There are two main ways of transferring money to banks in europe by means of bank wire transfer.
SWIFT Transfer (Foreign Payment). See codes for major banks below
IBAN Payment Transaction
It all depends whether you live in europe or outside of europe. First you need to collect the bank coordinates from a the person who you want to pay for. Let say that you want to transfer EUR 1000.- to the persons bank account given below..
Beneficiary Name: Mr.XXXXXXXX
55, Goethestrasse, Frankfurt
Germany DE 60273
Deutsche Bank AG
60262 Frankfurt am Main
BLZ: 10009222 (Bank sort code for domestic only)
SWIFT/BIC code: DEUTDEFFXXX
IBAN : DE89 3704 0044 0532 0130 00 (US Dollar)
IBAN : DE89 3704 0044 0532 0130 00 (Euro)
IBAN : DE89 3704 0044 0532 0130 00 (Pound Sterling)
Amount: EUR 1000.-
If you live in US, Asia or Outside of Europe:
You have to use SWIFT transfer. All that you need is unique SWIFT or BIC code of the institution name and account number of your customer. The outgoing bank transfer cost will be charged to you by your bank in foreign transfer category.
Note: If you are given IBAN no (usually about 15-30 long. see below ) instead of account number, then you must enter that in payee/beneficiary account number field of the payment order form.
If you live or have bank account in Europe.
Ever since july 2003, most of cross border european union payment transactions between european banks are processed and validated by means of IBAN account numbers. The significant advantage of sending payments using IBAN, the payment transaction between these countries are considered domestic and it would cost you less. But under the following conditions…
The Payment is made in EUR currency.
The total amount is less than EUR 12’500.
IBAN account number is specified along with BIC/SWIFT code of institution.
All you need is IBAN, SWIFT or BIC code and Account number of the beneficiary you pay for. If you dont quote your IBAN number and you submit only SWIFT code in the payment form, then the transaction will be considered foreign wire transfer and your bank will charge you the foreign transfer rate, eventhough it involves the banks in two neighbouring european countries. Some banks will charge USD 45.- or EUR 20.- for initiating a foreign transfer.
Note: If the sender hadn’t yet given you IBAN then ASK for it, to save your costs. If you are given IBAN (usually about 15-30 long), then you must enter that in payee account number field of the payment order form.