Posted on March 13th, 2010An international bank transfer is the process of sending money electronically from one bank account to another located in a different country. International bank transfers are often the safest, most secure, and most affordable way to send money abroad swiftly. Whether you need to quickly send cash to a loved one abroad or lend money to a friend, here are a few things you should know before making an international bank transfer.
Not all Financial Institutions Offer Transfers – While most large banks do perform international bank transfers, some smaller ones including credit unions do not. Call your primary bank to confirm they can perform the transfer.
Ask About Deadline – While many banks can begin to transfer the money the same day as requested, there is often a time cut-off for same day transfers. Know What Information you Need – In order to perform the transfer, most banks require the name and account number of the intended recipient, the routing number or bank identifier code (BIC) of their bank (your bank will likely already have this information on hand), and their bank’s mailing address and international phone number. When you contact your bank to confirm an international transfer can be made, ask what information you need to on hand.
Confirm the Fee Amount – Prior to making the transfer, make sure you know how much the fee you are expected to pay for the transfer is. Often your bank can take the fee directly out of your account.
Be Aware it May Take Several Days – Although international bank transfers are typically the quickest way to send money abroad, it still can take several business days for the transaction to be complete. Your bank should be able to tell you approximately how many days it will take for the recipient to receive the money.
Ask for a Receipt – Whether via fax or email, request a confirmation from the recipient’s bank to serve as proof of recipient and confirmation that the funds were received.
Be Wary of Money Transfer Services – While money transfer services may be fast and convenient (especially since many allow transfers to be made online), they are not always the least expensive. Such services charge a high percentage fee of the overall amount of money that is being transferred.