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The Basics About How Money Transfer Services Work

GuidesThe Basics About How Money Transfer Services Work

If you are intending on using money transfer services to send large sums of cash to a client or company, it is always helpful to understand a little about how a money transfer actually works. Money transfers can take many different forms, although the most common (by far) are international wire transfers (which is also the most secure; hence its popularity).

When you make a payment to an individual or organisation, the first thing that happens is your bank is informed. This could either be directly (i.e. you tell them yourself) or indirectly (if you are using a money transfer company for the transaction). The bank will be informed about how much is to be paid as well as what the bank details are of the person you are paying to.

Next, your bank will contact the receiving bank to confirm the details with them. This will result in the payment being authorised (unless there is an error in the details provided, in which case you will be informed and will be required to re-check them). After authorisation, it will normally take around 3 business days for the transaction to be completed, although this can vary depending on the bank.

In the case of international money transfers, an organisation called SWIFT processes most transactions. This ensures maximum security while allowing communications between different banks to be as quick and easy as possible.

At Pure FX, we offer a fully comprehensive money transfer service for business and private clients. We can provide you with all the help you need for your money transfers to ensure the process is both fast and easy.

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