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Say Person 1 has a French bank account, and Person 2 has a U.S. bank account. Person 1 wants to send funds to Person 2. Person 1 can add a new person to their list of beneficiaries, but the French bank's website requires IBAN and BIC numbers, which are not numbers that the U.S. account has.

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How can this transfer happen?

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Person 1 may walk into his bank and fill out a form for SWIFT payment.

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  • Thanks @base64 but how about through the internet?
    – MicroMachine
    Aug 30, 2015 at 5:41
  • Person 1 may switch to a bank that has international exposure. e.g. HSBC
    – base64
    Aug 30, 2015 at 6:17
  • And what if that can't happen either? We're talking about trying to do this online with the current settings... How about putting a swift code into the fields required by the french bank?
    – MicroMachine
    Aug 30, 2015 at 17:44
  • Person 1 risks being charged 25-35 EUR for entering incorrect information. Plus I don't think the website would allow incorrect format for SEPA payment.
    – base64
    Aug 31, 2015 at 1:08
  • 25-35 EUR fine or buying plane tickets to go to france... one of them is cheaper ;)
    – MicroMachine
    Aug 31, 2015 at 4:21
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If you send money from a typical French bank to a US bank, they're likely to take some fees and/or give an exchange rate worse than the interbank exchange rate.

Revolut uses the interbank exchange rate for EUR <-> USD on weekdays (Mon-Fri UTC) and don't have any fee, so that's the cheapest option I am aware of. They do have a limit of 6,000 EUR / month (reset on the 12th midnight CET of each month), above which they'll take a 0.5% conversion fee (unless you purchase the premium/metal accounts, in which case there is no limit).

Other options: N26 (I haven't tried it) and TransferWise (more expensive than Revolut: they charge a 0.5% fee on the conversion).

Fee comparison from https://www.starlingbank.com/send-money-abroad (Revolut is the best in the benchmark even though it was done by a competitor, starlingbank):

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