Making an international bank transfer is although simple and can be done within so little time. With the help of a reliable bank or money transfer company, you can easily transfer money to an international bank. You need to know the steps that you have to follow to make an international transfer. For your further convenience, this article has been elaborated in detailed information on how you can carry an overseas transaction. And if this is the first time that you are going to make any payment, then make sure to follow each and every step.
STEP 1: Research about the bank
Before moving ahead, it is important to research the bank. You need to make sure about the cost and flexibility of that particular bank. When it comes to transferring money internationally, there are various factors that have to be kept in minds such as fees, exchange rate, and transfer time. If you consider a provider then they will surely charge you some amount that can vary from bank to bank. All you need to make sure of is to check the bank identifier code once and the international bank account number.
STEP 2: Customer ID check
ID check is a very important step when it comes to following the protocols. It is one of the musts to do legal requirements for all new customers due to financial regular regulations. This is done only once and the existing customers can also skip it. Most of the ID checks these days are done electronically. It saves your time and makes the process hassle-free.
STEP 3: Get the details of the recipient
When transferring money to a foreign bank, you will definitely need some details of the recipient. Ask for the recipient’s name, address, and account type they have with their bank. Also get the bank account number, name, and address of your recipient’s bank. In addition to this, you must check for the details of the bank like international bank account number, and unique ID if any.
STEP 4: Check for lock-in exchange rate
Once you decide to transfer the money, you should check for the lock-in exchange rate, your bank or money transfer company will ask the currency you need to send and where. Then you will get the latest exchange rate. If you are okay with that exchange rate, then you can easily go for choosing the particular exchange rate. The rate that you opt for is locked for you and shortly you will be emailed a confirmation with all details of your transaction.
STEP 5: Pay for your transfer & money is converted
This is so simple and quick! Pay for it, within usually 1-2- working days your money will be sent securely. Once your funds have arrived with the bank or transfer company, they convert it to currency and send it to the desired destination bank account safely as per your request.
Therefore, the process of transfer money to an international bank is not that difficult. By following these simple steps, you can easily make your payment from one country to another.