international payments

SWIFT money transfer

By | Money transfer, Outsourcing: an original view

A Brief about Society for Worldwide Interbank Financial Telecommunication

The world has turned into a global village due to the advent in technology. Technology has made this world pretty small and compact, interaction between people far away geographically requires only a few keystrokes now. This global village-ness of the world has made it so comprehensive for people to get humongous things done from the comfort of their home. One of these activities is the transfer of money from one place, to a location that is hundreds of miles away.

One of the chief medium through which money is transferred from one place to another is SWIFT money Transfer. A SWIFT money transfer is a kind of global wire transmission that is an electronic way of transferring currency from one nation to another. SWIFT initiated in 1974, when seven worldwide banks fashioned the “Society for Worldwide Interbank Financial Telecommunication (SWIFT)”. The money can be transferred and can be received by the receiver’s account in as short as a few minutes, but due to some unforeseen circumstances, it can also take up to about a few days. The transmission appears to be like a piece of paper with data in print, for instance the sending bank’s info, the entities tangled in the transmission and a sequence of codes that define how the money will be received. SWIFT money transfers permit money to be directed to far-off nations further quickly than by mail or courier facilities. They similarly offer receivers with an assurance that they will take delivery of funds as payment and that the money received is what was arranged upon throughout the deal.

Charges of $30 usually are obligatory to initiate SWIFT transmissions and there are related fees to accept one. Moreover, SWIFT transfers are also used by perpetrators of scam who bid that money be wired to them for scamming the people obviously. Customers must be wary if they are requested by an unfamiliar individual to wire cash out of the country.

SEPA payments

Within Europe SEPA payments are the norm. These are a lot cheaper, most often even free.