Economise on foreign exchange in international transfers

Making an international transfer

An international transfer is characterised by the transfer of a currency from a bank account in one country, to the bank account or a company in another country.

The international transfer can take place between bank accounts in the same denomination, (for example, an international transfer in euros from an account in a Swiss bank to a euro account in a French or German bank) or in different currencies (for example, as part of an international transfer in Swiss francs from a Swiss bank account to a euro account in a French bank).

To make an international payment (sometimes also called an international transfer), a person has several options that do not incur all possible costs (international transfer fees may be a percentage of the amount transferred or no cost depending on the institution and the desired type of international transfer).

We offer you an overview of the various international transfers available, and how b-Sharpe can help you reduce these transfer costs significantly.

Making an international transfer: the different possibilities

The main types of international transfers are:

  • A SEPA transfer from a EUR account to a EUR account
  • A standard international transfer from an account in one currency to an account in the same currency
  • An international transfer including foreign exchange from an account in one currency to an account in another currency
SEPA Transfer

SEPA transfer

A SEPA Credit Transfer ( “Single Euro Payments Area”) allows an individual to make an international transfer from a bank in the European Union or EFTA to another bank in the European Union or EFTA. SEPA allows for both international transfers as well as transfers within the same country.

  • Fees: SEPA transfers generally have very low transfer fees or none at all.
  • Types of accounts involved: SEPA only works for euros to euro transfers.
  • Countries covered by SEPA transfers: all countries of the European Union, Switzerland, San Marino, Iceland, Norway, Liechtenstein.
  • Types of SEPA payments: SEPA transfers can be one off or regularly (in this case, the SEPA transfer is made, often monthly, to the same person or the same beneficiary)
  • Time: for SEPA Transfer, the timeline for receipt of euro funds is generally between 24 and 48 hours.

This is what b-Sharpe can do for you: the b-Sharpe platform allows you to make your foreign exchange, but also your international transfers, including SEPA transfers. With b-Sharpe you particularly do not pay any transfer fee as part of an international SEPA transfer.

Standard international transfer

Standard international transfer

Standard international transfers allow a transfer from an account in one currency to an account in the same currency in another country. In many countries, it is possible to open accounts in foreign currencies, which serve as the basis of such international transfers. For example, it is possible to transfer Swiss francs from a Swiss bank to a Swiss franc account in a bank in France. In this type of transfer the issuer’s currency is the same as the currency of the destination account

  • Fees: fees for international transfers depend on each institution. In most cases, the issuer decides whether the fees are to be met by the recipient, or to be shared.
  • Countries that use standard international transfers: potentially all countries, but in practice, banks have a specific list of countries where such transfers may be made.
  • Time: the time for the transfer of funds depends on the different establishments, but is generally 2 to 5 days. Some banks offer an option that allows for a fast transfer of funds (24 to 48 hours).

What b-Sharpe can do for you: b-Sharpe allows you to transfer funds to over thirty different countries, with costs among the lowest in the market.

International transfer with foreign exchange

International transfer with foreign exchange

International transfer when the issuer’s currency is not the same as the recipient’s currency

In this case, the transfer is made abroad in a foreign exchange transaction because the issuer’s currency is not the same as the recipient’s currency. For example, it may be decided to transfer Swiss francs from a Swiss bank to a euro account in a bank in France. In this case, the bank in France will automatically change Swiss francs to euros on receipt of the funds, incurring fees that the issuer generally cannot control.

  • Fee: as for standard international transfers
  • Countries that use standard international transfers: potentially all countries, but in practice, banks have a specific list of countries where such transfers may be made.
  • Time: 2 to 5 days, with some establishments allowing the possibility of rapid transfers (1-2 days).

b-Sharpe’s advice: this type of transfer is to be avoided because it is very expensive. It is best to transfer funds to accounts in the same denomination, or to make an exchange, through a low price, multi-currency platform such as b-Sharpe, before transferring the funds.

They recommend us!

An overall winning & trustworthy service with savings on (i) Money - I cannot find a better all-in FX rate! and (ii) Time - I moved from physically withdrawing & changing @Migros bank over w/e's to online (e-banking + email) with b-Sharpe. In addition you gain on better decision making - you choose anytime when and how much to change. the b-Sharpe team turns it around in 24h and I'm informed exactly what rate was applied. I see the transfers on my a/c within a further 24h!
B. Manish
B-Sharpe provide a unrivalled platform and service within their industry. The level of service and professionalism that I have experienced first hand is a testament to the dedication of the company to service their clients needs. The process regarding all transactions is smooth and swift and I can only offer my highest recommendation for this team.
Smith Paul
Contracts Manager

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