Yes, you can transfer money to Europe, but the method and cost depend on the amount, speed you need, and which country you're sending to
International transfers to Europe are possible through your U.S. bank, wire transfer services, and money transfer companies. The main routes are SWIFT transfers (the standard for banks), ACH-based services that work across borders, and specialized money transfer platforms. Each has different fees, exchange rates, and delivery times—from same-day to five business days. The cheapest option is rarely the fastest, and the fastest is rarely the cheapest.
Before you transfer anything, you'll need the recipient's full name, their bank account number or IBAN (International Bank Account Number), their bank's SWIFT code, and the bank's address. Without these details, the transfer will be rejected or delayed. The IBAN is a standardized account number used across Europe; it's usually 22 to 34 characters and starts with a two-letter country code (DE for Germany, FR for France, IT for Italy, and so on).
Key Takeaways
- SWIFT transfers through your bank are the most widely accepted method but typically cost $15 to $50 and take three to five business days.
- You must provide the recipient's IBAN and their bank's SWIFT code; transfers without these details will be rejected or stuck in limbo.
- Money transfer companies like Wise, OFX, and Remitly often charge lower fees and offer better exchange rates than banks, though they may take one to three business days.
- The exchange rate you receive varies by provider and changes throughout the day; locking in a rate before you send protects you from currency swings.
- Transfers under $1,000 may be cheaper through a money transfer service, while larger amounts sometimes favor bank-to-bank SWIFT transfers.
SWIFT transfers through your bank: the standard route
A SWIFT transfer is a bank-to-bank wire sent through the Society for Worldwide Interbank Financial Telecommunication network. Your U.S. bank initiates the transfer, your recipient's European bank receives it, and the money lands in their account. This is the method most European banks expect and the one they're most equipped to handle without questions.
To send a SWIFT transfer, log into your bank's online platform or call and ask to send an international wire. You'll provide the recipient's name, IBAN, their bank's SWIFT code, and the amount in U.S. dollars. Your bank will convert the money at their exchange rate (which is usually not competitive) and deduct the fee from your account. Delivery typically takes three to five business days, though some banks offer expedited service for an extra fee.
Costs vary by bank. Most charge $15 to $50 per transfer, plus a markup on the exchange rate. Some banks charge an additional fee if the receiving bank is outside the eurozone (for example, if you're sending to Switzerland or the UK). Ask your bank for the full cost before you confirm the transfer—the fee structure is not always transparent upfront.
Money transfer companies: often cheaper for smaller amounts
Services like Wise, OFX, Remitly, and MoneyGram offer international transfers at rates that frequently beat bank fees and exchange markups. These companies specialize in cross-border payments and often have lower overhead than traditional banks. They're especially competitive for amounts under $5,000.
To use a money transfer service, you create an account online, enter the recipient's details (name, IBAN, and bank address), and choose how much to send. The service shows you the exchange rate and total fee before you confirm. You fund the transfer from your U.S. bank account via ACH (which takes one to two days to clear) or sometimes by debit card for an instant transfer. The money then moves to the recipient's European account, typically within one to three business days.
Fees range from $1 to $15 depending on the amount and the service. Exchange rates are updated throughout the day; some services let you lock in a rate for a set period (usually 24 to 48 hours) so you know exactly what the recipient will get. This is valuable if the exchange rate is moving against you and you want certainty.
What happens if the transfer goes wrong
Transfers can fail or get stuck for several reasons: a mistyped IBAN, a missing or incorrect SWIFT code, a name mismatch between your account and the recipient's, or a bank flagging the transfer as suspicious. If your bank or money transfer service suspects fraud or money laundering, they may hold the transfer for review—this can add days or weeks.
If a transfer fails, your money is usually returned to your account within five to ten business days, though some banks take longer. During that time, the exchange rate may have moved, so you'll get back the U.S. dollar amount you sent, not the euro equivalent. If you need to resend, you'll pay the fee again.
To avoid problems: double-check the IBAN character by character (one wrong digit will cause rejection), confirm the recipient's name matches their bank account exactly, and verify the SWIFT code on your recipient's bank website or statement. If you're unsure about any detail, ask the recipient to confirm it in writing before you send.
