Money transfers at Genome: options, fees, transfer execution times

Article was last updated on May 8th, 2024

Money transfers are one of the first features you look for when choosing a financial provider. So, it was crucial for our team at Genome to design and offer you the most essential and convenient options for sending funds. 

Let’s go over our money-transferring services and answer your questions about our features.

Where to find Genome’s transfers?

You can access all Genome’s transfer options from the main dashboard. If you use the web version, the Transfers section will be in the left-side menu. And for the app users, the Transfers section is situated below, between the icons for the Dashboard and Cards.

When there, you can find three options:

• Bank transfer – for SEPA and international transfers;

• Genome transfer – used to send money to other Genome wallets;

• Between accounts – here, you can transfer funds between your Genome accounts or exchange currencies.

How to make SEPA payments inside Genome? 

You can easily send them from the Bank transfer tab inside the Transfers section. Before doing so, make sure you have chosen a euro account for the transfer, as these payments are only made in euros and within the SEPA zone. Here’s the data you need to fill out to send a payment:

1. Beneficiary’s name;

2. Beneficiary’s IBAN;

3. Beneficiary’s SWIFT/BIC;

4. Beneficiary’s country (optional);

5. Beneficiary’s city (optional);

6. Beneficiary’s address (optional)

7. Payment amount;

8. Payment description. 

What are transfer execution times and fees for SEPA transfers?

Usually, the transfer will be processed on the same day it was formed, but if you ordered it after 15:50 (GMT+2), it would be processed the next day. Also note that if you send a transfer during bank holidays, it will be processed on the next working day during business hours. Once the transfer is authorized, the recipient should receive their money within one business day after the payment was made.

The list of bank holidays for the remaining month of 2022 and 2023 is below:

Bank holiday	Date
Christmas Day	25 December 2022
Christmas Holiday	26 December 2022
Good Friday	7 April 2023
Easter Sunday	9 April 2023
Easter Monday	10 April 2023
Christmas Day	25 December 2023
Christmas Holiday	26 December 2023

Here’s the pricing for sending and receiving SEPA transfers for different types of Genome accounts:

Types of accounts	SEPA Incoming transfer	SEPA Outgoing transfer
Personal account (EEA residents)	Free	1 EUR
Personal account (Non-EEA residents)	Free	1 EUR
Personal account (Ukrainians)	Free	1 EUR
Low-risk business account	1 EUR	1 EUR
High-risk business account	5 EUR	10 EUR + 0.2% of the transaction amount

How to transfer money using international transfers inside Genome? 

Just as in the case with SEPA, you can make an international payment inside the Bank transfer tab. You can make a transfer in euros, British pounds, or US dollars. The primary transfer option for international transfers is SWIFT. However, the payment can be executed via another transfer system if this option will be quicker and more cost-effective. Other transfers options available are Faster Payments, CHAPS, and TARGET2. Check this blog for more information.

Please note that international transfers are currently available for business wallet users. Find out if your company is eligible for international transfers here.

To order a transfer, please get the account details for international payments. Once it’s done, fill out the following information: 

1. Beneficiary’s name;

2. Beneficiary’s account number or IBAN;

3. Beneficiary’s SWIFT/BIC;

4. Beneficiary’s country (optional);

5. Beneficiary’s account country;

6. Beneficiary’s city(optional);

7. Beneficiary’s address (optional);

8. Payment amount;

9. Payment description.

What are transfer execution times and fees for international transfers?

The transfer execution time for SWIFT transfers varies and can take from 1 to 4 business days. As mentioned, an alternative transfer system can be used to execute your international payment. Faster Payments are executed within 2 hours. CHAPS and TARGET2 payments are executed within a business day.

Please note that we apply the SHA payment instructions to SWIFT payments. It means that the sender pays the outgoing transfer fee, and the beneficiary pays the charges of other intermediaries.

Pricing for low-risk business accounts:

Fee name	Fee amount
SWIFT Incoming transfer	10 EUR
SWIFT Outgoing transfer	20 EUR
Faster Payments Incoming transfer	1 EUR
Faster Payments Outgoing transfer	1 EUR
CHAPS Incoming transfer	20 EUR
CHAPS Outgoing transfer	20 EUR
TARGET2 (T2) Incoming transfer	20 EUR
TARGET2 (T2) Outgoing transfer	20 EUR
BACS Incoming transfer	1 EUR

Pricing for high-risk business accounts:

Fee name	Fee amount
SWIFT Incoming transfer	30 EUR
SWIFT Outgoing transfer	30 EUR + 0.20%
Faster Payments Incoming transfer	10 EUR
Faster Payments Outgoing transfer	10 EUR + 0.20%
CHAPS Incoming transfer	30 EUR
CHAPS Outgoing transfer	30 EUR + 0.20%
TARGET2 (T2) Incoming transfer	30 EUR
TARGET2 (T2) Outgoing transfer	30 EUR + 0.20%
BACS Incoming transfer	30 EUR

How to make transfers to other Genome users and your accounts?

If you want to send funds to a client that also uses our platform, you need to choose the Genome transfer option inside the Transfers section. When there, select the account you want to send money from. Then you just need to enter one of the recipient’s parameters:

• Email;

• Phone number;

• Account ID;

• IBAN.

All the transfers to Genome users are free and instant.

And to transfer money between accounts within your wallet, you need to choose the Between accounts tab. Here, pick the two accounts you want to send money from and to. Once you enter the amount, you will see the exchange rate for said amount. Send the transfer instantly, or schedule it for a later time. 

How to find your account details?

You may require your account details if somebody wants to transfer money to you. Access this information right from the dashboard:

1. When on the dashboard, select the account you need details about from the list of your existing accounts.

2. Then, move to the right and click the Account details button, which is under your balance. There you will find all the required information.

Why is your transfer on hold? 

Sometimes your outgoing or incoming transfers can be placed on hold. Genome must carry out monitoring procedures as a regulated electronic money institution. We must do so under the applicable laws and regulations, including AML/CFT requirements. If a transaction is placed on hold, our team will check the transaction in 1 business day.

Thus, the transactions may be subject to additional checks and procedures carried out by us, and we may require you to provide the supporting documents for the transaction confirming its economic background and benefits gained by the parties to the transaction.

Also, a transaction can be placed on hold if the system is waiting for execution time. 

That’s pretty much all the primary information on Genome’s transfer option. But if you have any additional questions, please feel free to contact us at support@genome.eu.