Money transfer is the process of moving sums of money from one person or business to another
. Often the quickest and most secure method chosen is that of a bank wire transfer. As often you will be arranging a money transfer of significant amounts, you may find the whole process daunting. Here is a simple of overview of what happens with your money:
Step 1 - Seek out a foreign exchange specialist to carry out the money transfer on your behalf. Provide them with the necessary information such as the amount and from which account. You will also need to provide details such as the BIC and IBAN code of the payee.
Step 2 - The foreign exchange specialist will validate all the information you provide, and once it is satisfied it has all the relevant information, a message will be communicated to the receiver's financial institution via a secure network. The message will transmit the details of the payment to be made and to whom.
Step 3 - Next you will need to wait as this type of transaction can take about three days to process and funds to clear. The cost of a wire money transfer can vary from one company to another and will be affected by things such as the country where the money is to be received and the amount to be paid.
Most international money transfers are carried out via a society known as SWIFT which has a global network enabling these types of financial communication. Financial messages are used to exchange important data to transfer monies from one institution to another.
If you choose a foreign currency expert they will handle this process for you advising you on the best time to transfer funds and keeping you informed of progress. At PureFX we can help with all your money transfer requirements, including advice on the timing of your transfer.