Local payments: International transfers sent via local payment channels often arrive within seconds, minutes, or hours – but in some cases, it can take up to a few days depending on the destination and the recipient’s bank.
SWIFT and SEPA payments: If the payment is created before 1:00 PM, it typically arrives within 1–2 business days. Payments created after 1:00 PM are processed on the next business day and may therefore take correspondingly longer.
There may be situations where the payment requires manual processing by Lunar, correspondent banks, or the recipient’s bank, which can extend the processing time.
What is IBAN?
IBAN stands for International Bank Account Number and consists of a country code followed by a number. IBAN is used in most of Europe and in a number of countries outside Europe. IBAN identifies the country, bank, and the person or company that is to receive money.
Which currency should I choose?
We recommend that you transfer in the currency that matches the currency of the recipient’s country. For example, CHF for transfers to Switzerland, GBP for payments to the UK, EUR for payments to Spain, France, Germany, etc. However, if the recipient’s bank account is a foreign currency account, we recommend that you choose the currency that matches the account.
What is BIC/SWIFT?
BIC stands for Bank Identifier Code and is also known as a SWIFT code – SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. SWIFT is the infrastructure behind international transfers, allowing financial institutions to send money across borders.
BIC is a bank’s identification number and is also used for international payments. All banks have a BIC consisting of 8 characters. This is typically used for international transfers to banks in countries that do not use IBAN. Therefore, when making a transfer to a country that does not use the IBAN system, you need both the recipient’s local account number and the bank’s BIC.
Can you make SEPA transfers in Lunar?
Yes, you can!
What are Local Payment Methods (Local Rails)?
In addition to IBAN, BIC/SWIFT, and SEPA, we also offer international payments via local payment channels, which in some countries are the fastest and cheapest way to send money. Here are the most common types:
Local bank transfer
Required information:
Local account number
Local bank code (e.g. Sort Code, BSB, Routing Number)
Recipient’s name
Mobile Money (Africa and Asia)
Required information:
Recipient’s mobile number
Mobile Money service provider (e.g. M-Pesa, MTN Mobile Money)
Sometimes recipient’s name
UPI (Unified Payments Interface) in India
Required information:
UPI ID (e.g. username@bank)
Recipient’s full name