If you do business with international clients, you probably need to send and/or receive money on a global scale. Although there are several traditional methods for sending and receiving money internationally, the most efficient and secure way to transfer funds between countries is through an international wire transfer.
What is an international wire transfer?
An international wire transfer is a banking service that allows the electronic transfer of funds from one bank account to another in a different country. This method offers the advantage of an average transfer time of 1 to 2 working days, guaranteeing speed and efficiency.
In addition, you can send large amounts at once and convert the funds into the required foreign currency at your convenience.
What do I need to make an international transfer?
To make an international wire transfer, you need to provide information such as the recipient’s full name and address, the amount of the transfer, the recipient’s bank’s full name and address, the recipient’s bank account number (including the type of account), the recipient’s bank’s SWIFT or BIC code (if necessary) and the reason for the transfer. Make sure all the information is correct and complete to avoid delays or errors.
You also need to open an account with a bank that is authorized for foreign exchange transactions. Present the necessary documentation and be transparent about your financial capacity and the origin of the funds, ensuring compliance with financial regulations.
There is no cost involved, you just need to pay attention to exchange rate variations.
Is it safe to make an international transfer?
International wire transfers are safe as long as they are carried out with the recipient’s correct details and through reliable banks. Generally, when the money reaches the recipient’s account and is identified as “funds released”, the transaction is completed, allowing the recipient to immediately access the funds.
Although rare, there are situations in which a wire transfer can run into problems, such as the possibility of a hacker gaining access to the recipient’s account and thus being able to receive or transfer the funds elsewhere immediately. Therefore, when making an electronic money transfer, it is important to be aware that there is always an associated risk.
How can you avoid risks?
Rely on reliable partner institutions to carry out your foreign exchange operations.
Pryor Global helps companies carry out foreign exchange transactions safely and efficiently. With our services, your company can buy, sell and make international transfers in various currencies, such as dollars and euros, as well as make payments to suppliers abroad or receive amounts in foreign currencies, protecting you from exchange rate volatility.
Talk to our team now!
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