Money transfers are one of the modern-day amenities nobody wants to skip. Long gone are the days when you had to travel long distances to meet people you wanted to give money to, or even when you had to visit banks for the purpose. Today, all you need to transfer money between countries is an internet connection and to open an account at Genome! This time our team explores what are money transfer systems and some of the most popular ways of safe transfers across the EU. What is a money transfer system? The term is pretty broad, as it
IBAN transfers are wires abroad widely used all over the world. They are speedy, supported by the majority of banks, and not-so-difficult to order. In Genome, we support IBAN bank transfers for our personal and business wallets clients. Today, we’re talking about how to send them and how long they take.
What is an IBAN transfer?
The word IBAN stands for International Bank Account Number. It’s a special code that indicates a unique account and usually consists of 34 digits and letters but can also be shorter. This code is usually required for sending money, that is why some people use the term IBAN transfers when said code is used.
For more information, check out the article: “IBAN vs SWIFT: what’s the difference?“.
How does an IBAN transfer work?
IBAN code is necessary for ordering and accepting overseas transfers. It has all the information on the country, financial institution, and account number of both receivers and senders. That is why without an IBAN code, it’s impossible to send money – this number works as an address to a one-of-a-kind account where the funds should be placed or taken from.
Let’s take a look at IBAN’s structure:
- Country code – two capitalized letters
- Check number – digits only
All the following letters and digits in IBAN are known as BBAN – a Basic Bank Account Number. It comprises the next parts:
|Bank code||includes digits and letters. It shows the bank where an account is held|
|Branch code||specifies the exact branch of the financial provider. If an IBAN doesn’t have this code, it can be substituted with 00|
|Account number||can contain letters, as well as digits|
How to send an IBAN transfer overseas?
Basically, an IBAN transfer is an international wire in which said code is used. You can move funds abroad in the next ways:
- with the help of mobile/online banking
- in bank branch
- by contacting bank employees directly (chat, phone, email, etc.)
- money transfer services (Wise, PayPal, etc.)
To initiate an IBAN bank transfer, the receiver’s information is needed: their name and last name, the sum of the payment, and account details. IBAN and SWIFT/BIC are required for international transactions. If you choose mobile banking or money transfer services, you can fill in this information in the application. Just a few clicks – and you can send a transfer without leaving the house. If you decide to talk to bank employees, you will have to provide all the data as well.
Which European countries use IBAN?
Currently, 77 countries are actively using IBAN for wiring money abroad. When it comes to Europe, only 27 countries-members of the EU have this number. The list of all the other territories where you can make and receive IBAN transfers can be found further:
- United Arab Emirates,
- Bosnia and Herzegovina,
- Republic of Belarus,
- Switzerland, Costa Rica,
- Dominican Republic,
- Faroe Islands,
- San Marino,
- Saint Lucia,
- State of Palestine,
- Saudi Arabia,
- Sao Tome and Principe,
- El Salvador,
- Vatican City State,
- Virgin Islands,
What factors are influencing IBAN transfer times
Usually, these transactions take between 2-5 business days. But when it comes to IBAN transfer times, keep in mind the following:
- First of all, these are overseas transactions. It means that some financial providers will deal with numerous intermediaries to process a transfer to another country. As a result, the transfer time frames grow in accordance with the number of intermediary banks involved in the process.
- Countries with a highly-developed banking system will process overseas wires faster.
- Most banks will be taking care of all types of payments and transactions only on working days. Even if you initiate the wire during the weekend – the bank will look into it no sooner than the next business days.
- Holidays and days off vary from country to country.
- Different banks send transfers at different times. For instance, if you make a wire at 11 pm, it can be only processed at 2 pm because the financial provider sends all the transfers in a batch at that time.
All in all, it’s better to order transfers beforehand, so that the funds settle down in the right account in time.
How Genome can help
With Genome, you can sign up for an IBAN account in no time and start sending international transfers. We have SEPA, as we as instant transfers between Genome users available. We offer not only excellent service and speedy business and personal wallet opening, but also multi-currency accounts, referral bonuses, and many more cool features. Visit our website to learn more on how to make all financial experiences smooth and seamless.
How long do EU bank transfers take?
It depends on what kind of transfer you’re sending. SEPA wires (the most common ones in Europe) can be instantaneous (STC Inst) or take 1-2 working days (SCT). When it comes to any other type of transaction, the timeframes will vary from provider to provider.
How long does an IBAN transfer take in Europe?
They have the same timing all over the world. However, in Europe, they can be processed much faster because of the well-developed network of banks, building societies, and fintechs that include most European countries.
Is there a charge for IBAN transfer?
Yes, and it can be anything starting from 20$ and reaching up to 50$. If you want to make sure what the fee is, it’s better to discuss this with a bank in advance.
What happens if I send money to the wrong IBAN?
In most cases, funds will be stuck somewhere with one of the intermediary banks. Usually, it takes lots of time to get this money back and, sometimes, it can even be impossible. If you realize that you’ve made a transfer to the wrong IBAN, notify a financial provider as soon as possible – they might still be able to make some changes and send a wire to the correct account.