Author, Andrew Gibson
Last Updated on May 2nd, 2024
If you’re looking to transfer money to Europe, an international bank transfer is one of the best and most secure ways.
You can do this through a bank, a money transfer company, or an online money transfer app.
This article provides everything you need to know about transferring money to Europe and how we can help.
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Types of Money Transfer Services to Europe
The various money transfer services available for customers usually fall into 3 main categories:
- Banks
- Money Transfer Companies or Currency Brokers
- Online Money Transfer Apps
They all have pros and cons.
Choosing the best service for you will depend on how much you want to send, and why you’re sending the money to Europe.
Using your bank will be familiar to you and convenient as you will not have to register a new account.
A currency broker will offer you a much more personal service and help avoid high transfer fees and exchange rate charges.
Online money transfer apps will provide quicker transfer times and are best suited for smaller international transfers.
In the next section, we go into these in more detail.
Deciding on the Best Money Transfer Service
The main considerations people should think about when choosing the right money transfer service to a European country are:
- Transfer Fees
- Exchange Rates
- Speed of the transfer
- Making sure your money is secure.
Let’s start with Transfer Fees and compare the 3 main services for a money transfer to Europe.
Europe Money Transfer Fees
Bank’s Fees
Using your bank for an international money transfer to destinations in Europe will lead you to pay much higher transfer fees than a currency broker or an online service.
The fees that banks place on money transfers to Europe vary depending on the bank that you are with. They usually range between £10-£40 per transfer.
You may also be charged a recipient fee with some banks for an international transfer.
This means that customers are paying a fee twice for one transfer to Europe.
Currency Broker Fees
Transferring money to Europe with a currency broker will help you save on transfer fees.
Fees to send money to Europe with a money transfer specialist (currency broker) are much cheaper than a high-street bank.
These typically range between £2-£10 depending on the company you choose.
Some companies do not charge a transfer fee at all, like ourselves at Key Currency.
Fees with Online Money Transfer Apps
Most online services will charge a transfer fee for sending money to Europe.
However, they are also cheaper than your high-street bank.
The typical range of these fees is between £8-£20 and it depends on who you decide to use.
Exchange Rate Charges
Exchange rate charges will fluctuate much more than fixed transfer fees.
The amount you are charged on the exchange rate for a money transfer to Europe will vary on how much you are looking to send.
The larger the transfer, the more the charge on the exchange rate.
Bank Exchange Rates
A similar story to transfer fees.
Banks will typically charge up to 2-5% more for Euro exchange rate charges than a currency broker or an online money transfer app.
Currency Broker Charges
Currency brokers can offer much less in exchange rate charges than high-street banks because of lower overheads.
At Key Currency, the savings that we make are passed onto our customers, giving them better value for their money transfer to Europe.
Online App Exchange Rate Charges
The exchange rate charges applied by online money transfer services are again cheaper than high-street banks.
However, one difference between these services and a currency broker is the support for finding the best Euro exchange rate for your transfer.
Most customers will need to do a lot of research to monitor the rate themselves with an online app.
With a currency broker, expert traders will support and monitor exchange rates for you.
Money Transfer Times to Europe
The speed at which it takes your money to arrive at a European destination may be a big factor in your decision.
Banks & Currency Broker Transfer Times
If you decide to use a bank or currency broker, then your money transfer to Europe will be done via an international bank transfer.
It will usually take between 1 to 3 working days for your money to arrive at your specified European destination.
This can vary depending on the processes foreign banks go through in different countries.
You can read more about IBAN transfer times in our dedicated guide.
Transfer Times with Online Apps
Online money transfer services can offer customers quicker transfer speeds to Europe.
This is because of the way customers can look to pay for the transfer.
If you looked to use your debit or credit card for your money transfer to Europe, then this may allow the money to arrive on the same day.
Secure Money Transfers to Europe
If you decide on either a currency broker or an online service for your money transfer to Europe, you will want to make sure your money is in safe hands.
A great way to do this is to check if the company you choose is authorised and regulated by the Financial Conduct Authority (FCA).
An FCA-authorised money transfer company or service will comply with strict rules and regulations.
This includes your money being transferred through safeguarded client accounts.
To check a company’s status, you can search for them on the FCA register.
How to Transfer Money to Europe with Key Currency
As an independent money transfer specialist, authorised by the FCA, we help thousands of customers with their international money transfers to various European destinations.
We can convert your money into Euros and send it to any European country of your choice.
Not only that, but we also help customers wanting to transfer money internationally to:
The process only takes 4 simple steps:
- Register as a Client
- Secure an exchange rate with our support
- Send your money to us
- We convert it and complete the transfer.
We pride ourselves on making international money transfers as easy and cost-efficient as possible for our customers.
With a 5-star rating on Trustpilot; we are a money transfer company you can trust.
Quick Summary
- To make a money transfer to Europe you can use a bank, currency broker, or online money service.
- An international bank transfer is one of the best options to transfer money to Europe.
- It usually takes 1 to 3 working days for your money to arrive in a European bank account.
- When choosing a money transfer service, consider fees, exchange rates, transfer times, and money security.
- Make sure the company you choose is authorised by the FCA.