But readers; do not get too carried away just yet. It all depends on who you are working for and who you are banking with. These days, it is becoming a lot more common for mostly freelancers and self-employed men and women to utilize facilities that allow them to transfer money from one bank to another as a requirement for the purposes of their regular business practices and financial wellbeing.
To be on the safe side, the conventional practice is to go through the practice with your current banker if you’ve never done an international money or wire transfer before. Wire transfers may be a bit costly for small business practitioners in some countries but least it is safe. Again, provided that the self-sufficient business practitioner is working with a registered and licensed financial services provider in their country of origin.
It is, however, quite possible to work through private agencies, but again, the first-time international banker does need to check whether the selected agent is a legal and authorized service provider. He or she also needs to check if the service is available or feasible in his or her country of origin. Other than that, the authorized entrepreneur may have the software in place to allow clients to conduct basic wire transfers from (a foreign) bank to (local) bank (and from country to country basically).
For those complete new to the service, here’s how one agency operates. It’s just a guideline, so take note of that. The network allows you to nominate someone as a receiver of funds. But that person also has to be a client of the network in order to pay monies over to you. Setting up the account is relatively easy. You will be sending an email or text message to your nominated respondent. That person is then required to provide his or her own account information.
This, however, will and must only be done through a (confirmed) secure process. This straightforward procedure will be followed through when making direct deposits or paying by check. Bank to bank transfers, however, remain safest. This is something that your agent can help you with. Here you will be allowed to transfer money between checking and savings accounts (one you now hold with your agency and of course your bank, or another nominated bank account).
All users of the network will need to hold a secure ID and password. All it takes to administer and conduct transacts is a standalone personal computer or smart phone app. Wire transfers remain safer still. It is also being closely monitored across the board internationally. Depending on your international location, you’ll be monitored via a SWIFT or Fedwire code. Note that the wire transfer does not necessarily have to be into your own accounts.
As long as prior approval and confirmations have been processed, you can conduct wire transfers into other business and personal (bank) accounts. Finally, if still unsure how all these processes work, do make enquiries with your local bank.