Send Money to European Countries in Minutes
Sending money abroad can bring up several questions and concerns. This is because of some uncertain things and costs that come up with it. At Teeparam Exchange Limited, we understand your concerns and clarify all your queries. Whether you want to send money to family and friends or for business reasons, the first thing that hits your mind is the time duration taken for the funds to arrive.
So, how long does it take to complete an international money transfer? There is no simple answer to this question, but our experts can help you understand how it works. Read further to know more about the money transfer process - be it France or the rest of the European countries.
Choose Wisely, Choose Teeparam
Though the essence of celebrating this festival remains the same in our ever- changing lives and cultures, the way we share the gifts has evolved. Especially those who are away from the family - separated by different time zones and distance. For friends and family, who are overseas, one of the most convenient and thoughtful ways to show your gratitude and remembrance is to send a monetary gift.
Sending money internationally is no longer a tedious or expensive process. Though you need to plan before sending the money, get to know about the services and advantages before proceeding further. Teeparam Exchange Limited helps you to make secure, reliable, and quick money transfer in no time. We employ the latest security policies and technology to make the process safe and secure.
How does International Money Transfer work?
Several agencies offer round the clock international money transfer services. Most of them use the SWIFT network, which stands for Society for Worldwide Interbank Financial Telecommunication. This network allows banks and other financial institutions to transfer amounts securely with each other in a fast, reliable, and accurate manner.
SWIFT is used to initiate wire transfer information between thousands of banks located worldwide. Money transfer instructions are shared from the sender's bank to the recipient's bank. The same is shared with intermediary banks, which serve as a gateway, before arriving at the destination bank.
Some banks or agencies require your physical presence to make the transfer from one of their branches. To initiate an international money transfer, you need to supply sufficient information that may vary from your identity to the person to whom you are transferring the amount.
Typically, the money transfer agency requests details including:
- Name and address of the recipient's bank
- Recipient's International Bank Account Number (IBAN)
- BIC/SWIFT code of recipient's bank
- The exact reason for the transfer
- Transfer amount and currency details
- Who will pay the processing fee
There are a few types of fees that are associated with international money transfers. This includes:
- Outgoing transfer fee
- Intermediary bank fees
- Incoming transfer fee
- Mark up on exchange rate fee
How Long do International Money Transfers take?
Depending on the agency you choose and the bank, international money transfers can take a longer time than expected. This might be shocking to you, but it is a fact!
Once you have initiated the transfer request, the agency will initiate the request and follow the procedure. Each agency and bank has its own cut-off time. For sure, it will not be processed immediately or until the next business day. Most of the agencies and international banks require a minimum of 1-5 business days to process the complete transfer. However, several factors might affect this timeline.
Factors that Affect International Money Transfer
Several factors might cause delays in international money transfers. Below are some of the factors that affect the timeline:
- Payment detail errors
- Payment method
- Agency initiating the transfer
- Intermediary banks/gateways
- Destination country
- Security policies
- Weekends/holidays
- Currency conversions
- Time zones
Same-Day International Money Transfers
There are countries where you can process same-day international money transfers. To be precise, same-day international money transfer allows you to send money overseas with 24 hours to your recipient. But then, it comes with additional charges or fees to speed up the process.
Countries such as France and other European countries accept same-day money transfer services. Teeparam helps you to make this possible in minutes!
Factors that determine same-money transfer include:
- Bank transfers
- Digital money transfer
- Cash transfers
About Teeparam
Teeparam Exchange Limited offers multiple ways to initiate an international money transfer. To get money to your friend or family within minutes, simply send funds online - using either an app or in-person at a money transfer agency. Need a secure and reliable way to send money across borders? Check out @ Teeparam Exchange Limited