For years, wire transfers were used as the default payment mechanism for international payments and transactions. Even though they were highly reliable, they were extremely expensive for sending as well as receiving as well as time consuming. With the introduction of International Bank transfers in to the modern era of trade and commerce, international payments and transactions are much cheaper.
International Bank Transfers or International Money Transfer to verify is the sending and receiving of money globally without the restraints of space and time. International bank transfers have become a cost effective alternative to wire transfer as they do not cost as much and are reliable as the wire transfers.
While the wire transfer used to take about 5 – 6 days depending on the foreign currency laws that are valid in different countries. Whereas, international bank transfer takes only a couple of hours to complete the transactions whether they are across a nation or world-wide. This method has made world – wide transactions cost effective and transparent than the conventional wire transfer method. It is one of the new and commendable services offered by the new generation banks today.
Even though different countries follow their own rules and laws regarding transactions and currency conversions, it is possible. Technology has made it more efficient and the potentials have literally soared high. All happens with the electronic connection and internet now. There is no need of any worries, fear or tension as the method is standardized and the conversion costs are comparatively much cheaper than in the days of wire transfer.
Bank – to – Bank transfers – both national and international banks have become the preferred mode of payments and transactions as they offer an unparalleled and unquestionable level of safety and security. Once the bank at the receiving end receives the money, it is cleared immediately into the recipient account and can be accesses as per the recipient’s need and convenience.
Society for Worldwide Inter-bank Financial Telecommunication or simply SWIFT code is a system developed to transfer funds internationally between banks. SWIF Id is approved by the International Standard Organization (ISO). While transferring money, you will have to give the account number and the SWIFT code of the bank, where the recipient holds an account. SWIFT code is an alpha-numeric code assigned to the bank or financial institution and uniquely identifies it. It is also called the BIC or Bank Identifier Code.