Monday, November 28, 2011

International Bank Transfers Are Simple Transactions

Many people have never tried to do an international bank transfer of funds for any purpose. It is now time to become familiar with this type of transaction for a couple of reasons. More and more products are being sold on the internet and many of the companies are located overseas and internationally. If the vendor does not have the means to process credit cards, then international bank transfer will have to be the mode of payment. Another good reason to learn the process is if you have family or friends living abroad, working abroad, or in the military overseas.
International bank transfers are very common transactions that most banks are set up to handle very easily. There will be fees involved when using the international bank transfer transaction so it pays to shop around for rates. The bank you bank with may be able to give you the best rate on fees. Once you have determined the bank to use to start the process, you will need three important items. They are: IBAN (routing #) of the receiving institution, the account number of the person or business you are transferring funds to, and the name and phone number of the account holder. This is the information that will be required by the receiving bank.
You will have to provide your bank, or the sending bank, with some important information as well. You will have to provide valid identification and that will include current address and telephone number. Be prepared to be asked why you are doing the international bank transfer. In today's world of drug trafficking and terrorism, large sums of money being transferred draw attention. The higher the dollar amount you are transferring will necessitate your providing more extensive reasons why with the documentation.
Once you have satisfied both sides of the transaction, the international bank transfer should go through without a hitch. Be sure and do some post transfer housekeeping. Make sure you are given a receipt and any other applicable paperwork that may have been required in the transaction. The receipt should have a transaction number and tracking information in case you need to track your transfer. Your receipt will prove that you actually sent the funds.
There really is no reason why you cannot feel as secure about an international transaction as you do with local transactions. We do live in a global economy now.

No comments:

Post a Comment