SEPA and SWIFT Transfers: How to Send Money Abroad from Rome

In a nutshell

To send money abroad from an Italian bank account you have two options: a SEPA transfer for the 36 countries in the European payments area, and a SWIFT transfer for everywhere else in the world. They work very differently and cost very differently — picking the right one can save you tens of euros per transaction.

At a glance

SEPA cost	€0–2 online; €2–5 in branch
SWIFT cost	€20–100+ total (fees + currency exchange)
SEPA timeline	1 business day (standard) or 10 seconds (instant)
SWIFT timeline	1–5 business days
Where in Rome	Any bank branch or BancoPosta post office
SEPA documents	Recipient's IBAN, payment reference
SWIFT documents	IBAN or account number, BIC/SWIFT code, recipient's full name and address

SEPA transfers: when to use one and how they work

A SEPA transfer (Single Euro Payments Area) is the system the European Central Bank created to make euro payments between European countries as simple and cheap as domestic payments — same timelines, same fees, same protections. It works for 36 countries: all 27 EU member states plus Norway, Iceland, Liechtenstein, Switzerland, the United Kingdom, Andorra, Monaco, San Marino, and Vatican City.

The critical point: SEPA works in euros only. If the destination country has its own currency (Poland with the złoty, Romania with the leu, etc.), you still send euros and the recipient receives euros in their account.

All you need for a SEPA transfer is the recipient's IBAN. You don't have to hunt down a BIC — your bank derives it automatically. European IBANs begin with the country code (DE for Germany, FR for France, ES for Spain, and so on).

By law (EU Regulation 260/2012), a SEPA euro transfer cannot cost more than a domestic transfer. So online you pay €0–2, in a branch €2–5, and on digital bank accounts it's often free.

You have two speed options. A standard SEPA transfer arrives by the end of the next business day (D+1). An instant SEPA transfer arrives in 10 seconds, around the clock, including weekends. Since 9 January 2025, under EU Regulation 2024/886, instant transfers cannot be priced higher than standard ones, and many banks already offer them free. From 9 October 2025, all eurozone banks are legally required to offer instant SEPA transfers.

One important warning about instant transfers: they are irrevocable. Double-check the IBAN before you confirm — once it's gone, it's gone.

SWIFT transfers: when to use one and what you'll need

You need a SWIFT transfer when you're sending money outside the SEPA area — the USA, Canada, India, China, Morocco, the Philippines, Bangladesh, Brazil, Egypt, and any other non-European country — or when you need to send a currency other than euros.

SWIFT is not itself a payment system but a messaging network between banks. Your money travels through one or more correspondent banks that act as intermediaries, and each of them can apply its own fees.

For a SWIFT transfer you need more details than for SEPA:

• The recipient's IBAN (if their country uses it) or account number
• The recipient bank's BIC/SWIFT code (8 or 11 characters — e.g. CHASUS33 for JP Morgan Chase USA)
• The recipient's full name and postal address
• For the USA: routing/ABA number; for India: IFSC code; for China: CNAPS code

The total cost of a SWIFT transfer has several components: your bank's own fee (€5–15 online, €15–30 in branch), correspondent bank fees (€10–50), and the currency exchange spread (1–3% of the amount) if you're sending in a currency other than euros. All in, you can end up paying between €20 and €100 or more per transaction.

When you place the order you choose who pays the intermediary fees:

• OUR: you pay everything; the recipient receives the full amount (most expensive for you)
• SHA (Shared): you pay your own bank's fee; the recipient covers the correspondent fees (most common)
• BEN: the recipient covers all fees and receives a reduced amount (rarely used)

For amounts over €15,000, your bank will ask for documentation on the source of funds. Transfers are automatically reported to the UIF (Unità Informazione Finanziaria — Italy's financial-intelligence unit at the Bank of Italy). Transfers to countries under EU sanctions (Russia, Iran, Belarus) are prohibited or heavily restricted.

