The International Money Transfers Guide

It is no secret that the world has become a global village in many aspects among them the exchange of money. It is now quite easy for a person living in one country to send money to another person living in another country. One way through which one can do this is by international money transfers. The latter can be done in a number of ways and one of this is by wire transfers. It is not necessary for a person to have a bank account with a bank to be able to send money by wire transfer; this is because the transfer can be made at the banks counter for foreign exchange. Just as with other kinds of services, there are fees that are charged for money transfers. It should however be noted that it is not quite easy for a person to calculate the necessary fees because in some instances the fees are not so obvious. When a person goes to send money using wire transfer they should expect to be charged by the bank for actually transferring the money. There is no standard charge between banks or countries as every one has their own. The bank that is making the transfer profits from the transfers exchange rate as it usually sends the money in foreign currency. The receiver will also be expected to pay up a certain fee once they receive their money.

SWIFT is another method that has been devised for overseas and international money transfers. This method does not only require the recipient to have a bank account, but they will also be expected to have a SWIFT number. The bank that will be doing the transfer will also require the recipient to also have an address before it can send the money. Almost every bank has a section that deals with the transfer of money between countries and it should therefore not be difficult to get a bank with which to carry out a transaction.

There are a number of advantages associated with international money transfers and among these is the security that is assured to both the sender and the recipient. This is because the bank has to get the identity of both of them to make the transaction. Additionally, there can be no sending of money if the sender does not have sufficient funds. Every piece of information that is given to the banks is kept in the records of the bank. During the electronic transfer, information is encrypted as well to make it difficult for a person to intercept or steal important information. Another advantage that is rather obvious is the speed. Money transfers can take anywhere between several hours to two days and this is very convenient for most people. Instead of having many accounts in different countries, people who do business internationally would be well placed if they used international money transfers instead.

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