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Online Money Transfers Between EU Countries: Main Features

Jul 11, 2023

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The need for international remittances from one business account to another is growing as economic ties between countries become stronger, especially when we mean European countries: Germany, Spain, Italy, etc. But if earlier such transfers required many bureaucratic procedures, now it is enough to have a business account in the Genome service, and it is easy to transfer funds for raw materials, goods received, to pay for services or salaries to employees abroad.

However, there are some points regarding the work with international transfers. There is a difference between sending money to, say, Spain or the United States. So, let's look at some rules, conditions, and differences that will allow you to open a business account without hindrance. All transactions in the business account are considered on the example of the Genome service. So.

What are international transfers?


Genome Account allows you to transfer money to many countries. In this case, transfers can be in the same currency, for example, in USD or EUR, or involve the exchange of currencies during the transaction.

The most common way to make money transactions is to open a business account with Genome and access the largest network of money transfers - SWIFT. The advantage of SWIFT is that this network is available in almost all countries globally; it works easily with different types of currencies: USD, pound sterling, EUR, etc. The second most popular way to make transactions is SEPA. This network operates only within European countries and in euros exclusively.

A decision to open a business account in Genome is not the only way to make such transfers, but it is certainly the simplest one available today.

The main differences between SWIFT and SEPA

























SEPA SWIFT
Territory European countries 118 countries, including Europe
Currency Euro Several types of currencies
The time of the operation 1-2 banking days up to 5 banking days

How to open an online account and use the international transfer service at Genome?


To open a business account, you need to enter and verify your data. It takes up to 25-30 minutes to open a business account, and you will spend some more time adding financial information about yourself or your company (depending on the needs for which you use the service). Then read the rules and get acquainted with fees and other important details about working in the system.

Genome service allows you to easily and quickly make any transfers abroad. The algorithm is quite simple.

  1. Open a business account or personal account for personal payments. Here you can start up to 15 IBANs.

  2. Choose the right type of service. In Genome Account, you have the opportunity to send funds both to a bank account and transfer funds from card to card. It is very convenient, especially if online banking does not have access to the necessary options. It is the main advantage of having an open business account for fast, convenient, and reliable financial transactions.

  3. Fill in all the required information and transfer money. It is convenient and very easy to do.


Technical support is always in touch with you. It will help to open a business account and perform other operations. So all of a sudden: call or go live chat.

Rules of financial security when making payments


We say that it's easy and profitable to open a business account at Genome. The service guarantees a high level of transaction protection, and this is the case when you can completely rely on Genome. But you must follow certain rules of work in the online account to guarantee the maximum level of protection. So to transfer money safely, you have to:

  1. Open a business account, and indicate only the accurate data. When working in an online account, you agree to check all the data you provide to transfer funds carefully.

  2. Get acquainted in advance with fees, limits, and timeframes for making payments. All this information is available to you on the website, even before you go to the open business account step.

  3. Once you've completed your transaction, be sure to upload a proof of transfer.

  4. For financial transactions to be carried out on time and for funds to be sent to your partners abroad at the right time, try to initiate transactions in advance, leaving some time for potential delays.


You can also recommend opening a business account to your friends and colleagues to make your interaction even more productive and fast. But this is not a prerequisite. The funds will go to the necessary accounts, cards or e-wallets in any case.

Keep in mind that an open business account and international money transactions are legal and secure services that you can use online without even requiring a personal visit to a bank branch. This is how the service differs from traditional public financial institutions. However, every online account is protected to the highest possible level, so you can be absolutely sure of the security and quality of every financial transaction.