Fast international payments, everywhere it matters

An international transfer is a cashless payment made to a bank account abroad. It can be made in euros, or in a currency specific to the destination country.

For transfers in a foreign currency, this is done using the SWIFT network (Society for Worldwide Interbank Financial Telecommunication), which connects more than 10,000 banks in 200 countries. Note that a transfer in a foreign currency requires a SWIFT transfer even if the recipient's bank is located in the eurozone.

The main drawbacks of this transfer method are the fees charged by banks and the time it takes for funds to arrive. If your business regularly sends transfers in foreign currencies, it's worth considering alternative solutions. For example, our X Card lets you pay in foreign currencies with no commission.

Thanks to our partnership with Wise, you can also send international transfers using local payment networks, which is usually faster and cheaper than going through SWIFT. With Qonto, you can send money in more than 30 currencies to over 150 countries, and receive payments in 40 currencies.

To initiate an international transfer, you have a few options: visit a branch of your bank, or log into your online account or your bank's mobile app.

For your bank to process the transfer, you'll need to provide: the recipient's details (first and last name, and their account number or IBAN); the BIC/SWIFT code of the recipient's bank; and, in some cases, the recipient's bank's address.

Sending money abroad is fully digital and runs through a secure telecommunications system connecting banks to each other — each bank holds a commercial account with the other international banks involved.

For example: your company wants to send an international transfer of €2,000 to a company in the United States that holds an account with a US bank. Your bank sends a SWIFT message to the US bank asking it to credit the equivalent of €2,000 to the recipient's account. The US bank debits €2,000 from the account it holds for your bank, then applies that day's exchange rate to convert the funds before crediting the recipient.

Transfers in a foreign currency typically come with three types of fees: a transfer fee charged by your bank (a flat amount or a percentage, often cheaper online than at a branch); a currency conversion fee applied when converting the funds, which varies between banks; and, in some cases, a markup added on top of the exchange rate itself, which is effectively an extra margin for the bank. Some banks also charge the recipient a fee for receiving an international transfer, plus a further conversion fee.

So take the time to compare different banks' rates for international transfers if your business sends frequent payments abroad, along with the payment and collection methods included.

Transfer speed depends on the method used, the currency, the destination country, and the amount.

Thanks to our partnership with Wise, transfers sent via local payment networks from your Qonto account can arrive anywhere from a few seconds up to 3 business days.

For SWIFT transfers, it typically takes 4 to 5 business days for the funds to reach the recipient's account abroad, and this can take longer depending on how many intermediary banks the funds pass through.

A transfer can also be delayed for other reasons:

• it's blocked by the sender's or recipient's bank
• the bank details entered are incorrect (for example, a typo in the IBAN or SWIFT code)
• the transfer was made online outside the bank's business hours
• it hasn't actually been sent yet by the sender (ask for proof of transfer if you're waiting on a payment)
• the amount exceeds the sender's transfer limit
• there are insufficient funds in the account, which usually affects recurring transfers

You can send money to almost any country in the world. Here’s a full list, along with a list of supported currencies.