Along with all the features modern banking has to offer, the bank transfer is indisputably one of the most commonly used services nowadays. It is a fast, secure and efficient method of handling money and the procedure itself is pretty simple.
How it works
Bank transfer or also known as a wire transfer is a service that enables you to transfer a particular amount of money to another account without dealing with a lot of paperwork. As a matter of fact the bank clerk does everything for you. You just go to the bank office and ask for a wire transfer service. It is crucially important to give to the bank representative accurate information about your bank account and respectively the receiver’s account in order to avoid any mistakes. For an international bank transfers you have to give the bank’s SWIFT code and have your international passport with you since this kind of transfers are kept a close eye on.
If you don’t have a bank account you can still make a wire transfer by using the services of, for example, Western Union. Practically you can send money to any country within minutes. There are a lot of convenient locations worldwide where you can do that. You will be given a unique code which you have to give to the receiver. All he has to do is to go to the nearest location with his identity card and tell the unique number to the teller.
Creating account / purchasing card
In order to make a bank transfer you must have a valid bank account as well as sufficient funds in there. You can also do the required paperwork and go to the teller’s desk to pay cash for the transfer.
Withdrawing money with bank transfer
For an international bank transfer it usually takes a couple of days for the transfer to be completed. Once the amount you have sent is into the receiver’s account he can withdraw it at any ATM. It is important to note that in most cases, the amount of money will be in the currency of the country you are sending it to ,so some charges according to the exchange rate may apply.
Advantages of using bank transfer
The procedure is simple– you just give your details to the clerk without doing anything by your side except for providing accurate data.
It’s fast– if you want to send money to somebody in the same country and you are both cardholders at the same bank, the wire transfer can be completed in a matter of minutes.
The wire transfer is often the least expensive payment method. Sometimes it is even free of charge.
It’s safe– the money will go back into your account if the receiver’s personal details are not completely accurate. Yet, be careful if you have to send money to somebody you don’t know really well.
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