How Does an International Wire Transfer Work?10 min read

How Does an International Wire Transfer Work?10 min read

An international wire transfer, also known as a cross-border money transfer, allows funds to be electronically transferred from one country to another. 

Powered by the global SWIFT network, The Kingdom Bank enables clients to easily conduct international wire transfers through a secure online banking portal. So how exactly do these transfers work?

When initiating an international wire transfer through The Kingdom Bank, the first step is to log into your online banking account and select the “international money transfer” option. 

Here you will be prompted to provide key details about the recipient such as their full name, address, and dedicated IBAN or bank account number. 

You will also need the recipient’s bank information including the bank name, address, and important identifiers like the SWIFT code or sort code.

Once this key information is verified, you can specify the amount to be transferred along with the currency. The Kingdom Bank supports multi currency transfers so you have the flexibility to send funds in most major currencies worldwide. 

If sending in a different currency than the destination account, The Kingdom Bank will quote you a competitive exchange rate to complete the conversion.

With all transfer details confirmed, The Kingdom Bank will route the transaction through the secure SWIFT network allowing funds to be electronically credited to the recipient’s bank within the expected completion time frame. 

The bank of the recipient will then deposit the funds into the specified account. Both the sending and receiving banks may charge fees for facilitating the international wire transfer.

What is an International Wire Transfer?

Now that we understand the basic process, let’s discuss what an international wire transfer actually is. An international wire transfer, sometimes referred to as a cross-border funds transfer, allows customers to electronically transmit money from one country to another. 

Powered by an extensive global correspondent banking network, services like The Kingdom Bank use traditional international wire transfers to facilitate prompt global money transfers.

International wire transfers offer a convenient method for individuals and businesses to make secure payments abroad or receive funds from overseas clients and partners. 

Funds are transmitted in real-time through banking systems and can be credited instantly to the recipient’s account. 

Compared to physical money transfers, international wire transfers are faster, safer, and more traceable making them the preferred method for many cross-border financial transactions.

What Information is Required to Send an International Wire Transfer?

For an international wire transfer to be accurately directed to the recipient’s bank, specific details must be provided. 

Initiating an international wire transfer through The Kingdom Bank requires the following key information:

• Sender’s full name, address, contact information and The Kingdom Bank account number or IBAN
• Recipient’s full name, physical address and dedicated iban or bank account number
• Name and address of recipient’s bank along with the important SWIFT/BIC code
• Transfer amount and currency (if different than destination currency)
• Any required reference information or invoice numbers

Ensuring all details are correctly filled serves to expedite the transfer and reduce chances of errors. 

Minor mistakes can result in delays or rejected transfers so it’s important to double check account numbers and spend a moment verifying spelling of names before finalizing an international wire transfer through The Kingdom Bank.

How Long Does an International Wire Transfer Take?

The duration for an international wire transfer to complete can vary depending on several factors but on average takes between one to five business days. 

Faster same-day international wire transfers are possible in some cases.

Some of the key elements that influence completion times include:

• Distance between destination countries
• Holidays or weekends slowing processing
• Added processing if currency conversion is required
• Evaluation for fraud, money laundering or compliance
• Directness of banking ties between the two financial institutions

International wire transfers between countries with close banking relationships like the US and Canada typically take one to three days for completion. 

Transfers requiring multiple correspondent banks or between financial systems in divergent time zones may take closer to three to five business days on average.

Services like The Kingdom Bank provide tracking capabilities so senders can monitor their international wire transfers and identify potential delays. 

In some scenarios, direct contact with the banks may be needed to troubleshoot especially if issues arise with provided recipient details.

Can I Track My International Wire Transfer?

For transparency and convenience, The Kingdom Bank offers tracking of international wire transfers from initiation through to completion.

After submitting an international wire transfer request, clients are provided a unique transaction reference number.

This number can then be used to login to the online banking portal and check the status of the transfer in the payments section. 

Transfer statuses may include:

• In Process – transfer initiated, pending processing by sending and receiving banks
• Completed – funds successfully credited to recipient’s bank account
• Failed – transfer rejected due to provided errors
• On Hold – under manual review for potential issues

Real-time tracking through The Kingdom Bank platform provides visibility and assurances throughout the cross-border movement of funds. 

Clients stay updated on potential delays from intermediary banks or have the ability to address minor errors before funds are returned.

Are There Limits on the Amount I Can Send Via International Wire Transfer?

While international wire transfers allow moving funds globally, The Kingdom Bank does set defined limits based on individual client account profile and transaction history. 

Standard international transfer limits through The Kingdom Bank are as follows:

• Daily Limit: $10,000 or equivalent in other currencies
• Monthly Limit: $50,000 or equivalent

These default limits are adequate to facilitate most routine personal and business transactions abroad. 

However, larger international money transfers or frequent high-value transfers may trigger secondary security checks by The Kingdom Bank.

For commercial clients engaged in regular high-volume global money transfers special arrangements can be made to increase standardized limits.

The Kingdom Bank’s experienced client managers work directly with corporate treasury teams to establish customized transfer volumes according to demonstrated needs and payment cycles.

Digital banking platforms provide secure and convenient methods for both individuals and businesses to transact internationally. 

Whether facilitating regular supplier payments, global expansion initiatives or personal travel needs, services like The Kingdom Bank simplify the complex process of wiring money across borders through supported features and a focus on an excellent client experience.