Exchange rates and how they affect what the recipient gets
The exchange rate is the price at which U.S. dollars convert to euros (or another European currency). Rates change constantly throughout the day based on currency markets. Your bank or money transfer service will apply a rate at the moment they process your transfer—not the moment you initiate it.
Banks typically add a markup of 1% to 3% on top of the real market rate. Money transfer companies usually add 0.5% to 1.5%. This markup is how they profit on the transfer. If you send $1,000 and the real rate is 1 USD = 0.92 EUR, your bank might apply 1.02 USD = 0.92 EUR, meaning you get fewer euros than the market rate would give you.
Some services publish their markup upfront; others don't. Before you commit, ask what rate you'll receive and compare it to the real market rate (check XE.com or OANDA for live rates). The difference adds up on larger transfers. If you're sending $10,000, a 1% difference in the rate means roughly €100 less for the recipient.
Timing: how long the money actually takes
The timeline depends on the method and the banks involved. SWIFT transfers through banks typically take three to five business days from the moment your bank sends the wire. Money transfer companies usually take one to three business days. Neither timeline includes weekends or holidays.
The first delay is often on your end: if you fund the transfer via ACH from your bank account, that ACH takes one to two days to clear before the money transfer service can send it onward. If you use a debit card or have funds already in the service's account, the transfer can go out the same day.
The second delay is in transit: the transfer moves through intermediary banks (called correspondent banks) before reaching the recipient's bank. Some European banks are slower to process incoming wires than others. If the recipient's bank is small or in a country outside the eurozone, add an extra day or two.
If you need the money to arrive by a specific date, send it at least a week early. Don't rely on the "three to five business days" estimate as a may provide—it's an average, and transfers regularly take longer.
Comparing costs across different amounts
| Amount | Bank SWIFT Transfer | Money Transfer Service | Usually Cheaper |
|---|---|---|---|
| $500 | $25 fee + 1.5% markup on rate | $3 fee + 0.5% markup on rate | Money transfer service |
| $2,000 | $35 fee + 1.5% markup on rate | $8 fee + 0.5% markup on rate | Money transfer service |
| $10,000 | $45 fee + 1.5% markup on rate | $15 fee + 0.5% markup on rate | Money transfer service (usually) |
These are approximate ranges; your actual costs depend on your specific bank and the service you choose. Always ask for the total cost (fee plus exchange rate markup) before you send, and compare at least two options. The difference between the cheapest and most expensive option for a $5,000 transfer can easily be $50 to $100.
For smaller transfers under $1,000, money transfer services almost always win on price. For amounts over $15,000, call your bank and ask if they offer better rates for larger wires—some do, and the savings can offset the higher base fee.
Frequently Asked Questions
Do I need to tell my bank I'm sending money to Europe?
You don't have to, but if your bank hasn't seen international transfers from your account before, they may flag it as suspicious and hold the transfer for review. If you're sending a large amount (over $10,000), your bank is required to file a Currency Transaction Report with the U.S. government—this is routine and doesn't mean anything is wrong. Calling your bank before you send can speed things up.
What's the difference between an IBAN and a SWIFT code?
An IBAN is the recipient's account number (unique to them). A SWIFT code identifies their bank. You need both: the IBAN tells the system which account to deposit into, and the SWIFT code tells it which bank to send the money to. Think of SWIFT as the bank's address and IBAN as the apartment number.
Can I send money to a European credit card instead of a bank account?
Most standard international transfers only work to bank accounts, not credit cards. Some money transfer services offer card-to-card transfers, but they're less common and may have higher fees. Ask the recipient if they have a bank account; if not, check whether your chosen service supports their card type before you commit.
What if the recipient's bank rejects the transfer?
Rejections usually happen because the IBAN is wrong, the name doesn't match, or the receiving bank doesn't recognize the SWIFT code. The money bounces back to your account within five to ten business days. Contact the recipient, confirm all details, and resend. You'll pay the fee twice, so getting it right the first time matters.
Is there a limit on how much I can send?
Banks and money transfer services have different limits. Most banks allow transfers up to $10,000 or more per day without special approval, though very large transfers (over $100,000) may require advance notice. Money transfer services often cap transfers at $5,000 to $50,000 depending on the service and your account history. Check with your provider before you try to send a large amount.