When choosing the best way how to transfer money, you usually consider things like convenience, destination country, security and currency. While it is easy to send fiat in countries within the EU using SEPA or local banks, when we are talking about transferring fiat currencies overseas the process is not as simple as it might seem for some countries. Of course, you can always choose cryptocurrencies, but if you need to transfer EUR, SpectroCoin is happy to announce that, from now on, international bank transfers are available for users from more than 150 countries around the globe.
How do International Bank Transfers work?
An international bank wire transfer is an electronic transfer of money using the Society for Worldwide Interbank Financial Telecommunication network, known as SWIFT. It is a reputable and secure system used for cross-border transfers by more than 11,000 financial institutions worldwide.
The SWIFT system works in a similar way to airplanes. When a transfer is initiated, funds are not actually being sent through the SWIFT network. Information about the ongoing payment order is traveling from payment institution A to institution B. Business Identifier Codes (BIC) function as air traffic controllers, quickly identifying the validity of the payment and ensuring that it is on the right track. Not all flights are direct, sometimes there might be connecting flights – intermediary institutions that are involved along the way. This means that only when your international bank transfers are confirmed as secure, Institution A will deduct money from your account and institution B will add them to the recipient’s bank account accordingly.
How to transfer money?
Before we go ahead, let’s walk through a few important reminders. At SpectroCoin, international bank transfers can be made only in EUR and only to your own personal account. If you use a different currency for the transfer, additional conversion fees might be applied by your bank or another financial institution. At SpectroCoin, you will be charged only the initial processing fee, which can be found at the Fees and Limits section. You can always check if the international transfer option is available for your country at SpectroCoin’s Supported Countries page.
Whichever way you choose to transfer your money, you are expected to provide the following:
- Amount you want to transfer;
- Account number;
- BIC/SWIFT code – a standard combination of 8 or 11 characters that represents the financial institution, its country, location and branch code;
- Receiver’s address;
- Proof of your address (POA).
The rest is easy – log into your SpectroCoin account, select deposits or withdrawals and proceed with international bank wire by filling the required fields of the payment order and confirming the transaction. In order to avoid issues with financial institutions, please make sure that you enter all the payment details correctly. It can be difficult or even impossible to get your funds back if you send them to the wrong account.
Why SWIFT might happen not so swiftly?
SWIFT created a worldwide communications network for financial operation processing that provided a solid basis for platforms like IBAN or SEPA. Standardized operations allow people to send and receive funds in a secure and consistent manner across different jurisdictions, but there is downside to it – sometimes SWIFT transfers are not as swift as the name might imply. When we talk about international bank transfers, we have some variables that affect the delivery time. The speed does not depend only on the financial institutions, but also on where the money is going to.
International transfers are a reliable and secure payment method which take 5 business days, in average, to be completed. However, you should be aware that they are processed only on business days and that you should initiate transfers before the financial institutions’ closing hours. Also, you have to consider bank holidays and different time zones when estimating your transfer’s processing time, as it might be daytime in Europe and evening in Hong Kong.
If you have any further questions regarding how to transfer money, please contact our support via “Live Chat” option available at our website.