Banking is going through a revolution. The fintech revolution. Instead of branches and brokers you can simply obtain financial products through online interfaces. This saves a lot of time and money. It has also become a lot easier to open bank accounts abroad. In 2017 it will become possible to open a virtual bank account in Ireland through B2B Pay.
There are different ways to send international payments to other countries like Ireland. When you make international payments you will need the full name and address of the recipient. The transaction requires you to provide the business or person’s IBAN or International Bank Account Number and name of the bank the recipient uses. Others details you will need to provide are the BIC Bank Indentifier Code and SWIFT a clearing code. The last detail is the amount you want to transfer.
The International Bank Account Number, Bank Indentifier Code, and SWIFT codes make transfers more secure and faster. They keep payments from being delayed or rejected. When sending money across borders there are often fees involved in the transfer. These fees are banking fees and exchange rate differences. Fees vary depending on the service used and bank. Exchange rates will vary depending on the country you send the payment to.
What Type of International Payments Are There?
One common type of payment is a SWIFT payment. It stands for the Society of Worldwide Interbank Financial Communications. This system is designed to transfer money between different countries. A payment often takes one day within Europe and longer from other countries. There are fees associated with this service.
SEPA is a European banking effort to make electronic payments in Europe simple and easy. To make payments using this system you will need an International Bank Account Number and BIC to make or receive European payments. The Irish branch Nationwide UK Ireland sends credit transfers through this system.
Virtual Bank Accounts
A virtual bank account through B2B Pay let’s you get the exact service you want without dealing with a standard bank account. It provides a simple way to do business without bank statements and audit reports. If you want to collect payments or are business without heavy volume you may want to delay using a traditional bank account. With a virtual account you can receive payments without fees.
If you are not a resident this is an option to consider. B2B Pay does a compliance check and issues you an International Bank Account Number. This number can be used on invoices and contracts with customers. You can transfer money from all 34 countries in Europe. It will transfer the money to a domestic bank account for a better fee. It is easy to set a up and account and requires no maintenance fees.
When the money is transferred you will get a notification Many virtual banking services offer direct deposit, money transfer, and mobile banking services.