How to Transfer Money Internationally in 202311 min readReading Time: 4 minutes
These procedures can be adapted by the general banking system or can be shaped according to the banking legislation of the countries.
However, in this article, which will talk about international money transfer transactions in general, standard information is given for those who have not made an international money transfer until 2023 yet. Here’s How to Transfer Money Internationally in 2023…
What is International Money Transfer?
International Money Transfer is an international platform that enables a person or institution to transfer money securely and quickly to another person or institution.
This transaction can generally be a foreign exchange trade or it can be through different financial instruments. Each transaction is characterized by a SWIFT code and identified by a BIC code.
Internet banking has a very rich set of transactions, especially in developed and developing countries, compared to its examples abroad.
Among all these transaction sets, the most used ones are money transfers defined as EFT and money order.
Especially in our country, where the ownership of more than one credit card from different banks is common, EFT is frequently preferred during credit card payments.
The EFT system is operated by the central banks of the country of residence. This system allows you to send money in your own foreign currency only to the accounts in the branches of the banks operating in that country (the transfer of money from your account to someone else’s account in the same bank is called wire transfer).
In the globalizing world, sending money to an account abroad has almost become a part of life. Various alternatives within and outside the banking system have become a part of globalization by being included in the international money sending system.
International money transfer, defined as SWIFT, is basically a system that is made over a messaging protocol used by banks.
In order to send money with Swift, you need to start the process by knowing the details such as the bank swift code of the account, country, branch, name-surname and account number.
If you have the IBAN information of the account to which money will be sent abroad, this information will easily work for you.
Because, IBAN contains all the information needed in international money transfer except the customer’s name and surname.
You must send the money in the currency of the account to which it will be sent and specify the account to which the charge will be deducted. All these transactions are among the requirements for an international money transfer.
What is a Good Way to Transfer Money?
A person or organization needs to work with intermediary institutions in order to transfer money to another person or institution outside of their own country.
Traditionally, these intermediary institutions are banks. When you go to the bank and request that the money be transferred to an account abroad, banks will do this for a certain commission.
If this money transfer is necessary for an export and the amount of products and the amount of money are large, a different broker is involved and the transaction begins to be processed with more protocols.
These brokers control the trust and health of the transfer between buyer and seller. If only money transfer will be made abroad, then it is possible to perform this transaction with banks using the SWIFT method.
SWIFT is a currency transfer method and is frequently used today. Apart from this, some alternative methods can also be mentioned.
Here, money transfer can also be made through banks working with Fintech institutions or a number of institutions such as crypto money exchanges.
It is possible to transfer as much money as you want (within the legal limit) to individuals or organizations in any country through The Kingdom Bank.
At the same time, if you wish, you can transfer crypto money and perform your transactions on the crypto money exchange through The Kingdom Bank.
How can I Online Transfer Money?
You must be a bank customer to be able to transfer money online. In this way, you can transfer money from the online transactions menu of the bank.
Again, if you wish, you can do this through the bank applications provided by your bank through online merchandising.
For this you need to define your online banking account. After defining and obtaining a password, log in to your account and proceed to the payment area.
Here, enter the account number and contact information you will send by following the instructions correctly.
Then, if there is sufficient balance on the account you will choose, define the amount you want from this balance and click on the send button. You can easily perform all these transactions through The Kingdom Bank online banking services.
How can I Receive a Money Transfer?
Nowadays, it is much easier to receive money from an international money transfer transaction.
For this, if you have entered your own bank’s account information, the other person can send money to this account. In this way, your bank can transmit this money to you via your identity card if you wish.
At the same time, if you have an online banking account or application, you can withdraw your money from here at any time.
Can I Use Crypto to Transfer Money Internationally?
Making a money transfer via Blockchain is now much easier and more frequently preferred method. Here it is necessary to join a new transaction, a system configured as a block and displayed online.
This block is sent to everyone on the network, helping everyone in the network verify the transaction to make sure the transaction is correct.
Once approved by the majority, the block is added to the chain of publicly recorded transactions. In the next transaction, the block is added to the chain providing a permanent, indisputable and transparent record of the transaction and is now available for you to identify the transaction.
Money Transfer Near Me
If you are looking for a money transfer center near you, you should choose reliable institutions for this. In this case, you will have taken less risk and your transactions will be completed faster and easier. Today, choosing physical money transfer centers means more costs in every aspect.
It is more advantageous to carry out these transactions via the online system with just a few clicks, especially in today’s busy working hours.
If you wish, you can transfer or receive money via The Kingdom Bank online banking service. In this way, you will not have to search for money transfer centers near you.