Sunday, November 27, 2011

International Bank Wire Transfer

 Money is transferred across continents daily. People living abroad send money to their relatives who live in their homeland. Foreign Companies with people working all over the world sends in the employee's income through money transfer procedures. Thus money transfer is something that is done on a wide scale and on a daily basis. There are many ways to transfer money across the world. The money can be transferred into the bank account of the account holder and the account holder can withdraw this money whenever he needs it. But the safest and most popular international bank transfer is the wire transfer or credit transfer system. It is an electric funds transfer from one person or institution to another. It is also possible to wire money from one bank account to any other bank account. Cash transfer is also possible at various designated cash offices. Wire transfer is aimed at individual money transfer rather than a bulky payment, which is companies, will not wire group payments by wire transfer. The money is wired to an individual account holder by any other person or institute.
Wire transfers are considered to be the safest and most reliable means of transferring currency. It is also one of the quickest ways to transfer funds from one person to another. The person who wants to send the money goes to a bank or an exchange office that takes up the job of wire transfer. The details of the transfer which includes the receiver's name, bank account, amount, city and country codes are filled in and submitted along with the sum to be transferred. The bank or office that sends in the cash transfer charges the sender a processing fee. This fee depends on the amount being sent and is charged to the receiver too. The sending bank then contacts the receiving bank and furnishes it with the details of the transfer and details of the receiver. The transfer can take a few hours to complete and in some situations a day or two. If the currency needs to be converted then the exchange rate is calculated and commission is cut on the amount before sending it into the bank account of the receiver. The receiver's fee is charged on this amount and he or she receives a somewhat lesser amount than the actual amount. In this way international bank wire transfer makes up the profits and generates its funds.
Another form of wire transfer is the use of debit cards and credit cards. The electronic code on the rear of the card is inter connected with the bank account and every time it is swiped at a store the e-code sets up a wire transfer between the card holders bank account and the stores fund account. Thus wire transfer is a commonly used aspect of daily life and one of the best ways to transfer currency in an international point of view. International bank transfers are gaining popularity with time and will soon take a high point in the field of banking.

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