When it comes to receiving money from abroad, there are many options available. For many people, your bank may be the most obvious and convenient way to receive funds, but using a bank for international transfers is in fact often the most expensive and slowest way of transferring money. Digital wallets and money transfer firms are currently one of the best and cheapest way to transfer funds around the globe.
Whether you’re sending or receiving payments, check what you’ll need to hand before choosing one of our convenient international payment solutions.
Making international payments
Make sure you have:
- Recipient name
- International Bank Account Number (IBAN)
- SWIFT / BIC
- Recipient bank name
- Recipient bank address
Your Jeton account has been designed to give you fast and convenient access to your money. For maximum flexibility, money in any Euro currency can be received into your Jeton account in the SEPA region via IBAN.
What is an IBAN?
To make and receive payments overseas you’ll have to use an International Bank Account Number (IBAN).
An IBAN is always used in conjunction with a Bank Identifier Code (BIC) – a sequence of numbers and letters which identifies a bank and branch.
How much will it cost?
A wide range of possible fees and exchange rates can make it feel tricky to work out.
So, find out the total amount of foreign currency your pounds will buy, after all costs. This gives you a figure you can now compare against other offers.
The costs are in three parts:
- Foreign exchange rates – these will change throughout the day so if you’re comparing different offers, try and do it within a short space of time.
- Sending fees – what the firm will charge you for transferring the money.
- Receiving fees – charges the receiver might have to cover to receive the money but you can ask to cover these at your end.
- Fees can vary depending on how much you decide to send
Please note, when receiving money from abroad into your Jeton account charges may be applied by intermediary or correspondent clearing banks, but no charges will be applied by Jeton. We advise that you discuss these charges with the bank you are using to send money to your Jeton account.
How long does it take to receive an overseas transfer?
An international money transfer can take 1-5 days to be processed, but a lot depends on the method by which the money is being delivered. In some cases, the transfer can be instant (this is most commonly available with cash transfers), while some may take much longer (bank transfers are usually the slowest). The actual transfer time depends on a variety of factors such as the transfer provider, the source and destination country, the currencies involved, the type of transfer and when the transfer was initiated (weekday or holiday).
On common transfer routes, it is more common to be able to receive money instantly or the same day, however, for more uncommon routes, you may have to wait longer.
No matter where you’re sending money we have a range of transfer methods for you to choose from.