Sending Euros to a bank account in the United States appears to be a difficult process, but it is actually quite simple once you get started. You can transfer funds directly through your bank, but this usually results in higher fees. Fortunately, you can also use an alternative method to transfer the funds, such as a wire transfer. When in doubt, there are a few things you can do to figure out which transfer option is best for you.
Method 1 Transferring Money Through Your Bank
1. Log in to your online banking account. Sending funds online is the simplest way to transfer funds through a bank, but you must have an online banking profile in order to do so. If you don’t already have one, you can add this feature to your account by visiting a bank branch.
You can also make the transfer in person at a bank branch.
You can also try depositing the funds with a check written on the account where your Euros are kept, but many US banks will refuse to accept foreign checks. If they do process it, they typically charge exorbitant fees.
2. Provide the recipient’s address and bank account number. This information will be required by your bank in order to complete the transfer.
If you visit the branch in person, you may be required to provide the address of the bank to which you are sending the funds.
3. Give the SWIFTBIC code of the recipient. The SWIFTBIC code is assigned by the Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT). Each bank is assigned its own number, and your recipient will need to obtain the code for their bank in order for the funds to be transferred.
Instead of the SWIFTBIC code, you may need to use an ABA routing code for the bank. This nine-digit number will be printed on the bottom left corner of the recipient’s checks.
It is preferable to obtain both of these numbers from the recipient before beginning the transfer.
4. Pay the fee for transferring funds. When the funds are transferred, both you and the recipient will pay a flat fee. These fees differ from one bank to the next, so check your bank’s fee schedule.
Transferring funds through a bank typically costs $45.50 for the sender and $17.50 for the recipient.
You may be able to get lower fees than the average if you have a premier account with your bank.
5. Allow 3 to 5 business days for the transfer to take effect. The majority of transactions will be completed within 5 business days, but some may take longer. However, you should not be concerned until that time.
If you’re sending money to cover an expense, make a plan ahead of time.
If you haven’t received the transfer after 5 days, contact your bank to inquire about the status of the transaction.
Method 2 Using Alternative Transfer Options
1. If both parties have PayPal accounts, use PayPal. If both of you have registered PayPal accounts with a verified bank account, you can send money by clicking on “Send and Request.” Choose “Send Money to Friends and Family,” then enter the recipient’s name, email address, and phone number. Enter the amount you want to send in Euros, and PayPal will convert the funds to US dollars when they arrive at the bank.
PayPal charges a fee for this service, which can be higher than fees charged by other transfer options. They will assess a flat fee as well as a percentage of the amount sent.
2. If you don’t already have a PayPal account, try Xoom. PayPal also provides a service called Xoom, which provides additional options for transferring funds. In addition to a PayPal account, you can use a bank account, debit card, or credit card. For a fee, you can transfer up to $2,999 using Xoom.
Transferring money to a bank account in the United States costs as little as $2.99.
3. To transfer the funds, use an online peer-to-peer service. Peer-to-peer services allow you to send money to the United States without using your bank, which can result in lower fees. TransferWise and CurrencyFair, for example, send funds through a currency exchange firm for a small fee. They also allow you to see how much money the recipient will receive before you send it.
You must create an account and provide the recipient’s account information.
You can even have the funds deposited directly into the recipient’s bank account in many cases.
4. If you are sending more than $3,000, you should use a foreign exchange company. These companies are usually the cheapest and safest ways to send large sums of money, but they are more difficult to find. The majority of foreign exchange (forex) firms are based in the United Kingdom, though they also have offices in North America and Asia. You should be able to use a wire transfer to send funds from your bank to the forex, who will then convert the funds and send them to the US bank.
You can locate a forex company by conducting an online search. You could, for example, use this website: https://www.forex.com/en-uk/money-transfers
You’ll need to open an account with the forex broker you intend to use, which will take a few days.
Forex firms do not charge a fee to send funds. They instead take a cut when the funds are converted from Euros to US dollars.
Method 3 Sending Money Through a Wire Transfer
1. For small amounts that must be transferred quickly, use a wire transfer. These services can be useful for transferring small amounts of cash on occasion, especially since the funds are automatically converted from Euros to dollars. Fees, on the other hand, can quickly add up if you transfer large sums.
Western Union and MoneyGram are examples of such companies.
These companies continue to take approximately three business days to transfer your funds.
2. Pay a visit to the wire transfer website or a storefront location. You can access the website from anywhere, and it is actually less expensive than visiting a store. Using an agent in a storefront location is more expensive.
If you use the company’s website, it will tell you exactly how much money the recipient will receive in dollars in their bank account.
3. Enter the sending address and amount. Set up the transfer to go to the United States and enter the amount you want to send. It will then convert the Euros to dollars, allowing you to change the amount you’re sending if necessary.
The service will also estimate the fees for sending the money to the United States.
4. Indicate that you want the money transferred to a bank account. You can send money in cash or to a bank account using these services. Choose that option because you already know you want to send the funds to a bank account. Your fees will then be adjusted by the transfer service.
Before the transfer can be processed, you must provide the recipient’s account information. Before you begin, make sure you have their bank’s address, account number, routing number, and SWIFTBIC.
5. Finish the transaction. You have the option of transferring funds online or in person at a storefront location. Once you’ve entered all of the necessary information, all that remains is to complete the transaction and the funds will be transferred.
6. Pay your total, including the funds and fees. You can pay with a bank account, a credit or debit card, or both. You can also use cash if you go in person.
Fees for Western Union online transfers currently range between 1.00 EUR and 1.90 EUR. Fees rise in proportion to the amount sent.
When you transfer funds in person, the fees are usually higher.
Method 4 Choosing the Best Transfer Option
1. Contrast the flat fees for sending funds. Most services charge a flat fee for transferring Euros to a bank in the United States. If a company does not charge a flat fee, they will almost certainly charge a higher rate for converting funds from Euros to dollars. Fees can be found on the company’s website or by asking.
If a company refuses to share their fee, it is best to look for another one.
2. Before sending the Euros, check the exchange rates. Most people are unaware that exchange rates can vary depending on who is converting the money. The exchange rate determines how many dollars you receive per Euro, and it can vary by a few cents.
For example, one bank might exchange your Euros for $0.80 per US dollar, while another might exchange them for $0.77 cents per US dollar. When sending large amounts, this difference can add up quickly.
Rates fluctuate frequently, so check rates at the time you intend to transfer funds. The funds should then be sent as soon as possible.
Because not all businesses will advertise their exchange rate, you should inquire if you don’t see it.
3. Examine the arrival date. The length of the transfer can vary, so it’s a good idea to check this when deciding how to transfer the money. If you need the funds in the United States quickly, you may want to pay a higher fee to ensure that they arrive on time.
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