Sunday, January 30, 2011

International Bank Transfer - All You Need to Know

8:01 PM by nurliana purba · 0 komentar

Banking transactions can be quite a complicated issue. But some prior information about a procedure can help one understand the dynamics of all of it better. For instance, international bank transfer is one such aspect of a banking transaction which has greatly been popularized owing to its various benefits. Previously, the most popular method of transferring funds across the globe to different countries was through a wire transfer.
This is a very reliable option though extremely expensive and the sheer expense of receiving and sending wire transfers made people look for an alternative option.
The international bank transfer works with a specialized format with the files being kept in specified formats suited for transfer. This essentially means that this coded format can be accessed and handled only by the banks and not any other individuals.
The country from which the funds transfer is occurring to the country where the payment needs to be cleared use the same file format and this maintains some uniformity in the transaction. The bank-to bank network is utilized and this enables the transfer to be classified as local transfers and avoid the charges on an international transaction.
The entire process of transferring funds electronically has been extremely streamlined and all the complicated processing of transfer and clearance across country borders is completely eliminated. Another major benefit is that it removes the need to maintain multiple accounts across the world to allow the clearance of the money when transferred. The funds are collected and transferred as well as disbursed through some local transaction system of the various countries and this is accomplished through one single electronic funds transfer connection.
Reduced costs of international bank transfer system allow for considerable savings since the clearance and settlement of accounts is carried out at the local level. There is standardized delivery system and this applies across the world. The fee for currency conversion also works out to be much lower than other cases.
An account for recurrent payment accounts can be created one single time and the same can be utilized every time a transaction has to be carried out to the same account. International bank transfers also works out very well when a large number of transfers need to be made. If the payment is a planned one and the due date is decided prior to transfers, it works out economical as well.
Firms and companies who are involved in a global distribution of funds must consider this option for all their transactions since it works out to be a very efficient option for payment of money.
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