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.
The main types of international transfers are:
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.
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 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
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 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.
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.