Transferring money
Everything you need to know about sending money safely
To transfer money safely in Ireland, Europe or internationally, use secure methods like online banking or regulated Payment Service Providers (PSPs). For euro transfers within Europe, use SEPA (Single Euro Payments Area) with the recipient’s IBAN (International Bank Account Number) and BIC (Bank Identifier Code). SEPA transfers usually clear by the next business day.
For international transfers, check fees, exchange rates and timeframes (typically two to four days). Always verify recipient details and use Strong Customer Authentication (SCA) for online payments. UK transfers remain under SEPA after Brexit but require extra details. PSPs must be regulated – check the Central Bank Register.
What are the ways to transfer money?
You can transfer money using:
- Phone banking
- Online or mobile banking
- Using a self-service machine in a bank
- Bank teller
- Paper forms
- Money transmission services
How do SEPA transfers work?
The Single Euro Payments Area (SEPA) makes it easier to send and receive euro payments across Europe.
To transfer money within SEPA, you’ll need:
- The recipient’s IBAN and BIC.
- IBAN – International Bank Account Number: This is an international standard for numbering bank accounts, developed by the European Committee for Banking Standards to make cross border payments more efficient. To process a cross-border money transfer, you will need your IBAN and that of the bank account that is to receive the money. The number can usually be found on your bank account statement.
- BIC – Bank Identifier Code: This is the unique identification code given to banks also known as a SWIFT code. If you transfer money from one person’s bank account to another, you will need the BIC of the bank that will receive the money transfer. Your code can usually be found on your bank account statements.
- Your own IBAN and BIC can be found on bank statements or your online banking.
Timeframes for transfers:
- SEPA transfers: next business day
- Same-bank transfers in Ireland: usually immediate, but may take a few days
Can you still transfer money to the UK after Brexit?
Yes, the UK remains part of SEPA.
- Euro SEPA payments to UK firms are still allowed
- Since 1 Jan 2021, banks must include additional information, including the payer address, due to The EU Wire Transfer Regulation
- For direct debits to UK recipients, ensure your bank includes all required details
For more info please visit the Central Bank of Ireland Consumer Hub.
How do you transfer money outside Europe?
You can use online or mobile banking, but for large amounts you may need to visit a branch.
- Transfers take 2 to 4 business days
- Fees may be higher
- Consider foreign exchange rates
- Urgent transfers cost more
You’ll need:
- IBAN and BIC
- Name and address of the recipient
- Name and address of the receiving bank
What are Payment Service Providers (PSPs)?
PSPs are regulated alternatives to banks for online payments.
- EU-based PSPs must be registered, licensed, and regulated
- Irish PSPs are monitored by the Central Bank – check the register
In Ireland, PSPs provide international payment services, including cross‑border and online payments, through both Irish‑based providers and specialist global companies.
What is Strong Customer Authentication (SCA)?
It is a security check that’s now required by EU law to help keep your money and personal info safe. You’ll need to pass this check when:
- Accessing online accounts
- Updating personal info
- Making payments
You’ll need two of the following:
- Something you know – like your password or PIN
- Something you have – like your phone or a card reader
- Something about you – like your fingerprint or your voice
This helps make sure it’s really you using your account or making a payment.
Exemptions include:
- Low-value transactions under €30
- Low-risk transactions
- Recurring payments of the same value
- You are paying someone you have marked as trusted
- Phone payments
- It is a secure payment made by a company
What types of Payment Services Providers exist?
Account Information Service Provider (AISP)
An Account Information Service Provider (AISP) is a regulated financial service provider that gathers all your financial information, with your permission, from your bank accounts to give you a single view of your finances. These services are a key part of Open Banking, which allows trusted third-party providers to offer personalised financial services such as budgeting tools, financial planning help, and detailed financial management by analysing your spending patterns and savings goals
- It gives a single view of all your accounts
- Access lasts 90 days, then must be re-authorised
Payment Initiation Service Provider (PISP)
- Initiates payments directly from your bank account
- No need for debit or credit card
Card-Based Payment Instrument Issuer (CBPII)
Such as a bank or financial institution like Visa or Mastercard, which checks if you have enough funds before a purchase.
