Money transfers
Why choose Genome’s international money transfer service?
Convenience
Our team ensured that your international money transfer will be sent via the most convenient and cost-effective transfer system. So whether you send it to your business partners or contractors — they will receive the funds.
Security
Your international money transfers are safe and transparent, as Genome complies with all major regulations. We add another level of security with our built-in protection and multi-factor authentication tools.
Ease of use
Send funds using international money transfers in just a few clicks. Genome’s team has developed a comprehensive interface for all your money transfer operations. Track your transfers inside the Genome platform or app at all times.
Global reach
Thanks to many international money transfer options, you can send funds to significantly more countries. You can easily make and receive payments from 42 countries using SWIFT and access other transfer options such as Faster Payments, CHAPS, and TARGET2.
What other transfer options are available in Genome?
As mentioned, your SWIFT payment can be executed using another transfer system during the transfer process. You can also receive payments via systems other than SWIFT. These are:
Faster Payments
Faster Payments are transfers within the UK that are usually completed instantly or within 2 hours maximum. These can only be executed in British pounds (GBP). The outgoing Faster Payment can be initiated by the Intelligent Routing System, not the client directly. Genome’s clients can also receive Faster Payments.
BACS
The Bankers' Automated Clearing Services (BACS) is a transfer system used within the United Kingdom. The payment, which is available in GBP, usually reaches the beneficiary within 3 business days. The BACS system is not used for outgoing transfers in Genome. However, our clients can receive payments via the BACS system.
CHAPS
The Clearing House Automated Payment System (CHAPS) is used for high-value business transactions within the UK. Such payments are conducted in GBP and are usually completed within a business day. The outgoing CHAPS payment can be initiated by the Intelligent Routing System, not the client directly. Genome’s clients can also receive transfers initiated via CHAPS.
TARGET2
The Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2) is used for large-value payments in the eurozone between financial institutions that have access to this system. It usually takes 1 business day to settle the payment. The outgoing TARGET2 payment can be initiated by the Intelligent Routing System, not the client directly. Genome’s clients can also receive transfers initiated via TARGET2.
Money transfers
Send international money transfers to multiple countries
With Genome, you can make international payments to 42 countries in total using SWIFT. Your payment can also be sent via Faster Payments, CHAPS, and TARGET2 to optimize the process.
Money transfers
How to get started with Genome’s international money transfers
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Money transfers
Fees for sending international money transfers
The fees for sending and receiving international transfers via SWIFT, Faster Payments, BACS, CHAPS, and TARGET2 are disclosed on our pricing page. Please note that Genome utilizes the SHA payment instruction for SWIFT transfers, which allows for the splitting of fees between a client and a beneficiary. This means that you will pay for the transfer order while the beneficiary will handle the charges applied by their bank and any other intermediaries. For payments in British pounds within the United Kingdom, if any faster and/or cheaper payment option is available, we will route the payment and adjust the fee accordingly.
Money transfers
Looking for more options besides international money transfers?
Genome also provides transfer alternatives that are available for business wallet users. Use SEPA transfers for stress-free payments within the eurozone. Transfer funds instantly to other Genome users with our internal transfers.
Internal transfers
You can send money to other Genome users instantly and for free, thanks to our safe internal payments.
Instant transfers →
SEPA payments
Send money to 36 countries within the eurozone. SEPA payments are completed within 4 hours on a business day after transfer initiation.
SEPA transfers →
Money transfers
Even more services from Genome for your business
Multi-currency accounts for your business
Open an account in your company name in EUR and then, if needed, add more in USD, GBP, and EUR (5 accounts per currency). Make payments in your company name and generate account statements yourself using our multi-currency accounts.
More transfer options
SWIFT payments are not the only option for your business in Genome. Our team also offers SEPA transfers and instant internal transfers. All can be saved and scheduled in a few clicks.
Shared access to business accounts
Share the workload with your team with Genome's shared business account feature. After they pass the identity verification, the staff will be able to operate inside your business wallet. Assign roles and edit access rights to accounts whenever you see fit.
Genome corporate card
Control your business money flows, track business trip expenses, and manage marketing budgets and logistics bills — all with a Genome Visa corporate card, available in a slick black plastic matte finish and virtually.
Security and anti-fraud solution
We take our clients' security seriously with transaction checkups and offer built-in anti-fraud platform tools. Stay secured with SCA-compliant Genome, which is licensed and regulated by the Central Bank of Lithuania.
Efficient currency exchange
Genome makes currency exchange secure, quick, and effective. Access our online currency converter to quickly determine how much money you will get after the exchange.
Efficient money transfers are essential for your company’s financial performance!
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What is an international transfer?
An international transfer is a movement of funds between a payer and a beneficiary located in different countries. Such transfers are facilitated through banks, payment service providers, or other financial intermediaries. Within Genome, all money transfers, except for SEPA payments and our internal transfers, are considered international transfers.
What currencies can I send using Genome’s international transfer service?
Currently, you can make international money transfers in three currencies: euros, US dollars, and British pounds.
What is a SWIFT bank transfer?
SWIFT is a type of messaging network that allows banks to exchange data and complete international money transfers and other operations. The SWIFT payment system has been around for almost half a century and is the most common way to transfer money to other countries.
How do SWIFT payments work?
The SWIFT transfer happens thanks to the Bank Identifier Code. The BIC consists of 8 or 11 characters and is assigned to every bank to differentiate between them. This is what you need to make a SWIFT bank transfer: 1. A full name of the person receiving money; 2. Their BIC; 3. A beneficiary's account number or an IBAN (consists of 34 digits).
How do I make a SWIFT transfer with Genome?
To make a SWIFT payment inside Genome, you first need to request account details for a SWIFT transfer. The request can be made via the Account details menu. The account details for a SWIFT transfer will be issued within a day. Once you have the details, you can start making SWIFT money transfers from our Transfers tab. Select the Bank transfer option and fill out the beneficiary's details. Enter the amount and the description, and send the SWIFT payment.
How long does it take for a SWIFT transfer?
Depending on the weekends and holidays, the time difference between territories, and currency exchange processes, the transfer is usually completed in 3 to 4 business days. More information on how long SWIFT transfers take within Genome can be found here.
What are the typical fees associated with international transfers?
Banks and payment service providers charge different fees for international money transfers. You can find Genome’s pricing here.
How secure are international payments through SWIFT?
The SWIFT payment system has developed a Customer Security Controls Framework, which is a multilayer security system with strict requirements for banks. It also established the Global Payments Innovation for absolute transparency of operations so that each payment participant can track the execution of transactions in real time. Now, all financial organizations that provide SWIFT bank services need to comply with strict security requirements. An annual audit for compliance with the requirements has been introduced as well. If you join Genome, you will get access to Covery's anti-fraud platform tools for risk management and fraud prevention.