How do I make an international money transfer?

Definition: bank transfers outside SEPA and multi-currency transfers

An international transfer is simply the operation of sending money from one account to another, when one of the two accounts (or both) is located outside the SEPA area (Single Euro Payments Area), or involves a change of currency.

Put simply, as soon as you transfer funds to a country that doesn’t use the euro or isn’t part of the SEPA area (such as Switzerland, for example), it’s known as an international transfer (or a “multi-currency transfer“).

This is an operation that allows you to pay for purchases abroad or send money to a loved one, even though it’s more complex than a simple domestic or SEPA transfer.

These transfers often go through specific networks such as SWIFT, which guarantee the security of the transaction between banks.

Differences between a SEPA transfer and an international transfer

The distinction is essential:

• SEPA transfer: This is the standard for transfers in euros (€) within the SEPA area. Transactions are fast (often within 24 hours) and cost the same as a domestic transfer (often free). SEPA simplifies payments between member countries, making the movement of the euro seamless.
• International transfer (or outside SEPA): This applies when you send money outside the SEPA area or when the operation involves a change of currency.

For example, sending euros to an account in Swiss francs (CHF) in Switzerland is an international transfer.

The operation is generally more expensive, subject to exchange fees and slower. Why ?  It goes through global banking networks.

For cross-border workers, this difference is significant. Exchanging euros for Swiss francs (or vice versa) and transferring them to an account in Switzerland is technically an international transfer. And the costs and longer processing times come with it.

Which networks are used for transfers? SWIFT, BIC, IBAN and fintechs

For an international transfer to work, it must rely on precise identifiers and banking communication systems (such as those mentioned above):

SWIFT (Society for Worldwide Interbank Financial Telecommunication)

SWIFT is the main global secure messaging network used by banks to exchange information and instruct payments.

It doesn’t transfer the money directly, but relays payment instructions between financial institutions.

It is therefore the backbone of most international money transfers.

BIC (Bank Identifier Code) / SWIFT code :

This is a unique code (made up of 8 or 11 characters) that identifies a specific bank during an international transfer.

The BIC is essential to ensure funds reach the right financial institution via the SWIFT network. Both terms (BIC and SWIFT code) refer to the same thing.

IBAN (International Bank Account Number) :

This is the unique identifier of your bank account.

It allows the beneficiary’s account to be precisely located within their country.

It is essential for SEPA transfers and strongly required for international transfers, although in some cases local bank details can be used instead.

Fintechs

These financial technology companies have created streamlined platforms that often use the SWIFT network, but optimise the process and the costs.

They offer an alternative to traditional banks, often with more transparent fees, exchange rates closer to the real market rate, and shorter transfer times.

They simplify the experience for the end user.

How much does an international transfer cost?

---

With an international transfer, the cost of the operation is often the unpleasant surprise.

Unlike SEPA transfers, there are two types of fees to watch out for. Getting a handle on these costs is key to avoiding being “ripped off” on the exchange.

Bank fees: commissions and fixed costs

The first expense is the fee your bank charges you directly.

Traditional institutions often apply a double cost structure, which makes the operation costly:

1. A fixed commission: This is an unchanging cost applied to every international transfer, regardless of the amount transferred (for example, €20 or €30 per transfer).
2. A proportional commission: On top of this fixed amount, the bank adds a percentage of the total sum you’re sending.
3. Intermediary bank fees: An international transfer can pass through several banks (via the SWIFT network). These intermediaries often apply their own fees, which are deducted from the final amount. You have no visibility over these costs, which makes the amount received by the beneficiary uncertain.

In short, these direct and indirect fees significantly reduce the final sum you wanted to transfer.

Hidden margins on the exchange rate

This is where the biggest loss lies !

The biggest cost of a multi-currency transfer is rarely clearly displayed.

The market exchange rate (Forex) is the real rate at which banks and financial institutions exchange currencies. It’s also known as the interbank rate.

Traditional banks never use this rate for their customers.

They apply a marked-up exchange rate. In other words, they build in an additional, opaque margin on top of the real rate.

This margin, even if it seems tiny (for example 1% or 2%), is often hidden within the displayed rate and applies to the entire amount of your transfer.

The larger the sum you transfer (such as a salary), the more this margin costs you. This is the most visible difference between a bank and an exchange specialist.

How to reduce your costs: fintechs and solutions like b-sharpe

For regular transfers, such as repatriating a salary from Switzerland to Europe, specialised, transparent solutions are the way to go.

Non-bank companies, often called “fintechs”, specialise in efficient currency exchange.

Unlike banks, they offer rates much closer to the real market rate (Forex).

Instead of an opaque margin built into the rate, b-sharpe, for example, applies a low, clear and decreasing commission. You know exactly what you’re paying and how much you’ll receive.

The larger your transfer, the lower your commission.

Simplifying the process for cross-border workers

An exchange service like b-sharpe lets you bypass banking rigidity.

You can get a personal Swiss IBAN without having to open a Swiss bank account.

Your employer pays your CHF into this IBAN (a simple domestic transfer for them), b-sharpe converts it at the best rate, and you receive your euros in your French account within 24 hours.

