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SWIFT

Sending Money to Finland: an overview

By | Banking, Money transfer

Due to the advancement in technology, sending money to Finland is now a piece of cake. Finland is a northern European country that shares its borders with Sweden, Norway and Russia. There are numerous ways through which people can transfer money to Finland and they are discussed below.

Sending Money to Finland with SWIFT

SWIFT stands for “Society for Interbank Financial Telecommunication”. SWIFT facilitates the easy relocation of money from one place to another not by actually moving the money, but by sending and receiving financial messages between the buyer and the seller. Then, the actual relocation of money takes place through wire transfer. Finland is a strong advocate and user of the SWIFT system for the relocation of money. To facilitate the process of sending money to Finland or to receive from there via the SWIFT money transfer, the first thing to do is to determine the SWIFT code. This is a typical format of Bank Identifier Codes (BIC) and it is an exclusive code for a specific bank. A Swift code usually contains 8 to 11 digits. A typical SWIFT code looks like:

AAAA BB CC DDD

E.g.

JSAS KX F1 A41

Sending Money to Finland with SEPA

The usage of the SEPA method is based on the fulfilment of certain conditions. To transfer the money, it is necessary to enter the recipient’s account number in the IBAN format, it is done to route to the correct country without any failure. “Nordea”, a financial service company, offers several alternatives for SEPA payments. Solutions centered on file transmissions allow payments to be entirely computerized, when the amount of payments is extraordinary.

B2B money transfers to Finland

Western Europe is one of the most advanced places when it comes to the use of electronics and computers for financial matters. Especially in Finland, where the government has made it mandatory to transfer all procurement efforts online. Basware, a mega conglomerate for B2B payments has just signed an agreement with an unnamed company to facilitate the process of sending money to Finland. This has created a window of opportunity for many Finns living in foreign countries to send money to their families and loved ones with great ease.

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.