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Forex - Foreign Money Exchange and Transfer.
Options for transferring currency
Electronic Transfer of foreign currency or EFT - Electronic fund transfer.
One of the quickest and most efficient way to transfer currencies globally is to do it with an electronic transfer. An International Wire Transfer, sometimes called a Telegraphic Transfer, is an electronic transfer of currency funds from one location to another recipient bank account. This way of moving foreign currency is the safest, most secure and timely method of sending and receiving currency payments to or from other countries.
Forex Brokers usually have established relationships with a network of worldwide banks for international money. These partnerships with banks allows us to make quick and efficient currency transfers of your payment instructions. It is even possible to transfer currency payments the same day although the normal procedure takes about three working days on average.
Brokers are able to transfer currency funds around the world. You can change euros for Australian Dollars, Canadian Dollars for South African Rand and even send US Dollars to India and US Dollars to China - swift money transfer overseas can usually be achieved.
Pro's:Often you can find free from fees for transactions over £5,000 and it may be possible to transfer currency overseas on the same day.
Beware: Some banks charge their customers a fee to receive a wire transfer for international money transfer.
International Bankers Drafts or Cheques are an ideal way of paying your foreign trading partners in their domestic currency. International Bank Drafts are economical and reliable. International Bank drafts are quick and easy to arrange. Instead of checking bank accounts to see when foreign payments are recieved the recipient company can see at once when internatioanal payments are made. However the International Bankers Draft still has to clear into the Bank Account.
International bankers Drafts are used when a new internatonal trading partnership is established or when the Banking system of the recipient country is unreliable. When currency is paid to an international company they can at least be satisfied that payment has been made, if not cleared into their account.
Pro's: International Drafts are an accepted payment practice throughout the world. There is no charge for International Drafts. International Drafts are available in more than 200 currencies for international money.
Con's: If the international draft is sent by mail there will be a time delay in the supplying company receiving the funds for the imported goods. It can take anywhere from 2 - 20 days for the supplier company benficiary to receive payment. The beneficiary may experience delays in accessing funds after depositing it into their bank account.
Take advise on how best to make your international money transfers - in the currency of your choice.
More information is available at Western union and also at International money transfer for guide and advice on transferring your money.
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Corporate MONEY Transfer at foreign-currency-exchange.co.uk 2005