Tuesday 31 May 2022

Sample Letter to Close Bank Account Due To Death

Sample Letter to Close Bank Account Due To Death

Application for Closing Bank Account Due to Death

From:

Rita John

55, Greenfields Apartments

California

Date: May 31, 2022

To,

The Bank Manager

ABC Bank

California

Sub: Closure of bank account due to death

Dear Sir,

I, Rita John, am writing this letter to request to you please close the bank account of my mother, Mrs. Helen John, who maintained her savings account with account number 788956 with your esteemed bank from last two decades.

I would like to inform you that my mother, Mrs. Helen John, passed away a week ago in a car accident on May 27th, 2022. Being her only child, the responsibility of all her finances are on me and I do not require any more bank accounts. Therefore, I am writing this letter to kindly close this account as I no longer require it.

Please find attached all the documents that will be required for closing this bank account. I would also like you transfer all the funds in this account to the account the details of which have been shared below:

Account Name: Rita John

Account Number: 986598

Bank Name: New Era Bank

I will be really grateful if you could have this application processed at the earliest.

Thanking you.

Sincerely,

Rita John

Source: Letter to Close Bank Account Due To Death

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Thursday 29 July 2021

Download Free Web Development Project Budget Excel Template

Web Development Project Budget Excel Template

A website development budget Excel template is used to calculate the total budget of a web development project in local and foreign currency.

Our Sample Website Development Budget Excel Template is simple yet beneficial to monitor and manage your web development costs and allocate an appropriate budget to each aspect of designing your website.

All you have to do is enter the hourly rate for each of your tasks and the number of hours required. Then it will automatically calculate the initial investment, benefits, budgets, other costs, and evaluation metrics for your project.

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Thursday 26 December 2013

Tips To Save On International Money Transfers

Whether you have just made the dream move overseas, or you are now nicely settled as an expatriate in your host country, making and receiving international payments can often be a laborious headache. For some, international money transfers could mean losing thousands through poor exchange rates and high transaction fees. In most cases, these losses are almost entirely unnecessary and with the right degree of planning, can be totally avoided.

Drawing on both personal lessons learnt as an expat, and my experience working with foreign exchange suppliers globally, here are my six tips to save on international money transfers:

1. Consider the ‘Hidden Fee’: Exchange Rate is Key

When making an international payment, there are two fundamental variables to consider. Firstly, there is the fixed fee that a bank or currency broker will charge you to make a transfer. Secondly, the margin imposed on the actual exchange rate being offered.

Often, expats are much more focused on the transaction fees taken ($20, £40 and so forth) rather than rate. This is a mistake. When making an international money transfer, it is important to understand that the exchange rate is the ‘hidden fee’ and often where currency suppliers make most of their money.

Banks and foreign exchange brokers make their money on transfers by selling currency at the interbank rate plus a margin, which can be substantial. Be sure to have a currency converter at hand the next time you transfer money, and know how far off the market rate (interbank rate) you are being quoted, so that you can better ascertain whether you are being offered a good deal or not.

2. Consider Both Bank and Non-Bank Foreign Exchange Providers

Many expats only consider using their normal bank to make an international money transfer. As a general rule of thumb, the more currency you are moving globally, the more a bank will sit up and take notice of your particular account. If you are not moving millions, it is worthwhile to speak to dedicated currency organisations. They do not replace banks, but they can offer a much more ‘high touch’ service at a smaller margin. Good specialist brokers should take the time to understand your foreign exchange requirements, watch the markets on your behalf, and ensure you are trading at the right time.

3. Understand All The Options To Protect Against Currency Volatility

As an expat, you may be making many payments throughout the year and should try to protect yourself against foreign exchange volatility. You may also have a budget for your overseas assignment. A ‘forward contract’ can protect you against changes in the currency market. This allows you to order foreign exchange at an agreed fixed exchange rate for up to 12 months in advance. It is the classic ‘buy now, pay later approach.’

To secure the exchange rate, most currency organisations require you to pay a small deposit of between 5 to 10 percent. The remaining amount is paid once the transaction is completed. It must be said, if you do fix the cost of your money transfer, do not watch the markets too much, or you can cause yourself unnecessary stress. Rather, be pleased that you have peace of mind and that you are budgeting effectively.

4. Buy Currency If The Rate Hits Your ‘Budget Rate’

This particular strategy, called a ‘limit order’, is designed for expats who have some time before they need to send money overseas. Perhaps you know that ultimately funds need to be sent to the host country (or vice versa) but you are in no rush to do so. In this instance, you can speak to your account manager about an achievable budget rate, which is both realistic and achievable. If the currency pairing hits the pre-determined rate, your broker will look to buy the currency for you. This is a particularly useful product for prospective expats who are overwhelmed with all of the other aspects of an international move and would prefer not to worry further about currency exchange rates.