Where to go in Rome

Any bank branch in Italy can execute both SEPA and SWIFT transfers. If you need in-person advice on a significant international transaction, banks with well-developed international desks include Intesa Sanpaolo (Sportello Estero, Piazza di Spagna), UniCredit (Direzione Estero), and BNL BNP Paribas.

BancoPosta post offices handle SEPA transfers (€1–2 online, €2.50–5 at the counter). SWIFT availability varies by post office — not all branches offer it.

For small amounts sent frequently to non-EU countries — remittances to family, for instance — bank SWIFT transfers are disproportionately expensive. In that case you're better off with a specialist provider such as Wise, Western Union, MoneyGram, or Ria Money Transfer.

For complaints about lost, delayed, or incorrectly charged transfers: start with a written complaint to your bank (it has 30 days to respond), then escalate to the Arbitro Bancario Finanziario (banking ombudsman) or the Sportello Cittadino della Banca d'Italia.

Mistakes to avoid

1. Getting the IBAN wrong. If you type an incorrect IBAN that happens to exist, the money lands in a stranger's account. A SEPA transfer is irrevocable after transmission. From 9 October 2025, the VOP (Verification of Payee) feature will cross-check the name against the IBAN and warn you if they don't match — don't dismiss that warning.
2. Counting only your bank's stated SWIFT fee. The real cost includes correspondent-bank fees and the currency spread. A €1,000 transfer to India with an unfavourable exchange rate can cost €18–30 more than the advertised fee.
3. Using SWIFT for small, regular amounts. For monthly remittances of €100–500, SWIFT fees are wildly disproportionate. Use specialist transfer services instead — their fees are far lower.
4. Not keeping the receipt. Hold on to the CRO/TRN code (SEPA) or MT103 document (SWIFT) for at least five years. Without that reference, tracing a missing transfer is nearly impossible.

Special cases

Wrong IBAN and the transfer has already left? Call your bank within minutes: it may still be able to block the transaction before final processing. If the money has already reached a third party, your bank formally requests a voluntary refund. If that person refuses, you can serve legal notice for unjust enrichment (art. 2041 of the Italian Civil Code).

Waiting for a SEPA transfer that hasn't arrived? Allow one business day from the send date, then ask the sender for the CRO/TRN reference and check with your bank. If the delay continues, file a complaint with the receiving bank, then with the ABF (banking ombudsman).

Waiting for a SWIFT transfer that hasn't arrived? After five business days, ask the sending bank for the MT103 document (transmission confirmation). With that document, the recipient's bank can trace the payment. If the transfer is genuinely lost, a refund is guaranteed — but the process can take up to 60 days.

Tax-deduction ("bonifico parlante") for home improvements: If you're paying for expenses that qualify for an Italian tax deduction (50% renovation credit, ecobonus), you need a special transfer that includes a detailed payment reference, your Codice Fiscale (Italian tax ID — your personal 16-character code used for almost everything), and the payee's tax code. Ask your bank specifically for a "bonifico parlante" — it's different from a standard transfer and costs €2–5 online.

Scheduled or recurring transfers: You can schedule a transfer for a future date or set it up as a monthly standing order. You can cancel it up to one day before the execution date.

Official sources

• Bank of Italy — SEPA
• Bank of Italy — Guide to bank accounts
• EU Regulation 2024/886 — instant transfers
• ABI — SEPA
• ECB — SEPA
• Poste Italiane — BancoPosta transfers
• Bank of Italy — Register of intermediaries
• Arbitro Bancario Finanziario
• SWIFT — BIC lookup

Legal references: EU Regulation 260/2012, EU Regulation 924/2009, EU Regulation 2021/1230, EU Regulation 2024/886, EU Directive 2015/2366 (PSD2), D.Lgs 27/01/2010 n. 11, D.Lgs 21/11/2007 n. 231, Provvedimento Banca d'Italia 18/11/2020.