{"id":1250,"date":"2020-12-15T12:04:15","date_gmt":"2020-12-15T11:04:15","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=1250"},"modified":"2022-02-09T09:22:25","modified_gmt":"2022-02-09T09:22:25","slug":"international-bank-transfer","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/international-bank-transfer\/","title":{"rendered":"How to make an international bank transfer"},"content":{"rendered":"
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Whether you’re making a payment, sending a monetary gift or financially supporting your family, you may have to transfer money overseas from time to time.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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Sending money by international bank transfer is usually everyone’s top choice. Not only is it seen as the safest and most secure way to transfer money, but it’s also the most convenient option for some.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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However, what most people don’t realise is that there are other much better alternatives to international bank transfer.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

What is a great alternative to international bank transfer?<\/h2>\n\t
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There are other ways on how you can send money overseas apart from international bank transfer. The money transfer sector has become even more competitive over time, making it easier and faster for individuals to send international payments.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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The best alternative to international bank transfer is an\u00a0<\/span>online money transfer service<\/span><\/strong>.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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Online money transfer services are becoming increasingly more popular as they’re much faster, easier and more convenient to use. Many companies, like\u00a0<\/span>Kabayan Remit<\/span><\/a>, now offer this type of service.\u00a0<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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However, here’s some information about international bank transfers you might want to know.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

How to make an international bank transfer<\/h2>\n\t
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If you already have an existing bank account, you can send funds by international bank transfer through the following ways:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

In-branch<\/h3>\n\t
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You can visit any local bank branch to make a transaction. The bank teller can help process the transfer, so this might be the best option if you’re not tech-savvy. However, it’s inconvenient and time-consuming to visit the bank, especially since they have limited opening hours.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Telephone banking<\/h3>\n\t
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You can also call your bank and make the transfer over the phone. Though it’s another option to consider if you’re not digital-savvy, you would have to wait to speak to an agent. The waiting time is quite long due to the high volume of calls banks receive.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Online banking<\/h3>\n\t
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You can also send money overseas online by wire transfer. Wire transfer is an electronic funds transfer that allows people to send money safely from one country to another.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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To do this, log in to your bank’s online banking and look for “international payment” on the menu. Most banks have on-screen instructions that are relatively straightforward to follow.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Mobile app<\/h3>\n\t
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If you prefer to send money overseas online on your phone, most banks have the option to make an international payment through their mobile app. It’s the most convenient option as you can make the payment in just a few taps on your phone wherever you are.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Details needed to make an international bank transfer<\/h2>\n\t
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Before you can start your transfer, here are the details you need from your recipient:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Beneficiary name<\/h3>\n\t
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The name of the person or organisation to whom you’re sending money. Some banks may also ask for their home address.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Bank name<\/h3>\n\t
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The name of your beneficiary’s foreign bank to whom you’re sending the payment.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Bank address<\/h3>\n\t
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The complete address of your beneficiary’s receiving bank branch.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Account number or IBAN (International Bank Account Number)<\/h3>\n\t
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The recipient’s bank uses the account number to identify their account. Banks generally prefer to use the IBAN to accurately locate beneficiary accounts for international payments.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

BIC or SWIFT Code<\/h3>\n\t
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BIC (Bank Identifier Code) and SWIFT (Society for World Interbank Financial Telecommunication) codes often have the same function. These codes are used to indicate the bank and country the international payment is sent to.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Steps to make an international bank transfer<\/h2>\n\t
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Making an international bank transfer is manageable as long as you have all the information you need. Once you have all the details in place, here’s a short guide on how you can make an international payment:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

1. Check the exchange rate<\/h3>\n\t
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Check the exchange rate with your bank. If you’re happy with it, you can go ahead with your transaction by letting the bank know how much money you wish to send. The exchange rate is locked in until the transfer is completed.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

2. Provide the required details<\/h3>\n\t
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Share your beneficiary’s details, including their name, address, account number \/ IBAN, BIC \/ SWIFT code and bank address.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

3. Pay for the transaction<\/h3>\n\t
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Depending on the bank, you can pay for the transfer either by debit card or credit card. After receiving your payment, the bank will deliver the money to your beneficiary.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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If you’re unsure whether to use international bank transfer for your overseas payments, we’ve listed down some pros and cons to using this type of service.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

International bank transfer pros<\/h2>\n\t
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Most people send funds abroad by international bank transfer for the following reasons:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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