How long does an international money transfer abroad take?

---

Timing is a key factor when managing your money across several countries.

With traditional banks, an international transfer (outside the SEPA area) often takes longer than a domestic transfer.

Standard bank processing time

The Banque de France states that an international transfer can take up to four working days to be credited to the beneficiary’s account.

This delay is explained by the route through the SWIFT network and the number of intermediary banks involved.

The advantage of specialised solutions (fintechs)

Specialised exchange providers have optimised this process:

• They can execute transfers much faster by using local systems and multi-currency accounts.
• Some specialised services can credit funds within just a few hours, or, for certain transfers, within 24 hours.

In practice, if speed is your priority (for example to manage your cross-border salary), it’s always more effective to turn to solutions that have made speed and transparency their trademark.

How to send money abroad in 6 simple steps

---

Whether you use a traditional bank or an online exchange service, the process for making an international transfer follows a simple, structured logic.

Here are the key steps:

1. Create an account or log in

First, you need to identify yourself with the service provider you’ve chosen (your bank, an online transfer service such as Wise or Revolut, or a specialist such as b-sharpe).

Initial sign-up takes a few minutes and often requires identity verification for security and regulatory compliance reasons.

2. Choose the country, currency and amount

This is the step where you define the operation:

• State the destination country.
• Specify the currency you want to send and the one the beneficiary should receive (for example, sending EUR to receive CHF).
• Enter the amount to be transferred.

At this stage, transparent platforms immediately show you the applicable exchange rate, the fees and the exact amount the beneficiary will receive.

3. Add the beneficiary: IBAN, BIC/SWIFT and bank details

To ensure the money reaches the right place, you need the precise details of the recipient account:

• The beneficiary’s full name.
• The IBAN (International Bank Account Number) of their bank account.
• The beneficiary bank’s BIC/SWIFT code (essential for transfers outside SEPA).
• Sometimes the beneficiary’s address and contact details are also requested.

4. Select your payment method (card, transfer, multi-currency balance)

How are you going to fund your transfer? You usually have a choice of:

• Bank transfer (from your account): This is often the cheapest option.
• Debit/credit card: Often faster, but may involve additional fees.
• Multi-currency balance: If you already hold the currency in your exchange account (such as a b-sharpe account), you can use it directly.

5. Check and confirm your transfer

Before confirming, a summary screen is displayed. Check it carefully! It should show:

• The amount sent and the amount received (after conversion).
• The exact exchange rate.
• The breakdown of fees applied.
• The estimated time for the funds to be received.

Once everything is correct, you confirm the transfer order.

6. Track the status of your transfer in real time

Modern platforms and apps let you track your money once you’ve confirmed the transfer.

You receive notifications or can check the status of your transaction (pending, converting, sent, received).

This transparency removes uncertainty and lets you know exactly when the funds will be available to the beneficiary.

Best practices before your international transfers

---

Assess your recipient’s money transfer needs

There are several ways to make an international money transfer: either by bank card transfer, online money transfer, cash order or in-branch.

Each of these four methods has its own specific features, some of which may be advantageous whilst others may be less suitable for your needs.

Based on these characteristics, you can narrow down your choice of how to transfer money, depending on whether: 

• your beneficiary needs these funds at very short notice or not,
• this is a one-off transfer or you plan to make regular transfers in the future,
• your beneficiary needs a sum of money, large or small,
• and whether they live in a European country or on another continent, in which case different currencies from the Swiss franc are involved.

These four points are worth bearing in mind, as they will help you choose the option that suits you best, both in the short and long term. 

Review local regulations

The country you’re sending money to may not have the same rules as the country you’re sending it from.

Before making your transfer, make sure you’re aware of the local regulations: the maximum amount you can send, any additional information you need to provide, processing times, and so on.

This quick check can help you avoid delays or complications with your transfer. To do this, you can refer to the information provided on the government website of the country to which you wish to send money.

Provide the correct bank details

When making an international money transfer via a bank, it is essential to provide the bank details (SWIFT code or IBAN) for the bank account of the recipient.

However, whilst this step may seem straightforward, it requires particular care to ensure that the details are entered correctly: it is best to check with the recipient several times if necessary to make sure they are accurate and have been entered correctly when you make the transfer.

This will help you avoid potential delays or failed transfers, which could result in financial losses. 

Take into account fluctuations in actual, unadjusted exchange rates

As you are no doubt aware, the exchange rate plays a crucial role in your international money transfer.

Generally speaking, it is difficult to predict fluctuations, which occur constantly in response to geopolitical and economic events. However, it is essential to take these into account to avoid any reduction in the actual amount you wish to transfer to the recipient.

One way to plan ahead if you’re thinking of sending money abroad is to keep an eye on movements in the foreign exchange market and the forecasts for it, and to regularly run simulations and calculate exchange rates for the currencies involved in your money transfer.

In addition to exchange rate fluctuations on the FOREX market and between different money transfer providers, it is good practice to rely on the actual exchange rate rather than a marked-up rate.

This is sometimes different from the exchange rate applied when transferring money via a bank, which can be much less favourable.