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International Money Transfers

 In the modern world it’s became much more easier to help relatives, to pay for a deal and to pay for goods for a foreign company thank to accessible and updated money transfer system. Now it is very important to find a transfer system that would allow you to send funds to the right country in a certain currency and at the same time be fast, reliable and user friendly.

 These transfers can be made in several ways. Today, four types of transfers can be distinguished: bank transfer, postal transfer, electronic money transfer system, international transfer system.

The most popular are bank transfers, which can be made at a bank branch after opening an account. Do not forget, that the cost of such a transfer is often higher than a transfer for the same amount and in the same currency, if it were made through an Internet banking system. Foreign transfers vary in processing time and price. The simplest is the transfer of funds in Euro currency. The so-called SEPA translation- Single Euro Payment Area. The deal area is limited to part of Europe. In addition to European Union countries, you can also pay this way in Iceland, Liechtenstein, Norway, Switzerland, Andorra, Monaco and San Marino (excluding some dependent territories, such as Greenland). It is very important to know the SWIFT number of the recipient bank and  the IBAN number (country identifier, for example, PL and 26 digits of the account number). The cost of such a transfer is about 10 PLN. When transferring funds in another currency or to countries outside the European Union, the transaction is  performed through intermediary banks and goes through the SWIFT system. Thus, we can make payments in any currency and in any bank in any country. SWIFT transfers are often more expensive than SEPA transfers. In order for the transfer to be delivered to the recipient, you must make sure that the data entered is correct. In case of an error, the transfer will be suspended.

If the transfer of funds is to be made to a person who does not have a bank account, it is possible to use the money transfer service by Polish Post. You must fill out the transfer form and indicate the amount in Polish currency (PLN). The amount in PLN will be converted into foreign currency if the funds are received not in Polish currency. On average, the transfer of funds is 5-6 working days, depending on the country in which the recipient resides. The cost of such a service is 23.00 PLN + 1% from the amount of funds transferred. Other alternatives to money transfers, where it is not necessary to use the bank account numbers of the sender and recipient, are MoneyGram and Western Union, which we wrote about later in our article.

A modern, fast and cheap solution is electronic payment systems such as PayPal or Moneybookers. Both the sender and the recipient must have accounts on the selected service. To send funds, you must enter the email address of the recipient and the required amount of funds transferred. Electronic money transfers are currently the fastest form of payment transactions, as they are carried out instantly. The transfer can be made from any electronic device (personal computer or gadget, payment terminal) on which the corresponding payment systems are installed (PayPal or Moneybookers). In addition, it is worth noting that in recent years, other payment institutions such as TransferWise, Revolut, and Paysera have become very popular. Transfers between users of these payment cards are often made instantly, free of charge, and access to funds is possible via a VISA or MasterCard payment card.

The best known international money transfer systems are Western Union and MoneyGram. Western Union services can be used in their departments, bank branches or through their website. To do this, you need to register and send cash with a debit or credit card. It is necessary to fill out a form and submit an identity document. Along with confirmation of cash dispatch, a special 10-digit control number will be provided. To receive a money transfer, the recipient must visit Western Union, to submit an identity document and know the details of the transfer (amount, name and surname of the sender and control number). Money can be sent in PLN, EUR and USD. Money can be received in the currency of the country of destination. The sender can find out that the funds have reached the recipient through an SMS notification, and information about the status of the transaction is available on the system’s website. Transfer commission is on average 2%, depending on the destination country, but not less than PLN 10.

In summary, it can be noted that the use of modern technology allows us to make money transfers anywhere in the world quickly and safely. To do this, you just need to choose the most suitable money transfer option.