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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International Money Transfers Secure And Fast

When one needs to make international money transfers, whether for business or for personal purposes, the two most important elements one usually considers are the security and speed of the transfer method.

Secure Transfers

Most foreign exchange brokerage companies offer a reliable and safe method to transfer currency to another country. With online tracking systems, the client is able to monitor his funds at all times and be notified exactly when it reaches the intended recipient. These companies are also FSA approved, which means they fall under government regulations and their activities are constantly monitored.

Most foreign exchange services company deliver the funds directly into the recipient's bank account, so there is like likelihood of fraud or any other misuse of funds taking place.

Fast Transfers

These companies offer quicker transfers of money when compared to conventional methods like cheques etc. With services like Instant Money Transfer, payments can be made instantly or within the same working day for major currencies. Once an account is set up it is very easy for the client to send money from his home or office, via telephone or the internet and hence time is not lost by having to go to the broker's office. With such a variety of service providers in the market, choosing one that specializes in your particular type of transfer requirements, means you save time by directly going to the expert.

Customized services

Most money transfer UK companies offer various types of transfer services. While some can assist you to transfer currency to another country if you are migrating, others will be able to offer you favorable exchange rates for international money transfers made to suppliers abroad. Some offer expert advice on buying property abroad while others specialize in payments that need to be made on a regular basis.

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Monday 1 July 2013

How to make a cheap international money transfer

Money transfers are priced based on a combination of how much you want to transfer and how much the provider’s upfront charges add to the total. This means the overall cost will largely depend on two charges that are applicable to every money transfer, fees and exchange rates:

Fees

These are the clearest costs associated with a global money transfer and will be stated explicitly by the provider. They include any commission payable on the amount you send and the transfer fees that you’re liable for.

You may also need to pay receiving fees when your money arrives at its destination. Some providers don’t state these clearly – so make sure to check if you’ll incur a charge from the receiving account so you know exactly what you’ll pay.

Exchange rates

Exchange rates determine how many Dollars, Euros or Chinese Yen you will get for the amount you want to transfer and can be something of a hidden cost because they are more difficult to calculate.

Money transfer services often don’t state the exact exchange rate they offer; instead they tend to declare the cost of a money transfer as an overall package, inclusive of fees and exchange rates.

The easiest way to find the best money transfer abroad is to compare the total cost, i.e. how much your transfer will cost once all the fees, charges and exchange rates have been taken into account.

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How to choose a currency specialist

Its important that you undertake the following checks when choosing a currency specialist:

• How long have they been in business?
• Are they authorised by the Financial Services Authority (FSA) under the Payment Services Regulations 2009? Companies that are authorised by the FSA have had to meet strict capital adequacy and business practice rules, comply with Payment Services Regulations and the FSA’s Conduct of Business requirements.
• Are they registered with HM Customs as an overseas money service business?
• Do they hold your money in segregated client trust accounts? (your funds are held separately from company funds protecting it from creditors).
• Do they have audited accounts on their website and how strong is the company’s balance sheet?
• Do they have professional indemnity insurance protecting customers from staff fraud etc.
• How many staff do they have and what turnover? (Obviously a large established company is more reliable than two guys in a back room, though it’s no guarantee).
• Do they have direct access to SWIFT? SWIFT is the world’s largest payments and settlements network for domestic and international trades. Direct access ensures you, the client, benefit from faster payments and enhanced security.

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How can foreign exchange rate volatility affect you?

As the exchange rates are constantly changing, an important aspect to your transaction will be the timing.
Here’s an example:

A European property priced at €200,000 would have cost £169,780 at the end of September 2010. Due to exchange rate movements, that same property would have been £8,791 more expensive at £178,571 just one month later.

In many cases, people don’t pay much attention to what’s happening to the exchange rate and simply leave their decision to make the international money transfer to the last minute hoping for a good rate, assuming, that without all the funds available, there isn’t much they can do.

Regardless of why you’re transferring your money, the larger the amount you’re looking to move overseas, the more important it is to maximise the timing of your transaction and minimise the risk that the exchange rate could get worse and make your money worth less. Remember, as soon as you decide to move overseas or buy and sell an asset abroad such as a property, you are exposed to adverse moves in the currency market.
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International money transfer charges explained

When making international payments, the costs fall into two simple areas: fees and the exchange rate. When shopping around and comparing one company to another, regardless of whether it’s your high street bank or one of the many currency specialists in the UK, it’s important to pin point both.

Fees - the key charges to look out for include transfer charges and overseas bank receiving fees.
Exchange rates - many companies claim to be ‘commission free’ then load the exchange rate. It’s also difficult to get hold of the exact rate and compare it, as some providers simply don’t provide the information.

Getting the most for your money actually boils down to a very simple question…
“How many Euros/ Dollars/ Swiss Francs etc. will I receive for my pounds, after all charges?”

Remember exchange rates often change by the minute, so to compare providers properly you need to do it one after the other.

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