Money Transfer process and services
Many people have come across situations when friends ask for a loan or offer to pay by transfer. And before transferring the required amount, you need to figure out how best to do it. When you transfer the money you’ll need a bin number. Identify the BIN number with the bin checker online.
There are always three people involved in money transfers: the recipient, the sender, and the intermediary – the person or company responsible for the delivery of funds.
These are the several ways, with the help of them you can make a money transfer:
- Via the Internet. In this case, you will have to use special electronic payment systems. A virtual wallet is created in them, from which funds will be transferred in the future. It is better to send money within the same payment system in order not to pay large commissions.
- Through the mail. To transfer money in this way, you will have to use post offices. Leave the recipient’s coordinates and transfer the required amount.
- Through transfer systems in bank branches. Before sending funds, you need to make sure that the bank where they will be sent can use the transfer system through which the money was sent.
Anyone planning to send money in the future should become familiar with the basic concepts.
Bank transfer is one of the main non-cash methods of payment for goods and services. With it, a company or person can transfer money to another bank account.
A money transfer is the sending of funds from one individual to another. To do this, you can use any available translation system. Even those that do not require opening a bank account will do. To make a wire transfer, you’ll need your bank’s routing number. For instance, If you have a region’s bank account then, you’ll need the regions routing number.
You can use this method to lend money or for a simple transfer. It’s worth checking the eligibility of the credit card with a cc checker for security.
When choosing a convenient way to send money, you need to consider the following features:
- what is the easiest way for a person to receive a translation – perhaps there are only certain intermediaries’ offices in his city;
- how much money needs to be sent – most intermediaries have limits that limit the monthly or daily amount of transfers;
- how quickly you need to receive funds – the speed of sending largely depends on the used transfer method;
- whether the commission is large – its size depends on how quickly the funds need to be delivered.
- To choose the most suitable method of sending money, you need to familiarize yourself with each of them in more detail.
Through the bank
This is the most common universal method that most people use. With its help, you can send funds to people living in the same country and abroad. It is most convenient to use this method if you need to send funds within the same bank or country. Check the bank identification number with an online bin checker. It’ll be helpful to protect yourself from fraud.
How the transfer is carried out: through ATMs, mobile applications, bank branches. Some banks have the ability to make transfers even using SMS.
You do not need to have an account to send funds using bank branches. You can just come to one of the banks with a passport and fill out a special application. It is necessary to indicate in it the requisites and information about the recipient: name, patronymic, surname, and passport data.
There are times when people send money through branches, but they come to the recipient’s bank account. In such situations, instead of passport data, you must indicate the account number.
Some people do not want to send funds through branches and instead use the bank’s website. By entering your personal account or mobile application, you can use online transfers. With their help, it will be possible to send money to a card or to an account.
To use the function of sending funds via SMS, you must have bank accounts linked to a phone number. To make a transfer, you need to send an SMS message to a special number.
Moreover, to send money using an ATM, you must have a card from this bank. Banks only allow ATM transfers between their customers. Therefore, it is necessary to make sure in advance that the recipient also uses the services of the same bank.
The interest of many people is in the maximum transfer amount. It is not limited in any way if funds are sent through a bank branch. Of course, you shouldn’t forget about translation rates. If you use other methods, you may encounter restrictions on a certain amount per month or per day.
As you understood above, it is necessary to sort out the commission in advance. When making money transfers within the same bank, it is usually low or even zero. Usually, a commission is 1-2% with a minimum and maximum limit on the amount of the commission.
Online transfers are the most profitable. They are much cheaper than in a bank branch. For example, if you send funds using the bank’s website, the commission will be 1-2% lower.
Some people think that it takes a long time to transfer money through a bank, but this is not the case. If a transfer happens between cards, the procedure takes literally a few seconds. In rare cases, it can drag on for 3 days, which usually occurs due to the need to justify the amount received.
How can you transfer money using a bank?
Each person who decides to open a current account receives special details. Their main feature is that they are completely individual. It is impossible to meet customers who have identical account numbers. The banking system monitors this situation closely.
To transfer money, the sender will have to deal with the preparation of payment papers. This is a mandatory procedure that is carried out for non-cash payments. Furthermore, it is carried out to instruct the bank about the future operation of sending money. You should note that such documents can be issued both in electronic and printed form. You can even use the mobile app for this.