What is an International Money Transfer?

International wire transfer is a method of remittance by the remittance bank at the request of the sender, by issuing a telegram or telex to a branch or agent bank (remittance bank) in another country, instructing it to pay a certain amount to the payee .

International Wire Transfer

Right!

International wire transfer is a method of remittance by the remittance bank at the request of the sender, by issuing a telegram or telex to a branch or agent bank (remittance bank) in another country, instructing it to pay a certain amount to the payee .

the way

The basic procedures and procedures for international wire transfers are:

1. The sender completes the application for wire transfer, pays the payment to the remittance bank, and obtains the wire transfer receipt.

2. The remittance bank sends a telegram or telex to the remittance bank, and sends the telegram confirmation to the remittance bank for verification of the message.

3. After receiving the telegram, the remittance bank verifies that the secrecy matches, and prepares a wire transfer notice to notify the payee to withdraw the money.

4. The beneficiary holds two copies of the notice to the remittance bank to withdraw money. It must be stamped on the beneficiary's receipt and handed over to the remittance bank.

5. The remittance bank sends the payment and debit notice to the remittance bank to complete a wire transfer.

The wire transfer method is fast, but the handling fee is high, so only use the wire transfer when the amount is large or more urgent. In addition, when the notice is sent by telegram, the delivery time of the funds is very short, and the time that the remittance bank can occupy the funds is very short.