Showing posts with label Money Transfer Tips. Show all posts
Showing posts with label Money Transfer Tips. Show all posts

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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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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