Learn international money transfer with these easy steps

John McDonald July 13, 2017 Comments Off on Learn international money transfer with these easy steps
Learn international money transfer with these easy steps

Wish to send money internationally? There are various modes of transferring money across international boundaries with much ease. There is a myriad of international money transfer schemes and companies that assure the safest and the easiest modes of sending money overseas. Amongst all of them, the method of sending money through wire transfers is considered to be the most reliable and secure one.

The wire transfers are the most the secure modes of sending money internationally as there is the involvement of reliable bank institutions. Therefore, your funds undergo proper regulation and there is no threat from any potential hackers. If you wish to make the wire transfer of your money, then you would need to obtain some specific information from the recipients to achieve a seamless transfer. Here are some simple steps that would guide you through international money transfer with the help of bank wire transfers:

Step 1: You would, first of all, need to log into the online banking profile for making the transfer. Make use of your username and password to log into the bank profile and make the successful transfer of money internationally.

Step 2: Once you have logged into your banking account, then you would need to search for the desired option for wire transfer of funds. Most of the major banks offer the online option of making the wire transfer. In case you are not able to find the relevant information regarding online modes of sending money, then you can contact the concerned bank to know more.

Step 3: The next step would be activating the limit of wire transfer. Some major banks would require the sender to specify a certain limit of the international wire transfers. This is because the international money transfers that are above a particular amount (like $5000) would require the action of calling up your concerned bank for authorizing the transfer. This would also require the confirming of your identification upon which the bank would send an access code to you. This access code can then be utilized for activating your wire transfer limit. Once the limit has been set, you can start transferring the required funds internationally.

Step 4: This step would require the recipient’s exact information in the form of the full name, bank account details, address, account name or the IBAN (international bank account number). The concerned recipient must be able to get this information from the bank or the banking statement. You would also need to specify the SWIFTBIC code of the particular bank of the recipient to make the successful transfer. All of this information needs to be filled in the specified online form available on the site of the money transfer operator or the bank.

Step 5: This step calls for specifying the amount of money to be transferred and the currency in which the transfer has to be made. Once you would enter the recipient’s details along with the proper bank number, then the currency of the recipient would automatically appear in the desired section. However, if you would wish to change the currency to a particular one, then you can simply use the dropdown menu in the given form and then select the desired currency. You can then select the particular account to which you wish to make the transfer from. Enter the amount of money to be transferred.

Step 6: Pay the bank’s fee to process the wire transfer internationally. Most of the major banks charge a certain amount of bank fee for making the wire transfer overseas. You can do your part of research over the exact bank fee and exchange rates. Once you are assured of the same, you can pay the same to complete the money transfer process.

Step 7: The last step would involve checking the amount of time it would take for the wire transfer to happen successfully. Most of the leading banks assure the transfer to take place within 1-2 working days. However, it is the bank’s responsibility to specify the exact time it would take the money to reach the recipient. You can always the status of transfer online by logging into your bank account.

Learn these effective steps to transfer money internationally online!

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