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Posted by Felix Okoli on Sunday March 10, 2013 at 20:51:18:

Money can be transferred across the globe on daily basis. People who live abroad send money to their relatives in their homeland. Also, foreign companies who have their employees all over the world send their monthly income through money transfer methods. Thus international Bank transfer occurs in large scale and on daily basis.

There exist various methods of transferring money across the world. Money can be transferred into the bank account of the account holder, which he or she can withdraw at any time. The most popular and the safest form of international bank transfer is wire transfer or credit transfer method, which is an electronic funds transfer from one person or institution to another. Wiring money from one bank account to any other bank account is also possible, as well as in various designated cash offices. The purpose of wire transfer is aimed at individual money transfer not for bulky payments.

International bank transfer has been considered to be the most reliable and safest method of currency transfer. It is one of the quickest ways of fund transfer from one person to another. The sender of the money, usually go to the bank or an exchange office that handles the job of wire transfer. The transfer details includes receiver’s name, bank account, amount, city and country codes are filled in the request form and submitted together with the amount to be transferred .There is usually a processing fees charged by the bank or office that is sending the cash transfer .The fees depends on the amount to be wired which is also charged to the receiver as well.

The next step is that the sending bank contacts the receiving bank with the details of the receiver. Transfer process may take a couple of hours, a day or two. In some cases the currency may need to be converted along with the exchange rate which is calculated with commission fee before sending the remaining amount into the bank account of the receiver. The receiver’s fee also reduces the actual amount collected in the long run by the receiver. This is a way by which international bank transfer makes money profit and generates funds.

The use of debit or credit cards is another form of international bank transfer. There is the electronic code at the back of the card which is inter connected with the bank account of the card holder. Every time the card is swiped at the store, the e-code sets up a wire transfer between the holder’s account and the stores fund account.

Bank wire transfer is now commonly used in our daily life, which is one of the best ways to transfer currency. International bank transfer is gaining popularity daily and will soon take a high point in the banking sector.

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Comments:

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Re: About International Bank Transfers Reply by nonso umeanadu on Monday October 21, 2013 at 18:8:45:

what of if someone wants to transfer 5.5 million dollars to another person country bank account ,how much will the receiver fee be and can it be possible to deduct it from the money that they transferred




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Re: About International Bank Transfers Reply by Felix Okoli on Monday October 21, 2013 at 18:8:45:

The receiver is not charged any money for receiving money but it is the sender that will be charged. The amount will be transferred and the fee will be charged from the remaining balance in the sender's account. Personally, I won't advise sending 5.5m $ at once since it will raise red flags and banks will report it.


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Re: About International Bank Transfers Reply by nonso emmanuel on Tuesday October 22, 2013 at 13:47:54:

thanks for your advice,how much do you suggest that we should be transfering it until the 5.5 is finish




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Re: About International Bank Transfers Reply by Felix Okoli on Tuesday October 22, 2013 at 13:47:54:

I think it's best you meet with your bank and know the allowed maximum for discrete transfer. If transferring from Nigeria to another country, for individuals, I think the limit is $10k per transfer.


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Re: About International Bank Transfers Reply by ugo on Sunday December 29, 2013 at 2:53:17:

I don't have a domicilary account, I some1 wants to send me foreign currency from internet bank transfer of about $3k. Can still receive it, from your explaination you said one can receive it but it will be converted into local currency.




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Re: About International Bank Transfers Reply by Felix Okoli on Sunday December 29, 2013 at 2:53:17:

If you are in Nigeria and expecting the money from abroad, then you don't necessarily need a dom account. Just tell the person to send it through Western Union.


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Re: About International Bank Transfers Reply by peter on Monday April 28, 2014 at 23:18:10:

Following the CBN policy of receiving transferred foreign currency in naira, which is the best way to receive foreign currency in on that same foreign currency instead of in naira?




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Re: About International Bank Transfers Reply by Felix Okoli on Monday April 28, 2014 at 23:18:10:

Well, you can open a domiciliary account and then tell the sender to do a bank wire directly to your bank account. You can then withdraw the foreign currency directly from your domiciliary bank account.


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Re: About International Bank Transfers Reply by HILTON DARLINGTON on Monday May 19, 2014 at 19:46:38:

Pls someone to send me a fund of $150,000 from US to NIGERIA which is the best way of transferring fund?




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Re: About International Bank Transfers Reply by Felix Okoli on Monday May 19, 2014 at 19:46:38:

I think the best way would be by transferring it directly to your domiciliary bank account in Nigeria using a bank wire.


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Comments:
Re: About International Bank Transfers Reply by Jideofor on Friday September 26, 2014 at 10:15:42:

Hello, thanks for your post.

going by your last comment above, can someone receive $150,000 in one transaction from US/Canada into his dorm account in Nigeria? if no, what is the limit/max amount per transaction?

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Re: About International Bank Transfers Reply by Felix Okoli on Friday September 26, 2014 at 10:15:42:

I think you can but the transfer may flag the authorities. Banks want money and so they won't reject your transfer but given that the amount is above $10,000, they are liable to report it to the authorities.

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Re: About International Bank Transfers Reply by adewale on Friday January 9, 2015 at 12:53:56:

Pls someone send me 300$ from his bank account through Online means in Uae cos his offshore, he send it directly to my current account,he said its we take 2or 3days before its reflect, just want to know Maybe its True or not and besides since its Current account am operating I can't get the money from the Bank in $ right???

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Re: About International Bank Transfers Reply by Felix Okoli on Friday January 9, 2015 at 12:53:56:

If he sent it to a dollar account you also have, then it will be credited automatically, but if it's a Naira account, it may be delayed by the bank. Wait for a week and then contact your bank to tell them about the transfer if it still doesn't get credited to your account.

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Re: About International Bank Transfers Reply by frank on Monday April 13, 2015 at 18:29:20:

Can some one from nigeria send money to US using bank wire transfer without opening dollar account??

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Re: About International Bank Transfers Reply by Felix Okoli on Monday April 13, 2015 at 18:29:20:

Yes he can easily transfer from your Naira bank account to a foreign bank account using the bank's official exchange rate.

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