In the era of the growing economy and the constantly growing number of employees and entrepreneurs, one of the most important aspects is the efficient and fast transfer of funds, which is money.
Due to numerous legal restrictions related to, for example, financial market control, most transactions are carried out electronically. Without a doubt, this is about safety and the speed of cash flow.
Currently, from virtually anywhere in the world, we can send any amount of cash, which is a few minutes will be at the recipient residing even at the end of the world.
Most banks and companies specializing in cash transfers make their platforms available online
For more demanding entities, it is possible to perform this type of operation without having to leave the house. Most banks and companies specializing in cash transfers make their platforms available online.
While taking advantage of the benefits that the global network is undoubtedly one should also remember about its negative sides. It is well known that the Internet is not a fully secure source of information and data flow. It is important to make an informed and responsible choice when deciding on the services of a specific company.
It’s best to use a service provider that has a good, good repute, and its scope of activities includes not only the country from which the money is being sent but also the destination. In this way, we will avoid the participation of intermediaries and the danger of loss of funds or difficulties in receiving them.
It is also worth familiarizing yourself with the costs of the transaction and the potential currency conversion before choosing. It may turn out that the exchange rate proposed by the intermediary company is not favorable, and the service itself is very expensive and unprofitable.
Necessary information to send a transfer
When sending money abroad, it is very important to indicate the necessary data. It is equally important that the information is truthful and free of error. Without a doubt, it is necessary to provide the sender’s personal data that allows him to be identified unequivocally.
These will be: name, surname, and if the principal is the business entity its full name, identification number (PESEL or NIP number), exact address (street, city with postal code), contact number or e-mail address.
The recipient’s details are also necessary, such as name, surname, name, address, data enabling contact with the addressee (phone number, e-mail), if the funds are to be transferred directly to the bank account – the account number when they are to be spent company branch – the address of the nearest branch of the service provider.
The indicated information is only basic and necessary. Of course, you should also remember to indicate the amount and currency of the foreign transfer cost, as well as choose the type of transfer.
This can have a significant impact on costs and lead time. It should also be noted whether it is possible to use Polish characters in the form in question. Often, the data is verified by a computer system or foreigners.
An exemplary data complement will ensure the efficient execution of transfer orders and transaction security.
Types of foreign transfers
To classify foreign transfers, it is possible to cover the subject in several aspects. On the one hand, in relation to the entity through which we carry out the transaction, it is a bank or a specialized company. On the other hand, in terms of transfer type, costs, currency, and territorial scope, it is SEPA and SWIFT.
The choice can not be accidental, because each of the options has specific features. The most important aspects that distinguish each of the entities and products that have been put at the clients’ disposal will be discussed below.
Costs of foreign transfers
As indicated in the scope of SEPA operations, there are two options related to the speed of foreign transfer: standard and TARGET. In this case, the transfer costs also change.
As a rule, each bank in accordance with the applicable table of fees and commissions independently sets the costs of this type of transfer. It happens that if the amount does not exceed USD 10, the commission is withdrawn. While the transaction costs may vary depending on the bank or amount, the payment method is clearly referred to as SHA (shared).
This means that the costs of a foreign transfer are divided into two entities, which are the principal and the beneficiary of the transfer.
This is done in such a way that the entity ordering the operation covers the costs associated with the mode of implementation and implementation, while the recipient covers his costs in such a way that they are deducted from the sum of funds finally paid.
In this way, the executing banks ensure the security of the payment of the operation carried out. Counterparties, however, must remember to increase the amount transferred by transaction costs.