Sending money to anybody offshore used to be a long, complicated, and painfully expensive process.
The lines were long.
The forms to be filled out were endless.
The fees were unbelievable.
It took forever before any of the cash reaches the recipient.
With the dawn of technology however, money transfer has been given a more streamlined process, making it a quick task that you can do over your coffee break.
As long as you know what bank details are needed to transfer money, you’ll have the other end receiving the expected amount in almost an instant. The transaction fees are not as high either, especially if you choose your channels well.
Bank Details Required
Here are the basic bank details that you need to complete the transaction:
Account Holder’s / Recipient’s Name
Bank Branch or Address
Bank SWIFT/BIC Code (Needed when sending direct from your AU bank to a bank account outside Australia, but not required when using independent remittance companies like iRemit)
Of course, the requirements would also depend on where you’re sending the money to.
If you are planning to send money to anywhere in Europe for example, you may be required to give the IBAN number.
For some Asian countries, the recipient’s complete address may also be required.
Some countries may have a longer list of required bank details before the transfer could be completed as well. In India, an IFSC code, a PIN code, and an NRE may be required on top of the basic five that has been listed above.
The channels you use may also affect the quality of the transaction. Although there are remittance channels that would send the money in an instant, there is a possibility that the same convenience would not be offered when exploring other remittance options.
Because of this, it is important to find out everything that you can about your chosen money remittance service before deciding to transact with them. Especially if the money is badly needed by the person receiving it, the risks are just too great for you to leave the process to undependable hands.
So what do you do before deciding on a specific money transfer service? Ask these questions first:
How long have they been in the business?
Any business remittance business over 1 year is a good indication.
Are the good things people are saying about them believable
Check Facebook reviews and comments. The feedback from social media generally honest.
Are the bad things people are saying about them believable?
Check how the company responds to bad feedback and complaints. If it’s within the hour, then you are in good hands. Note that any company can make a mistakes, what is important is to check how mistakes are rectified and how current costumers are taken care of.
How extensive are their services?
Check if it covers your current and future needs.
How long does it take to complete a transaction?
Ask when the money is accessible to the recipient. Specifically ask the LATEST time the money is accessible to the reception.
How much are the fees? Are they transparent about all these?
Transparent companies are companies that clearly shows their all fees in any media possible, their website, emails, Social media like Facebook. If it takes you more than 2 clicks to figure our how much the company charges, it’s a clear sign you got to check other remittance service providers.
Do they have a dispute process in place? Is it too complicated?
Check Terms and Conditions of service. If it’s too long and too difficult to understand, check other service provider.
How accessible are their customer service people? Do they respond on time?
Customer support when it comes to remittance is very (Very) important. Ensure the company you are dealing with has a working phone number (that is attended), email address and at least 1 social media page. Do a test call or email before you start your first transaction. Their response time on your test call or email is an indication of how well they can support you when you become a customer.
Knowing what bank details are needed to transfer money is essential, but ensuring that you can trust your chosen service provider is even more important.
Special thanks to gettyimages for the main image.