Money Transfer, IBAN and SWIFT explained
What you need to have to make a foreign money transfer. Banks, and specialist foreign currency providers, need to have suitable details in order to make a safe money transfer from one Country to another.There are really just two main sets of numbers commonly required. These are the IBAN and the SWIFT numbers.
The IBAN,or International Bank Account Numbers, have been introduced to standardise the identification of bank accounts. The IBAN is not a new account number. Your existing bank code and account numbers will not be replaced, but additional characters will appear in front of them. IBANs improve the quality of information exchanged between parties involved in European cross border payments and reduce errors and delays.
An issuing bank provides IBANs to its customers who are likely to receive payments from abroad, or make money transfers outbound. The IBANs are derived from the existing domestic account numbers of the customer.
The SWIFT, Society for World-wide Interbank Financial Telecommunications, system is a computer-based message switching system used by most international Banks as a method of making overseas payments or transfers. The minimum information that is required to make a SWIFT transfer is the account number, the name and address of the receiving Bank and the name of the beneficiary. In addition, all Bank’s have a SWIFT code and if this is known for the recipient Bank, this should be quoted.
Making a money transfer abroad for the first time can seem daunting. Providing you provide your bank, or specialist currency exchange broker, with the correct recipient IBAN or SWIFT, then things should go smoothly. To save money and have a smooth money transfer, you may like to consider talking to Global Currency Exchange Network.
Global Currency Exchange Network are specialists in currency exchange. They don’t charge commissions, they have a special arrangement with banks in Spain to avoid expensive receiving charges and offer they best exchange rates. With an annual turnover in excess of £335 Million, they have the power to set the exchange rates very low.
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