International Fund Transfers have become an important part of modern life: they can be used to pay for treatment or education abroad, send money to relatives, book a hotel or a sightseeing tour. We will tell you how to send money to a foreign country safely, quickly, and at a favorable rate, as well as consider the nuances and peculiarities of this process.
What are international Fund transfers?
You can make a foreign transfer through a bank or an intermediary company. In the second case, you do not need to open a separate account or get a card – it is enough to come to the office of a financial organization or make a transfer online using the relevant services.
Intermediaries are ready to provide a high speed of delivery of funds, however, and the commission for their services will take more than in the bank.
The main points:
- Bank transfers are most in demand for settlements of legal entities and individuals when the company issues an invoice for services rendered, work performed or goods delivered, and the client pays for them according to the money transfer swift system requirements;
- to send a transfer through a bank it is enough to have an invoice (in international practice it is called “invoice”), an ID card, and money;
- intermediaries request the personal data of the recipient, including residential address and telephone number, to execute the transfer. Surnames (if any) should be indicated in Latin script;
- the sender should present a passport, and in its absence – a visa, temporary registration, or migration card to confirm the legal grounds for being on the territory of the country.
- Please note! When using international transfer systems, you should specify a valid phone number, as it will receive an SMS notification with a control code. You will not be able to receive money without it.
Currency
Money abroad is sent in the currency in which the recipient’s account is opened. If necessary, the bank independently performs the conversion at the current exchange rate and charges a commission fee for this operation. Take this into account if you need to send the exact amount.
If sending is planned through an intermediary company, you should remember that not every money transfer system works with currency. More precisely, not all branches have the possibility to send a currency transfer. You can find out the address of the office that suits you by calling the help desk of the chosen intermediary.
Peculiarities of bank transfers, which you should know in advance
If you are not an experienced PC user, it is better to contact a specialist at a convenient bank branch to make a transfer. For others, Internet banking will be more convenient: through an application or a personal cabinet on the website.
It is important to remember that all currency transactions are subject to currency control. When sending money to local citizens who are outside the country, the bank will definitely request documents confirming the fact of close kinship. This may be a marriage certificate or a birth certificate. If there is no kinship, the transfer will not go through.
In addition, it is useful to remember that:
- all details and other information from the invoice should be entered in full, without missing any characters;
- account numbers in foreign banks are often written in a different format than in our country, so it may be useful to save the incoming order or payment template (when transferring online) for later use;
- it is recommended to choose a bank of which you are already a client for sending – you will not have to spend time and money on opening another account, paying a higher commission rate, etc.;
- transfers in favor of legal entities have certain limits, in order not to get into trouble, you should call the bank’s hotline in advance and clarify the nuances of such operations;
- the proof of sending money is a payment order and a cash-in-transit order – they are given to the sender by bank employees after the transaction is processed.
- As a rule, the bank delivers money in 3-5 days. To speed up this process, it is advisable to fill in the “purpose of payment” field correctly – it should be short, concise, and in English.
Conclusion
International transfers have become essential for various purposes, such as paying for medical treatments, education abroad, supporting family members, or booking travel arrangements. Understanding how to send money internationally safely, quickly, and at a favorable rate is crucial for navigating this process efficiently.
