International money transfers: description, list of systems, implementation features

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The international money transfer system is used for various needs. These can be personal transfers to relatives and friends, payment of a hotel bill on the eve of a vacation, or a fine for driving a car in another state. Transfers pay for education in another country, help strangers in trouble. How to transfer money to another country? What you need to know if you are sending a transfer for the first time? Nuances to consider when sending, methods of international money transfers.

What are the translations

Classification is made by the method of departure:

1. Transfer to the client's account. The easiest way, the lowest commission for it, the maximum delivery time is three business days.

2. Translation system. Translation is carried out with the help of intermediary companies. Unlike the first method, there is no need for the recipient to have an account. The commission for these transfers is higher, money usually arrives faster than by bank transfer.

What you need when sending

The method of transfer to a bank account is used, as a rule, by those clients who send money, paying for something. The organization that provides the services issues an invoice to the client. When sending a transfer, you will need this invoice (its second name is “invoice”) from the seller, your passport and money. Theoretically, you can send money through any bank, what it depends on in practice, we will consider below.

To send an international money transfer by an intermediary company, the client needs to check with the recipient the country and locality. Completely accurate surname, name and patronymic (if any) are indicated. Moreover, the full name of the recipient must be indicated in exactly the same way as it is written in his passport (or a general passport, if there is a Latin transcription). As a rule, the sender provides the recipient's phone number so that he receives the code from the transfer. The sender requires a passport and money. If the sender is a non-resident of the Russian Federation, then you will need documents confirming the right to stay on the territory of the state (visa, registration, migration card). In the absence of a passport, you can use a document that replaces it (residence permit, sailor's passport, etc.).

Currency

Bank transfer is made in the same currency in which the recipient's account is opened. As a rule, these are dollars or euros. It's better to take care of the exchangein advance, especially if it is a large amount.

Transfer systems do not accept currency at all sending points. This question is better to clarify in advance with the operator. Tell him the place of departure and he will tell you what currency is accepted there. The recipient can withdraw funds in the currency indicated by the sender. If you have rubles with you, and the recipient must withdraw dollars, then the exchange will be calculated at the rate of the transfer system. The course is usually overpriced compared to the Central Bank of Russia. In order to save money, it is better to exchange the currency in advance.

The nuances of a bank transfer

It will be difficult for a beginner to make a transfer on his own in the Internet bank. The first time it is better to contact a bank specialist. Features of this type of transfer:

• All operations of international money transfers in Russia are subject to currency control. If the sender is a resident of the Russian Federation and sends funds to a resident of the Russian Federation abroad, it is necessary to provide documents confirming the close relationship of the sender and the recipient (birth certificate, marriage certificate, etc.). Otherwise, transfer is prohibited. If a non-resident of the Russian Federation sends to a resident (or vice versa) - there are no restrictions. If the sender is a non-resident, and the recipient too, then the maximum amount of the transfer is limited by each bank on an individual basis, provided for by the internal bank instruction. The standard limit is $5,000 per day (another currency equivalent to this amount).

• All data from the invoice must be entered up to a character. Foreign account numberdoes not look like a Russian number. To clarify the correctness of the set of details for the first time, it is better to make a transfer at a bank branch and save the incoming order as a template in the Internet bank. In the future, it will be possible to simply repeat the operation or take the template as an example of filling.

• It is desirable to send a transfer at the bank where you are served, for example, at Sberbank. International money transfers require an open account, and possibly several if the currency is being sent. Sometimes this procedure is not free, and takes a long time. If you are a regular customer of one of the banks, then at least you already have a current account.

• The amount of a one-time transfer to a legal entity is limited. The volume of the maximum possible transfer is better to check with the financial institution in advance.

• After sending, the sender has a payment order and a cash receipt order in his hands. They are proof of sending money for the recipient. Shipping times are generally 3 business days.

• Successful passage of currency control will require the shortest and most capacious purpose of payment. Phrase templates are usually included in the bank's form, or you need to write it yourself in English.

The following are popular intermediary companies for international money transfers.

Western union/"Western Union"

One of the largest translation companies. Its history began 140 years ago. It appeared in Russia in 1991. The transfer fee depends on the country in which the recipient is located. From the sender, only the passport and full name of the recipient are required. The maximum amount sent per day is $5,000. After sending, the transfer is assigned a ten-digit Western Union international money transfer code, which must be reported to the recipient. Check in advance if there is a pick-up point at the addressee's location.

Unistream/"Unistream"

While not distributed in all countries of the world, but is one of the largest translators in the CIS countries. The commission is relatively small, from 1% of the amount. The system was developed as a subsidiary of Uniastrum Bank. Often used for international money transfers to Russia.

Contact/"Contact"

Russian international money transfer system. The owner is QIWI. You can receive a transfer in 170 countries of the world. The maximum amount of transfers in rubles is 350,000 per person per day, in foreign currency - 10,000 dollars. The commission is determined by the amount sent (on average 2% in rubles, 3% in foreign currency).

MoneyGram/"MoneyGram"

American company, subsidiary of American Express. It exists in 200 countries of the world, check the pickup point in the recipient's city in advance. Transfer commission is 1% of the amount. The company often makes active offers for transfers to different countries of the world. The system allows you to transfer a maximum of 5,000 dollars per day.

Anelik/"Anelik"

The international money transfer system operates in 90 countries. It is used not so often, when sending it is necessary to indicate the exact address for receiving funds from those offered by the system. It has a low commission - 0.5% of the amount sent. Transfer currency: rubles, dollars and euros.

Golden Crown

One of the fastest international money transfer systems. The percentage is from 1% of the amount, depending on the country of the recipient and the volume of the shipment. In Zolotaya Korona, the maximum transfer limit per day is 600,000 rubles, 20,000 dollars and 15,000 euros for non-residents of the Russian Federation. After receiving the money, the sender receives a notification message.

Blitz

International money transfer of Sberbank. 1% of the amount is a commission, the transfer is carried out within an hour. Sending via Sberbank-online is valid. It is issued only in bank branches, therefore it is distributed in the CIS. Upon receipt, you must name the code word invented by the sender. The new name of this system is "Hummingbird" (introduced in 2018).

Transfers to Ukraine

In the context of a tense political situation, a number of international money transfer systems stopped working on the territory of Ukraine. Before transferring money, check with the recipient about the possibility of receiving money at his destination. The systems are restarted periodically. It is also problematic to send money by bank transfer, Ukrainian financial institutions do not allow transfers from Russia. Specialistsit is recommended to carry money in cash (this is a risky way, the commission from carriers is high). Alternatively, use virtual wallets for international transfers.

Error in translation, refund

If there is a mistake in the name of the recipient when sending through the international transfer system, then you can correct it at the branch where the transfer was sent. If the transfer was not received by the addressee, on average, in a month (depending on the system), the sender will be able to take it back. Transfer fees are non-refundable.

In closing

International money transfers are used daily by the population. For regular users of transfer systems, a promotional tariff for sending, clubs of regular customers is provided. Banks, in turn, develop favorable conditions for their customers. We althy people and those who transfer large amounts are offered minimum rates and a preferential conversion rate. The choice of a system for sending an international money transfer depends on many factors: the region of receipt, the amount, the currency. The combination of individual conditions and the study of the offers of translation companies will help you better understand which way is more profitable to send money. Sending conditions change, so check with the operator before using the transfer system.