How to make an international transfer?

How to make an international transfer?

When we think about how to make an international transfer , the first thing that comes to mind are banks . Well, today, in addition to that option (which we will find in the link), there are other formulas that allow us to perform this operation in a faster, safer and cheaper way, if we compare it with banking entities.

Next, we will explain what each of them consists of:

  • Fintech companies of international transfers

    They put at our disposal a wide range of online financial services, in which the use of new technologies is the key. These companies allow us to send and receive money from one bank account to another, in foreign currency . For this, these businesses use independent web platforms of banks through which we can make payments through our bank account or an associated card, depending on the total amount to be transferred. Some of them work in a very similar way to P2P ( Peer to Peer ) loans. Among the most prominent companies, we find TransferWise, World First or Currency Direct, among others. One of the advantages of doing it through a fintech is that we can probably save on costs.

  • Money orders, the traditional option

    It is a service that allows international payments, both at a private and business level. To make this operation effective, we can choose to carry it out via Correos , or through a series of companies specialized in sending money abroad (Moneygram, Western Union, etc.). Both one type of company and the other make it possible to send money in cash or electronically, as well as its reception anywhere in the world due to its wide network of offices and the agents who work in them.

What do I need to do a foreign transfer?

When making any money transfer, we will be asked for a series of basic data without which it will not be possible to make this operation effective. Depending on how we are going to do the transfer and to which country, this information may vary. Even so, the most common is usually:

  • The number of the bank account of the beneficiary. In the case of the SEPA zone, this information will appear in IBAN code format.
  • The BIC code or SWIFT code of the destination credit institution, as long as the transfer is made in the SEPA area. In the case of international cross-border transfers (outside the SEPA area), we can find that this code is not requested, but an equivalent data.
  • The name and postal address of the beneficiary and his bank.
  • The concept of the transfer. This section is essential because it serves to identify the reason for the shipment. In the event that there is any problem with the transfer, it can serve as proof of the operation and give a clue as to the subject of the shipment.
  • The amount of money that we want to transfer.
  • The currency in which we want to make the transfer.

In the event that we opt for a bank at the time of making the transfer, we must choose the method of impact of charges and bank fees: OUR (paid by the issuer), BEN (must be paid by the receiver) or SHA (paid between both) .

How long do international transfers take?

If we ask ourselves how long an international transfer takes , the answer is about a week . However, this waiting period may be shortened or prolonged, depending on a series of factors that may affect our remittance to a greater or lesser extent. Some examples are:

  • Formula that we have chosen to make the transfer

  • Payment method

  • Currency exchange

  • Internal politics of companies

  • Intermediary companies intervention

  • Bureaucratic procedures specific to each country

  • Date of realization

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