Recipient Details Are Important When Making a Currency Transfer
Most people are accustomed to receiving their monthly or weekly wages directly into their bank account and to using a credit or a debit card linked with this account for money withdrawals. Just as many rarely transfer money to utility companies, being used to have these payments as well as any social security payments directly deducted from their bank or card account. The modern financial system offers a very convenient way to pay for services and to receive money, but an international currency transfer is something quite different.
No matter what currency transfer method you prefer, you will have to provide certain information about yourself as a sender and the person who will be receiving the money (often referred to as recipient or beneficiary).
If you are using a wire bank transfer to send money abroad, you will need the following details about the recipient: bank and branch name; SWIFT code, account number; the recipient’s account name; the recipient’s physical address. In general, these personal details should be sufficient to make a bank transfer; however, some banks and other financial institutions or currency transfer companies may require additional information depending on the country, type of transfer, etc. This information can include BIC (Bank Identifier Code) or IBAN (International Bank Account Number).
Cash transfer service agents require the sender to provide the details of the recipient’s ID card: name, physical address, ID number, etc., plus a secret question for second level security identification of the beneficiary.
When sending a cheque, draft and international money orders, you basically need the same details of the recipient as required for cash transfers. Usually, these types of currency transfers involve a paper document which is delivered to the recipient by post or by courier so you must fill in all applicable details of the sender and the recipient.
Many companies offer online money transfers where you must know not the actual bank account of the recipient but his/her account with the online company. These non-banking institutions act as intermediaries and have their own user account numbers and policies on details needed to send funds via their service. In any case, you should provide the recipient’s details like name and account number.
A recipient who is collecting his/her money physically, i.e. via a cash transfer agent, cheque, etc., should be aware that it is not possible to collect the money without providing a valid ID and, in some cases, without providing the correct answer to a security question to verify his/her identity. It is a good idea for a sender to make a record of all transfer details like order number, date and place of order, etc., to help avoid possible complications while the currency transfer is en route for the recipient.
When transferring sums larger than a certain amount (usually more than several thousand U.S. dollars or euro), both the sender and the recipient could be obliged to provide additional details or be subject to additional control and restrictions. These requirements vary by country and you should familiarise yourself with the regulations that apply in the country from/to which you are sending money.
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