Wire transfer

Showing posts with label Wire transfer. Show all posts
Showing posts with label Wire transfer. Show all posts

Monday 20 August 2012

Money Transfer | Remittance Services



Online Money Transfers Work

It is simply a completely electronic way of transferring money from one bank account to another bank account. Data is exchanged; paper money is not. Using a debit card at a store transfers money from your checking account into the store's banking account. Direct deposit payroll moves money from your employer's bank account into yours. Both of these transactions are examples of online money transfer.

The procedure of online money transfer is as follows:
1. Online money Transfer can be made to a friend or family member or use it to pay a bill that is due soon. 
2. Make sure you have a reliable internet connection. You should not use a public computer to do online money transfers. Do online money transfer only from your home or your office computer to which only you have access to.
3. Go to the website of the company you use to make online money transfer. Next, enter the country you are sending money to as well as the person's name and location. Fill in the amount of money that you want to transfer.
4. Continue to select if you are a new customer or a returning customer. If you already have an account, you can proceed to transfer the money. If not, you will be prompted to create an account, which will include your personal information such as name, mailing address and a bank account to link to. 
5. You can pay for the transaction either by making a payment directly from your bank account, or with a debit or credit card.
6. Confirm the amount and verify all information is correct.
7. Send the request to transfer money. You will receive a confirmation e-mail to verify that the transfer was successful. The person you sent the money to will also be notified.


Remittance processing is the process of sending money to remove an obligation. This is most often done through an electronic network, wire transfer or mail. The term remittance refers to the amount of money being sent to remove the obligation. A remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque. The advice may consist of a literal letter or of a voucher attached to the side or top of the cheque. 

Remittance processing involves streamlining your receivables processing, getting faster access to funds or slashing your payment processing costs. Remittance services can streamline your internal processes by providing timely reporting and automatic updates to your AR systems through secure electronic transmissions. What’s more, remittance processing speeds access to critical information from paper receivables, allowing you to be more agile, pro-active and customer-focused. A remittance processing platform should efficiently and accurately handle wholesale, whole-tail and retail lockbox transactions as well as exceptions items.

Remittance Processing provides you with the ability to receive payments, apply them to your payer's account, and deposit the checks in your bank.



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Money Transfer Services in India


Online money transfer is where the old-fashioned concept of wiring money converges with the modern technology of electronic funds transfer The quickest and safest way of Money Transfer Services is via bank wire, the procedure for such a transfer is as follows:

1. The person who wishes to execute the Wire Transfer Services advises their bank of the amount of money to be paid as well as the bank details of the payee; these details will include the IBAN and BIC code. 

2. Once the sending bank has received all the relevant details and authorization they will transmit a message, via a secure system, to the receiver's bank that it effect payment as per the instructions given. 

3. Wire transfer services usually takes three business days for the funds to clear. 

Online money transfer services is the modern-day equivalent of wiring money: You can use these wire transfer services to send someone money instantaneously simply by transferring money (or the data that represents that money) from you to another person. Usually involving little more than contact information -- such as a cell phone number or an e-mail address -- for the sending and receiving parties tied to a bank account, online money transfer can be done for a small fee from a secure, Web-based service via any computer with Internet access. There's no need to go to a money wiring office, telegraph station or even a bank. The price of money transfer services will vary according to such factors as the country the money is being sent to, the amount the payment is for etc.
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What is Bank Wire Transfer


Wire transfer is a method of online money transfer from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Online money transfer systems are intended to provide more individualized transactions than bulk payment systems. Bank wire transfers are often the most expedient method for transferring funds between bank accounts.

A bank wire transfer is effected as follows:

The entity wishing to send money online approaches a bank and gives the bank the order to transfer a certain amount of money. The sending bank transmits a message, via a secure system, to the receiving bank, requesting that it effect payment according to the instructions given.

The message also includes settlement instructions. Either the banks involved must hold a reciprocal account with each other, or send money online to a bank with such an account, a correspondent bank for further benefit to the ultimate recipient.

Banks collect payment for the service from the sender as well as from the recipient. The sending bank typically collects a fee separate from the funds being transferred, while the receiving bank and intermediate banks through which the transfer travels deduct fees from the money being transferred so that the recipient receives less than what the sender sent. Each party in an online money transfer must be identified by the bank. It is hard to send money online anonymously, so it’s harder to pull off a scam with a bank wire transfer. In addition, if you send money online, payments are more certain - banks only do online money transfer if the sender has available funds, and it is difficult for the sender to pull the money back.

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