Guidelines on a safe On-line International Funds transfer
Wire funds transfers is considered the safest way to conveniently transfer funds, especially while transacting higher amounts of funds to Banks in overseas countries. In order to make a wire transfer to another country you may need to get some information from the recipient and required to pay a specific fee to your Bank to process the transfer.
Most Banks have an on-line wire transfer option or check for international wire transfer option on your Bank’s website.
Most Banks belong to a Banking network in Belgium called the Society for Worldwide Interbank Financial Telecommunications (SWIFT) that helps to verify and process financial messages, including wire funds transfers.
The registrations of Swift Codes is handled by Society for Worldwide Interbank Financial Telecommunication known as “SWIFT” with their headquarters being located in La Hulpe, Belgium.
For safety reasons all Banks require you to specify a limit for International wire transfers, as transfers over a certain higher amount may require you to call your Bank personally to authorize the larger fund transfer.
You may then need to confirm your identity by agreeing to have your Bank send an access code to your cell phone. You will have to use this access code to activate the wire transfer limit for making the international wire transfers on-line.
You may need the recipients specific Banking information for the wire transfer like the full Name and Address of the recipient’s Bank along with the recipient’s Name, Address, and Account type or International Bank Account Number (IBAN). The recipient’s Bank’s SWIFT/BIC code is also required for safe wire funds transfer.
Most of the Banks use SWIFT Codes to send money across to overseas and national Banks for safety and reliability issues. If you’re trying to send money to someone overseas, you’ll need to get the recipients SWIFT in order to do the required money transfer.
An International Money Transfer (IMT) can transfer money safely to more than 200 countries, using over 30 currencies via your trusted on-line Banking services.
Don’t worry if you don’t have one http://findswiftcodes.com/ has a Find a SWIFT/BIC feature that can help you.
SWIFT codes and BIC codes are the same thing and the terms are interchangeable. Other terms used by Banks overseas include:
CHIPS (Clearing House Inter-Bank Payment System) mostly for US and Canada only
NCC (National Clearing Code)
BSC (Bank Sort Code)
IFSC (Indian Financial System Code)
Using an International Money Transfer (IMT) one can transfer funds safely to more than 200 countries, using over 30 currencies via your trusted on-line Banking services. Most of the Banks use SWIFT Codes to send money across to overseas and national Banks for safety and reliability issues.
If you are not sure what the recipient’s currency is you can always send the amount in U.S dollars. Most Banks do estimate the time taken for wire transfers to go through or at the end of your on-line session.
You can check the status of the wire transfer by logging into your on-line Bank account for details of the fund transfer.
If you are finding it difficult to pull the wire fund transfer, you can always visit the Bank personally and ask the Bank personnel to walk your through the wire fund transfer process. The Bank personnel may ask the recipient’s information and ask you a series of questions to complete the wire transfer and let you know how long it will take to process the wire transfer. Most Banks estimate between one to two days for International wire transfers to go through.
As an alternative you can also use Western Union for wire funds transfers though the fees charges for Western Union is usually less than the fees charged by most of the Banks but in the long run can take more time to transfer funds.
