Why should I send money in the recipient's local currency instead of EUR?
Sending money in local currency offers three key advantages :
- Speed: Local currency transfers arrive 2-3 days faster than EUR SWIFT transfers
- Cost control: You know exactly what amount the beneficiary will receive, avoiding unpredictable conversion fees from receiving banks
- Better value: You avoid receiving banks' possible hidden conversion fees
What happens if I send EUR to a non-EUR account?
When sending EUR to a non-EUR account :
- The receiving bank automatically converts the money to local currency
- They apply their own exchange rate with mark-ups (typically higher than Qonto's fees)
- The beneficiary receives less money than expected
- You have no control or visibility over the final amount received
How do I know I'm getting a fair exchange rate?
Qonto uses the mid-market rate (very close to the rate you see on Google or Reuters) for currency conversion. While some banks advertise "no fees" but hide their profit in inflated exchange rates, we charge a transparent fee and show you the exact mid-market rate being used .
When should I use EUR SWIFT transfers?
EUR SWIFT transfers are best only when you're certain that :
- The beneficiary has an EUR account
- The receiving bank accepts EUR deposits without forced conversion
- You don't need the transfer to arrive quickly (can take 2-3 days longer)