Frankly, if you are not familiar with the common key terms in banking, we highly recommend you to go to a bank to operate your transactions or use a next gen fintech company to assist you through it. Moving your money across borders for a purchase or a family member will pit you against a host of alien languages you would better understand so you know where you are treading on. Let us help you out with that to cover basic banking terminology in an A to Z fashion.
What is Account Verification?
Simply registering an account creating basic information will not suffice for a financial institution to give you a greenlight with all transactions immediately. Varying from service to service, you may be required to submit proof of address, ID with photo, or even a selfie you holding your ID card might be asked for.
What is Bank Transfer?
It is the type of money transfer where the bank is the medium for the transaction and funds are collected from a bank account.
What is Cash Pickup?
One of the most widely used kind of money transfers still in use, whomever a transfer is made for is required to visit a physical location to collect the money.
What is the Currency Code?
In three alphabetical characters, a currency code represents a country’s currency in a standardized abbreviated format for a more practical use, i.e. GBP, TRY, EUR and so on. It is vital to be careful with them when you are about to make a cross-currencies transfer or a conversion.
What is Delivery Method?
In terms of money transfer, a delivery method can range from a bank transfer, to cash pickup, mobile transfer or, in some countries, a home delivery where the cash is delivered by the institution in person.
What is Domestic Money Transfer?
The far less complex of a sum of money’s travel – a domestic money transfer stays within the originating country’s border, writing off any unfamiliar jurisdictional red tape and charges.
What is Exchange Rate?
The rate at which a unit of a certain currency will be exchanged for another. Even Google will help you with exchange rates when you type a certain amount of currency to the target currency in the search field. Currency code is instrumental in getting quicker answers especially should currencies in question be not so common globally.
What is International Money Transfer?
Driving force behind the wealth of nations globally, international money transfer is where funds travel over borders making their way from a jurisdiction to another, from a bank to another, if not more. International money transfer has its rules getting re-written as fintech companies or even cryptocurrencies are essentially disbanding conventional yet cumbersome methods used for decades now.
What is Mobile Wallet?
Thanks to the immense internet penetration and smartphone integration into our lives, via a software/mobile app, you can carry a mobile wallet around you and transfer funds in and out from.
Sending Limit/Transfer Limit
On a daily or a single transfer basis, this is the amount your bank or money transfer solution provider sets depending on a couple of criteria.
What is SWIFT?
Society for Worldwide Interbank Financial Telecommunication, legally S.W.I.F.T. , refers to a network where financial institutions worldwide transfer and receive information about financial transactions in a trustworthy, standardized and secure environment.
What is Transfer Fee?
The payment method, the speed at which you would like your money to be transferred might incur different charges and these charges for the finalization of the transaction are called transfer fees.
What is Transfer Speed?
The time that is sometimes optional to transfer your money around is called transfer speed. Different service providers might offer varying service fees depending on the speed you would like your money to be sent over.
What is Wire Transfer?
Traditionally bank transfer, wire transfer is funds being transferred electronically from one bank account to another. It has been the primary innovation after physical transfer of money and despite being aged quite a lot with its caveats now outweighing its benefits, it still is used widely.