionally to pay European suppliers, freelancers, employers or companies

Low-cost Mass Payment Transfers to Europe

When you make a mass payment in EUR you pay transfer fees on each individual payment within the mass payment. This multiplies your fees by the number of payments within the mass payment and costs can become prohibitive. Fees are considerably lower if you make a SEPA mass payment.

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Business that transfer money to Suppliers in Europe

How can a Company Transfer Money to Europe?

  • SWIFT Euro Transfer – You can transfer funds to Europe directly from your bank account outside of Europe using a regular SWIFT transfer in EUR. However this is one of the more costly methods of transferring money. SWIFT transfers go through several intermediaries on route to the recipient and this means high fees.
  • SEPA Account Transfer – You can make a transfer to Europe from a bank account in one of the SEPA (Single Euro Payments Area) countries. This is the cheapest and most efficient way to transfer funds into Europe. However you will need to have an account with a bank, EMI or payment institution connected to SEPA. The SEPA payment system simplifies EUR bank transfers. Borderless, easy, low-cost and fast EUR transfers can be made between the SEPA countries.

The Best Way to Transfer Money to Europe from Outside the EU Market

Out of the options available to non-European companies the best way to transfer funds to Europe is to open an EMI account. EMI (Electronic Money Institution) companies are authorized to issue electronic money. Companies with a Virtual bank account in Europe can make low-cost EUR transfers within Europe and internationally.

It is possible to open an EMI account in the same way you would open a regular account by supplying the relevant company documents and information. The application process can take a few weeks so it is advisable to open an EMI account even if you do not need it at the moment. That way the account will be active when you eventually need it. Companies with an EMI account pay lower transfer fees than they would from a regular bank account. With an EMI account making transfers to Europe is simple and cost-efficient.

How to Transfer Funds to Europe

As you can see there are several ways of transferring money to Europe depending on where your company is established; where you hold an account and which financial institute and system you use. Whichever way you decide to send money to Europe/electronic transfer funds you will need the recipient’s name; bank details of the recipient including their account number; IBAN number; SWIFT/BIC code and the bank’s physical address. You can find this information on the invoice that you are planning to pay.

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