How Zyla Streamlines Sending Money to Europe
Europe and the US make ideal business partners. Here’s how you can strengthen business and customer relationships by streamlining sending money to Europe.
US business ties with Europe are stronger than ever in the digital economy. In 2022, the EU exported €509.3 billion in goods to the US, making the US the EU’s largest export market. Plus, more than half of our direct investments abroad went to European countries last year.
Both regions have a highly skilled workforce, an affluent consumer base, and a lot of cultural similarities, making companies from Europe and the US ideal business partners. So, if you want to get ahead of your competitors, joining forces with suppliers and European customers could be your ticket to worldwide acclaim.
This article will outline why setting up a Zyla Account is the best way to transfer money to Europe and strengthen your brand’s presence across the European Economic Area (EEA). It will explore the intricacies of sending money across borders, navigating transfer limits, and providing tips on lowering currency conversion costs.
How can I transfer money to Europe?
Understanding the basics of international payments is essential before delving into the specifics of money transfers to Europe. This previous article explains how businesses can send transfers between bank accounts or explore the many types of transfer options available.
In summary, sending business transfers via the traditional banking system can incur extra charges (such as account subscriptions and inflated international transaction fees). There’s also an increased administrative burden in registering your bank details and waiting for online banking account approval. Then, you must consider that money transfer requests via SWIFT (Society for Worldwide Interbank Financial Telecommunication) take longer to process. Transfer times using the SWIFT system can take up to five business days, with no delays.
In contrast, opening a Zyla Account lets you register your business details online and get faster approval to send money in a wide range of world currencies (including the Euro). You can also collect and hold funds in multiple currencies, enabling you to transfer money to Europe at a time that suits you (i.e., when the USD and EUR exchange rate moves in your favor).
What is the cheapest way to send money to Europe?
When comparing money transfer service options, pay close attention to how banks and alternative money transfer options like PayPal calculate their currency exchange rates. Opt for an international money transfer provider like Zyla that offers up-to-date mid-market rates (i.e., the exchange rates banks use to trade currencies with each other), as they can pass the competitive rates directly to their customers.
This is because specialist money transfer companies are more streamlined in their operations, which means it costs them less to send money to Europe and the rest of the world. In turn, this gives these services the freedom to make their prices more competitive than traditional financial institutions that may use exchange rate markups.
How much money can I send to Europe?
Another key differentiator in setting up money transfers to Europe is the minimum deposit fees. You will want to opt for a transfer method that doesn’t stipulate that account holders should hold a certain amount of money in their multi-currency account, as this could negatively impact your business’s cash flow.
At the same time, all international payment services operating in the European Economic Area (EEA), by law, must disclose how much they will charge you in transfer fees and exchange rates before you agree to proceed with the transaction. Therefore, if you’re sending payments or converting USD to EUR regularly, research the transaction costs beforehand and factor them into your budget planning.
Moreover, be mindful of wire transfer services, like Western Union, with maximum bank transfer limits. To avoid being caught off guard, make sure you check the provider’s website for terms and conditions relating to the maximum transfer limits per day to external bank accounts.
At Zyla, we set no minimum deposit fees or maximum payment limits for cash transfers, so you can send as much or as little as you like. We also offer clear disclosure about our transaction costs, giving you more control over your business’ expenditure.
Can I bank transfer to Europe?
International Bank transfers to Europe are very straightforward, regardless of your international payment method. For example, with a Zyla Account, you can open your account portal online 24/7 and click to add payee bank account details such as their name, International Bank Account Number (IBAN), SWIFT number, and the amount you want to wire transfer in a foreign currency. The platform will then inform you of the exact cost and exchange rate before you move funds and go ahead with the payment.
Similarly, suppose you would like an online payment option that allows you to collect customer fund transfers from European marketplaces like cDiscount or Allegro (and 100+ others). In that case, you can integrate your Zyla Account with your storefront and receive payments in EUR, GDP, and up to eight additional types of currency.
Which account is the best for international transfers?
With a range of international money transfer services to choose from, comparing the additional features of each service will ensure that you find the best platform for your needs as your company grows.
For example, marketplace payment integrations from online transfer companies like Zyla will help you expand operations quickly as you reach new customers overseas.
Zyla is here to help with your Europe money transfer queries
Opening a Zyla Account with us gives you an easy-to-use international money transfer platform and access to our friendly customer service team.
If you have any questions about sending money to Europe or need guidance on locking in your foreign exchange rates for up to 24 months with a Forward Exchange Contract, we can help you. To learn more about banking like a local in a foreign country, sign up for your free Zyla Account or call us on (855) 797-3366.