“Arguing against Globalization is like arguing against gravity.” says Kofi Annan, the former secretary-general of the United Nations and the recipient of the Nobel Peace Prize.
The calendars were showing 2012 when he made this point-shot statement and a decade from then, we literally understand that the world is a globe with no borders and no exclusions. Let’s face it! No matter whether we are a high school student in Ghana, West Africa or a senior citizen in Nice, French Riviera, we are the fragments of a greater all-out. It would be accurate to point to the invention of the mighty Internet as the milestone. Tangled with others, every aspect we used to have involved something unlimited, easily accessible and fast. From education to news, it is likely to reach the other side of the world with a couple of clicks and this makes us more equal in the sense of intangibility. One of these subject matters is the sine qua non of our lives, Financials.
In this global village, unlike a decade ago, we operate international payments on a daily basis. Not to direct cash flow to a giant company for business purposes but to purchase embroidery yarns, Yoga mats or a French lesson. Millions of ordinary people transfer money overseas day and night. This massive global payments demand creates a huge sector which resembles the enchanting mechanism of a clock. A harmonic one! To utilise the benefits of the tuning, it is essential to be familiar with some terms. Let’s take a closer glance at the payments guide we have prepared for you to state some basics for global payments.
What is an IBAN?
IBAN (International Bank Account Number) is like your home address in the financial scheme. For every single money transfer in Europe, you need to provide an IBAN instead of the traditional bank account number. But how about outsiders of Europe? For those who want to send/receive funds in China, CNAPS (China National Advanced Payments System) also gives a code which only applies to money transfers taking place in China.
Define Wire Transfer!
In a nutshell, wire money transfer is an electronic payment service for transferring funds by wire from one person or entity to another. They are the most popular ways to send money internationally whereas we can not consider them as instantaneous due to the obligations of ensuring legitimacy as well as other factors such as compliance with laws. Under normal circumstances, a wire transfer can take 1-5 working days.
How to Make an International Wire Transfer?
You can usually initiate a wire transfer in person at your financial instruction’s local branch or through your online bank account or online money transfer service such as e-wallets or other payment establishments. No matter which service you choose, it is significant to enter the following information correctly in your transfers:
- The recipient’s name and address,
- The recipient’s account type,
- The recipient’s bank as well as its address,
- A SWIFT or BIC code.
What is a SWIFT? What is a BIC code?
Society for Worldwide Interbank Financial Telecommunication, legally S.W.I.F.T. , is a network in which financial institutions around the globe send and receive information about financial transactions in a standardized and trustworthy environment. On the other hand, BIC stands for “Bank Identifier Code” and can be used interchangeably with SWIFT.
A SWIFT code consists of 8-11 characters including letters and numbers. The prefix generally denotes the country that the bank is located in.
What is SEPA?
SEPA (Single European Payment Area) is formed for international payments in the Europe line for those European institutions which struggled with the challenging extra charges for years. The strength of facilitation triggered the circulating money flow and led the European Economy to gain a visible acceleration. Actually, since SEPA payments started, the inner economy of the EU has apparently improved.
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