Find Out How Money Transfer Services Work
- Author Michael Hanna
- Published June 5, 2009
- Word count 425
The term money transfer service refers to the ability to transfer money from one person (or institution) to another.
The quickest and safest method of transferring funds is via bank wire transfers, the procedure for such a transfer is as follows:
-
The person who wishes to execute the transfer advises their bank of the amount of money to be paid as well as the bank details of the payee; these details will include the IBAN and BIC code.
-
Once the sending bank has received all the relevant details and authorization they will transmit a message, via a secure system, to the receiver’s bank that it effect payment as per the instructions given.
-
This type of transfer usually takes three business days for the funds to clear.
The price of a bank wire transfer will vary according to such factors as the country the money is being sent to, the amount the payment is for etc.
The majority of international transfers are processed through a co-operative society called SWIFT, which operates a global network to facilitate the transfer of financial messages. Banks use these financial messages to exchange data for the transfer of funds between the various financial institutions.
Each financial institution is assigned a code, usually referred to as a Bank Identifier Code (BIC) or Swift Code. These codes are traditionally eight digits long and identify the name of the bank, the country of the bank and the city the banks head office is based in.
The other method of identification that banks throughout the world use is the IBAN. The IBAN (International Bank Account Number) is defined as a standard numbering system developed to identify bank accounts from around the world. It was originally developed by banks in Europe to simplify transactions involving bank accounts from other countries.
If you are unfamiliar with money transfer services it can be a great idea to employ a payment service provider to supply the facility for you.
Some Payment Service Providers (PSP’s) will offer a money transfer services facility, this is particularly useful for businesses that require making a high number of wire payments. Experienced and well established PSP’s will have links with a number of banks throughout the world, which will allow them to offer more competitive prices for bank wire payments. The other advantage offered by using a PSP is that they will deal with the administrative side of the wire payments, as this work can be extremely time consuming, especially if there are a high volume of payments to be made.
If you are unfamiliar with money transfer services it can be a great idea to employ a payment service provider to supply the facility for you.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Why does your business need eCommerce product listing services?
- How Powerful is 20000mAH Power Bank?
- The Future of E-commerce: Trends in Shopify Subscription Boxes for 2024
- Survey Equipment in Australia: Tools for Precision and Efficiency
- The Transformative Impact of ECommerce on the Airfreight Industry
- What is the difference between ebook cover and book cover?
- The Real Reason Why You Need a Professional Website Designer: Hire a Professional Website Designer on Fiverr
- Meet Sellvia, an ecosystem that includes all the ecommerce, and marketing features you need to start, your business.
- Stay Connected with Beeper Pagers: A Timeless Communication Tool
- How to Design Custom Labels for Your E-commerce Store
- Sustainable Lifestyle Through an Online App Platform
- What Shopify developers can do for your e-commerce
- Equinox Gold Mines Gold Directly to Consumers with New E-commerce Platform
- Affordable Government-Accredited Aged Care Courses for Caregivers
- eCommerce Future: Trends to Watch
- Affordable Government-Accredited Aged Care Courses for Caregivers
- Here is a List of Dos and Don'ts if You Wish to Loan Your Car for Cash in Dorset
- Dermatological Solutions!
- The Transformative Power of Yamaigel’s Certified Gel Eye Masks
- MK Web Celebrates Top Position in Bourne's Premier Web Design Rankings
- Leveraging Branding Assets and SEO in Phoenix for Business Growth:
- Strategies for Getting Invited to Amazon Vendor Central
- Accounting Systems in Sri Lanka: A Comprehensive Overview
- InsightLeap: Helping Amazon Vendors Achieve Greater Success
- Choosing The Right Customer Data Platform (CDP) for eCommerce
- The Future of Cryptocurrency in the Nigerian Financial Services System: A 2024 Perspective
- Driving Business Growth With Retail Returns as a DropShipper
- E-Commerce and AI: A Perfect Match - If Done Right
- Investing in Eternity: The Long-Term Value of Buying Diamonds
- Profit-Driven Strategies for Your Magento Eсommerce Website