The Do’s and Don’ts of International Bank Transfers

An international bank transfer is the process of transferring funds from one bank or financial institution to another in a different country. The use of international bank transfers has significantly increased since they are one of the most expedient and secure methods of sending money abroad. If you are interested in sending an international bank transfer, here are the do’s and don’ts of doing so that you should know.
· DO contact your primary bank first to confirm they perform international bank transfers. While most do, some smaller banks and credit unions do not.
· DON’T call the bank to have a transfer completed; most require you to come in person to have the transfer completed.
· DO have the right information. To complete the transfer, you must be able to provide the International Bank Account Number of the account you are transferring money to and/or the Bank Identifier Code so the sending bank knows where to send the money. When you initially contact the bank, ask if they have this information readily available. You may also be required to give the bank the recipient information, including their name and account number.
· DON’T expect an immediate transfer. While international bank transfers are one of the fastest ways of sending money to a foreign country, they still make take a few business days to clear to so plan accordingly.
· DO request written confirmation (e.g. a fax or other document) from your bank stating that the transfer has been completed successfully. This documentation will serve as proof of receipt.