A guide to international money transfers from Ireland

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Whether you’re sending money to family, covering bills, or investing abroad, international money transfers can be easy once you know how. From traditional international bank transfers to online transfer services, there are several ways to send money internationally. In this guide, we’ll take you through the two main systems – SWIFT and SEPA – and look at ways you can save on costs while ensuring your money gets where it needs to go.

An international money transfer, also known as a wire transfer, is the process of electronically sending funds from one person’s bank account to another account in a different country. The funds are usually received in the currency of that country, so they are ready to use.

People send money internationally for many reasons. You might need to make a once-off payment to a family member abroad, buy property, sell shares, or pay bills in another country. For businesses, transferring money internationally is often necessary when dealing with suppliers or employees in different currencies.

Most traditional banks let you send money abroad from Ireland, though their fees can be relatively high. If it’s just a once-off transfer, this might be convenient enough for you. Alternatively, modern platforms like Revolut or Wise specialise tend to offer lower fees and transparent exchange rates. Money transfer services such as Western Union are another option, especially for more uncommon currency exchanges.

The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.

International money transfers made from Ireland generally fall into two main systems: SWIFT and SEPA. The SEPA system is used for euro payments within the EU and a few other European countries, including the UK.

The SWIFT network is the most common method for global transfers. Banks that are part of this network are connected globally, which means you can initiate transactions across multiple currencies worldwide. 

SWIFT is essentially a communication system between member banks. When you transfer money overseas, your money isn’t physically being moved to that country. Instead, you’re sending a secure message that prompts the receiving bank to deposit funds into the intended account. Secure communication is the basis of this system, which helps ensure international money transfers are safe as they are processed.

To transfer money internationally using SWIFT, you’ll need a few pieces of information:

• The name and address of the person you are paying.
• The recipient’s BIC or SWIFT code. This is a unique bank identifier, usually 8 to 11 characters long, that ensures the money is directed to the correct bank.
• The recipient’s IBAN (International Bank Account Number). The IBAN is a standardised account number format used internationally. It is used to identify accounts correctly.

You can usually make a money transfer online, in person, by app or phone. Once you have specified these details and chosen the amount to transfer, the SWIFT network processes your payment automatically.

The process can vary slightly depending on your bank and the amount you’re transferring. For example, at Bank of Ireland, transfers up to €20,000 can be made through their app or online banking. However, for larger amounts, you may need to visit a branch and fill out a form.

Yes, you can transfer money internationally using SEPA, but it’s only for transfers within Europe. You would have to check that the country you are sending money to is part of the SEPA system. Payments from Ireland to the UK and other EU member states would come under SEPA. Iceland, Liechtenstein, Norway and Switzerland, Monaco, Andorra, San Marino, and the Vatican City State are also part of SEPA.

To make a SEPA transfer, you’ll simply need the IBAN of the person or company you’re paying and their full name. In some cases, if you make a transfer before a certain cut-off point on a business day, the payment might arrive the same day. This is one of their main advantages: international money transfers with SEPA are generally faster than SWIFT. Plus, most Irish banks don’t charge fees for SEPA transfers, while SWIFT transfers often involve additional bank charges.

Once the transfer is processed, the money will typically leave the sender’s account shortly afterwards. While euro transfers are often much quicker, for international bank transfers, it usually takes between one and five working days for the funds to arrive at their destination account.

The exact time the international money transfer takes can vary depending on factors like the currency being sent or converted and the destination country. Common currencies like pound sterling will typically arrive faster compared to less frequently traded ones.

If speed is your priority, it might help to use a money transfer platform such as Wise or Revolut. On these sites, you’ll be able to get an estimated duration based on the specific currency and destination. These services are usually faster than traditional bank transfers because they often have banking partners in both countries. You can also opt for an instant service, though you may have to pay a little extra.

When sending money internationally, fees can come from your own bank, the receiving bank, or even third-party intermediary banks involved in the processing and passing along payments. In some cases, costs are paid by the sender, the receiver, or split between both parties. The particular fee will ultimately depend on the currency, exchange rate, destination, how much you’re sending, and the payment method.

Many traditional banks advertise “no fees” for international transfers. However, they often include hidden costs by marking up the exchange rates. So if you’re looking for the cheapest way to transfer money abroad, it can be worth keeping an eye on official exchange rates and comparing total fees to make sure you’re getting the best deal.

Multi-currency transfer services like Wise or Revolut are typically more transparent with their fee structure; they charge a small fixed fee plus a percentage of the amount being sent. They also use real-time market exchange rates, which can work in your favour. The method you use to pay in the money will also affect the fee – credit card transfers can be more expensive because banks tend to charge higher processing fees than, say, debit cards. You can also use digital wallets such as Apple Pay to pay in your chosen transfer amount.

If you’re unsure how to send money abroad, it can help to look at what each service offers. You’ll typically use one of the three methods: bank transfers, money transfer companies, or remittance companies like Western Union.

If you’re looking for the best way to transfer money internationally, you might consider your specific needs. For the occasional transfer, you might just stick with a bank transfer that requires no additional setup. However, money transfer companies can save you money with lower fees and more favourable exchange rates. For regular transfers, it can sometimes be worth it in the long run to set up an account.

Yes, international money transfers are generally safe when you use a trusted bank or reputable money transfer service. Try to stick to well-known providers, as they use encryption to protect your sensitive information. If you’re unsure, read our guide on how to check if a website is legit. 

The SWIFT system, which is the most common one for international transfers, uses unique IDs and codes to verify sender and recipient information. You can also use an online IBAN checker to double-check these details for added peace of mind. Reputable international money transfer companies also follow strict regulations and use encryption to ensure safety. While no system is completely foolproof, you can avoid scams if you take precautions. 

There’s another option available to savers in Ireland, particularly if you’re just sending money to your own account. Why not look at savings accounts beyond Ireland? Not only do you avoid some of the fees that come with international money transfers, with Raisin Bank, any savings you invest through our European partner banks are protected under the Deposit Guarantee Scheme. Up to €100,000 of your money is protected (per person, per banking institution), in the event your particular bank fails.

Yes, if your savings account provider allows for international transfers, you can also use a savings account as the account from which you transfer. You would firstly have to check that your particular account allows for withdrawals without any penalties.

If you think you’ll be making regular international money transfers from a savings account, it may be worth shopping around for one that offers unlimited access and top-ups. With demand deposit accounts, for example, you can make a return from your savings while also using your funds as and when you need them. .

Saving in Europe has never been easier. Simply register for a Raisin Account to access a wide range of competitive savings accounts from across the continent.

From high interest fixed term deposits to flexible demand deposit accounts, you’re sure to find a product that meets your savings goals.