5. Shop Around For The Best Deal On The Market

Most currency organisations will boast of getting you the best exchange rates on the market and providing you with superior service. If you are not sure who to use, one tactic is to register with two or three providers.

Opening an account is usually a free process, which takes little time and places you under no obligation to trade. Once registered, you can obtain multiple quotes, get a feel for the organisation and make an objective decision. If you are ‘rate shopping’, it is important to call brokers within the shortest possible space of time, as only this way will you have an accurate rate comparison. Markets can move quickly, often 2 – 3 percent in a single day, meaning you have to be nimble if shopping around. Using an FX comparison site can be a good starting point.

If you are to use a non-bank foreign exchange specialist, check their credentials very carefully. Make sure that you use a supplier who operates segregated client accounts (separate from the day to day running of the business).

Lastly, if you are considering using a UK based broker, ensure they are authorised and regulated by the FSA (Financial Services Authority) for the provision of payment services. Check their FRN number prior to transfer.

6. You Do Have The Ability To Save Money

Finally, the most important point to take from this article is that you have the ability to save on the cost of making an international money transfer. Whilst you cannot control the exchange rates or fluctuating market movements, you do have the opportunity to make choices that can dramatically increase your chances of getting a good deal. Make sure that you negotiate on rate with currency suppliers, because you might be surprised at the lengths that your account manager will go to win your business.

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Wednesday 18 September 2013

Types of International Money Transfer Services

Types of International Money Transfer Services


The growing international trades and advancement of technology have made the international trading and transactions easy and speedy. There can be numerous reasons for performing a money transfer to a foreign country. Whether you do import - export of the commodities, sending money to your family settled abroad, buying a property in a foreign country or any occasional international trip; you have to perform a money transfer or foreign currency transfer transaction. Due to this ever growing need of international currency exchange services, there have been many mediums introduced which offer quick and cost effective services.

Let me put light of types of international Money Transfer Services:

Wire transfer: Wire transfer services are basically an electronic currency exchange services. You can transfer money from your bank account to another bank account. All required is the details of receipt bank account and wire transfer code to transfer money. It can take up to 2 days time to perform complete transfer. The foreign currency exchange rate may be charge high but Bank-to-bank wire transfer is considered the safest international money transfer method.

Online Money Transfer: Online currency exchange has been very popular for performing small amount of currency transfer. It is very quick, takes few minutes in transferring amount to a recipient bank account at any global location. All you need to have is an email account. There are many providers for online currency exchange services. The charges for transfer depend completely on the amount of transfer. When there is international transaction the online service is quite criticized in terms of providing poor foreign currency exchange rates. If we talk about the safety measures proper identity verification is done by the online money transfer agencies to avoid any fraud.

Bank Draft: Bank Draft is a medium to transfer money to a foreign company. Mostly large transactions by companies and banks are done through bank draft. It very secure and requires senders permission and verification to perform the transfer. It's a secure and effective way to perform international currency exchange, yet it costs more in comparison to other services.

Money transfer Agencies: Nowadays there are various companies providing money transfer services as a primary service. There are some companies have gain fame in providing currency exchange services. Whenever one need to transfer certain amount to an individual in a foreign country, they have to visit agency local office, deposit money and take a transfer code. The recipient can use the same transfer code to withdraw the money. It is very quick and charges depend upon amount of transaction. The foreign exchange rates are charged liberally. It is advisable to use this service when the currency exchange is required occasionally.

Foreign Exchange Services: Money transfer facility is also provided by companies into Foreign exchange services. The most primary benefit of using foreign exchange services is that the currency exchange rate charged is lowest than the other service provider. Moreover the expert guidance is available at no extra fees. If you require performing frequent transfers they also allow various plans where you can book a foreign currency rate which will be applicable on every transfer you do, even if you don't send money your currency rate is fixed for 18 months. As Foreign exchange services providers are specialist in international foreign currency exchange they are well equipped with knowledge and various specialized plans to give you utmost benefits while performing international money transfer.
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Friday 23 August 2013

How to find your IBAN and BIC

Your IBAN and BIC can be found on your paper bank statement.
An IBAN looks like this GB15MIDL40051512345678. The structure is consistent but the actual length, which can be up to 34 characters, depends on the national standards of the country in which it is issued.
Information that makes up an IBAN

  • Country code identifies the country in which the IBAN was issued and where the IBAN account is held
  • Check number enables a banking institution to complete an integrity check of the IBAN. It will vary from one IBAN to another
  • Bank code identifies the IBAN account holder's bank
  • Sort code and account number identify the account into which funds should be transferred. You will see from your statement that these are the same as your UK bank account details
A BIC identifies the bank branch and looks like this MIDLGB22123.
Information that makes up a BIC

Use IBAN and BIC for the lowest cost

Banks use a system called SWIFT to send messages to each other and the BIC is their unique branch reference. Using both an IBAN and BIC enables automation of a payments, helping to eliminate delays and queries.
You should give your IBAN and BIC to anyone who needs to make payments to you from abroad. Businesses should quote their IBAN and BIC on invoices they issue internationally and look out for IBAN and BIC on invoices received.

