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# The Best Way to Send Money and Receive Money From Europe As a Global Exporter

Melissa Yeo
4/9/2023
9
mins

Receiving money from Europe can be a time-consuming process.

Each payment has to go through the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network, with every bank along the way taking a small piece of the payment.

The situation is far from ideal. Let’s say you have to transfer money to your supplier urgently. Your bank informs you that the transfer can only be successfully carried out in three days. This means late payment, resulting in poor cash flow and the potential for bad blood arising between you and your supplier.

What’s the most efficient way to send and receive money from Europe?

##### This article at a glance

Global merchants have to frequently send and receive money from overseas suppliers. Learning the best way to send and receive money from Europe can optimise your business operations. There are high street banks and smart fintech alternatives.

## How do I send money through a high street bank?

### International bank transfer

﻿﻿﻿﻿﻿﻿﻿﻿International bank transfers﻿﻿﻿﻿﻿﻿﻿﻿ are more complex since they go through the SWIFT network. For security purposes, every financial institution is given a SWIFT code, known as the Business Identifier Code (BIC).

To transfer money internationally, you will require:

- The recipient’s name or the recipient’s company name
- International Bank Account Number (IBAN)
- ﻿﻿﻿SWIFT code or BIC﻿﻿﻿﻿﻿﻿﻿﻿﻿
- Confirmation of foreign currency to send money in
- the country you are sending money to

An international transfer made through a traditional bank can require up to 5 days for processing since every payment has to undergo the SWIFT network. This also means that traditional banks charge a transfer fee of 0.6 — 2% for outgoing transactions.

Most high street banks in the United Kingdom provide their domestic customers with IBAN and BIC codes. In RBS, for example, you can find your BIC and IBAN codes in the ‘Account summary'.

## How do I receive money through a high street bank?

If you are expecting to receive money through a high street bank, make sure that your sender has the following details:

- Your full name
- Transfer date
- The sum they want to send
- Your 8-digit account number
- Your 6-digit sort code
- A payment reference (typically with their names to allow you to determine the source of money)
- BIC and IBAN codes

Since you are the recipient, you don’t have to input your bank account information. However, you are responsible for submitting the correct information so the sender can send you money accurately.

### Sending and receiving money through a high street bank sounds like a hassle. Are there any alternatives?

Sending and receiving money through high street banks has become outdated — they are costly and time-consuming. Fortunately, there are other alternatives available in the market, including payment providers like Goldfortx.

## How do I send money through Goldfortx?

It’s easy — first, open an account with Goldfortx. Opening an account in the EU, UK or US as a non-resident is intuitive and stress-free with our online onboarding.

### Step 1: Create an account

1. Start with an introduction
2. Input your details and verify your position in the company to get a glimpse of your Goldfortx account
3. Give details of your business
4. Answer some straightforward questions, including your customer base and your company’s location. The account will then be catered to your needs.
5. Confirm your identity and upload supporting business documents
6. Take a selfie and upload the required documents with your phone. Then, simply wait for your application to be reviewed.

### Step 2: Transfer money to your account

To send money, you’ll need to transfer the funds from a bank account into your Goldfortx account.

### Step 3: Get your recipient’s details

To carry out an international transfer, you simply need 3 details:

- IBAN
- Your recipient’s name
- Your recipient’s country

### Step 4: Secure an exchange rate

Once you have successfully created an account, you can proceed to secure an exchange rate. For example, to send money to the United States (US) you will be buying US dollars (USD) and selling the foreign currency you hold.

Goldfortx will quote you transparent exchange rates with fees, allowing you to decide whether to proceed with the transaction. Upon agreement, Goldfortx will lock in the exchange rate for you and send you a transaction confirmation. Your foreign currency will be converted to USD and sent to your recipient. It’s as simple as that.

## Save more by transferring with a payment provider

Let’s say you wish to transfer £2,000 from the UK to the US through a traditional bank such as Lloyd’s Bank — compare this to the savings you earn simply by making a transfer with a payment provider:

Bank transfer Goldfortx Fee £12 £9.95 Exchange rate 3.55% margin for sending money outside the UK (£71) Competitive exchange rates Processing time Up to 5 days Minutes Amount received £1,917 £1,990 Verdict ❌ ✔️

## How do I receive money through Goldfortx?

Goldfortx clients can receive high-value payments in over 100 countries around the world. Convert more than 30 currencies within a single account including USD, EUR, GBP, and many more.

### Step 1: Create an account

If you’re still not quite sure how to open an account, refer to the above online onboarding information.

### Step 2: Get paid like a local

Goldfortx makes entering new markets as frictionless and easy as possible. You can enjoy local EU, UK and US accounts. Goldfortx simplifies ﻿﻿﻿﻿﻿﻿global payments﻿﻿﻿﻿﻿﻿ by providing you with local details such as an International Bank Account Number (IBAN), as well as SEPA, SWIFT, ACH, and FPS support for easy payments all across the world. Simply send your sender the necessary details, and sit back while the payment gets processed.

### How does Goldfortx compare with a high street bank?

High street bank Goldfortx Account set-up Lots of paperwork required, such as local tax identification, proof of address, financial statements, and more 100% online onboarding Transfer fee Outgoing international fee: Up to £40 for sending money to a bank account overseas

Incoming international fee: Up to £7.50 for receiving money from a bank account overseas Outgoing payments: £9.95

Incoming payments: £4.95 Processing time Domestic transactions: Immediately, or up to 2 hours

International transactions:

Up to 5 days Almost none, transactions are immediate Details required Your recipient’s name in full

Transfer date

The sum you want to send

Your recipient’s 8-digit account number

Your recipient’s 6-digit sort code

A payment reference IBAN

Recipient’s name

### Recipient’s country Avoid bad foreign exchange rates during international transfers

Goldfortx offers you a smart alternative. Hold, transfer and exchange foreign currencies online simply through a single account. Avoid low forex rates with multi-currency accounts primed for global merchants. Convert over 30 currencies with a single account. Rest easy with our safeguarding process which protects 100% of your money.

Sign up now and try our services yourself today!

### Borderless payments for global business

Get the multi-currency account built for quick and easy international payments, with no limits.

Get started

### Borderless payments for global business

Get the multi-currency account built for quick and easy international payments, with no limits.

Get started

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