How to make payments using an IBAN and a BIC

An IBAN may be supplied to you prefaced by 'IBAN', e.g. IBAN GB15MIDL40051512345678. Quote the IBAN in the beneficiary account number field of your payment instruction but don't include the preface 'IBAN' or use any spaces between the characters, which may have been inserted to make it easier to read.
You should quote the BIC in the beneficiary bank field. Again, it should not include the preface 'BIC' or any spaces between the characters, e.g. MIDLGB22123.

You can Follow on Likes.com to find related photos to Swift Code, BIC and IBAN.
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Friday 26 July 2013

What are the steps involved in making International Wire Transfers?

Wire Transfer is normally a kind of electronic fund transfer. It is actually considered to be the safest way for transferring large international fund. Majority of the banks in the world has its roots linked to a bank network in Belgium called the Society for Worldwide Interbank Financial Telecommunications (SWIFT) that helps in verifying and processing financial messages like transfers. Following are few easy steps to make your international wire transfer.

Step 1

Contact your bank and check if they do wire transfers. Inquire about any other branches nearby along with the charges. Note that you can secure a wire transfer very quickly if you have an account at a large bank.

For a bank perform wire transfer, it must have a reciprocal account with the bank overseas. If not so, find a Western union branch. Here transfers can usually be made without an account. The process is almost similar to a banking transfer.

Step 2

Now you will have to fill in information like the Bank Identifier Code (BIC), International Bank Account Number (IBAN) and contact information from the payee for the transfer. Cross check this information in case of any mistake.  You do not always get refunded for a wire transfer.

Step 3

Ask for a wire transfer form and fill it out with your account information and all the account information for the payee. Sign the form in front of a bank employee and produce a photo ID on demand.

But, if you are using a Western Union branch for your transfer, you will need to bring the money to be transferred, a fee payment and an address where the recipient can pick up the money abroad.

Step 4

Pay the bank for the transfer. The payment is generally done separately. The payee will also need to pay for receiving the money which will be funded from the payee's account itself.

Step 5

All you now need to do is waiting. The funds transfer will take anywhere between a few hours to 5 business days.

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Tuesday 23 July 2013

How to Make an International Wire Transfer

Wire transfers are a type of electronic funds transfer. They are usually considered the safest way to transfer funds, especially large amounts, to other banks or countries. Most large banks belong to a bank network in Belgium called the Society for Worldwide Interbank Financial Telecommunications (SWIFT) that helps to verify and process financial messages, such as transfers. In order to make a wire transfer to another country, you will need to get some information from your payee and submit a fee to a major bank to process the transfer. This article will tell you how to make an international wire transfer.

Steps

Call your bank to see if they do wire transfers. Also inquire what branches near you are available to do wire transfers and at what cost. You can secure a wire transfer fairly quickly, if you have an account at a large bank.
  • In order for a bank to do a wire transfer, it must have a reciprocal account with the bank overseas. Many small banks and credit unions do not keep reciprocal accounts, and they may not be able to do this type of electronic funds transfer.
  • If you do not have an account with a major bank, you can find a Western Union branch. Western Union transfers can usually be made without an account. The process of getting the transfer is very similar to how you would do it at a bank.
Request the Bank Identifier Code (BIC), International Bank Account Number (IBAN) and contact information from the payee. You will need to fill in this information to order a wire transfer. Make sure all information is correct, as it is rare to receive a refund for a wire transfer.


Go to the bank branch to make your transfer. Ask for a wire transfer form and fill it out with your account information and all the account information for the payee. Sign the form in front of a bank employee and show them a photo ID.

  • If you are using a Western Union branch for your transfer, you will need to bring the money to be transferred, a fee payment and an address where the recipient can pick up the money abroad. The Western Union agent will give you a Money Transfer Control Number (MTCN) to give to the recipient. You tell the recipient the number. They can receive money by going to the specified location, telling them the MTCN number and showing a photo ID.

Pay the bank for the transfer. International wire transfers from the United States can cost anywhere from $20 to $50 (12 to 31 pounds, 14 to 36 euros). In 2011, the cost for a wire transfer from the UK at HSBC was 13 pounds ($21, 15 euros).

  • Usually, the payment for sending the transfer is given separately from your account at the bank. The payee will have to pay to receive the money as well. This will be taken from the payee's account.

Wait at the bank while they send the message via the SWIFT network. They should be able to confirm whether the message was received. The funds transfer will take anywhere between a few hours to 5 business days.
  • If you plan to make frequent wire transfers, ask your bank to receive a Personal Identification Number (PIN) code so that you can make the transfers over the phone or Internet, rather than going into the bank.

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