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Frequently asked questions
What does "SWIFT/BIC code" mean, and how can I obtain one?
The SWIFT in “SWIFT/BIC code” is the acronym which means Society for Worldwide Interbank Financial Telecommunication. Meanwhile, BIC is the acronym which is short for bank identifier code. When you make international wire transfers, the SWIFT/BIC code is a unique identification system for financial institutions worldwide. It is internationally recognised and includes 8 to 11 alphanumeric characters. As a sender of remittances or funds, you use the SWIFT/BIC code in identifying the specific bank and overseas bank account of your recipient in your international transaction. Also, this system ensures that your intended recipient gets your remittance. Finding the SWIFT/BIC Code is easy. You can check online for the particular bank you are sending your money to, or ask their personnel for the correct data.
How do you define "foreign funds or money transfer"?
International money transfer is the act of a person from one country sending funds or money to another person based in another country. For example, you live in Australia, and you have a family member or a friend living in a foreign country like the Philippines. You perform global funds transfer by sending financial assistance to your loved one. Furthermore, you complete this transaction by using your Australian bank account to transfer the money to his overseas bank account.
To set up a transfer with an international foreign exchange firm, what do I need to perform?
If you have decided a specialist international money transfer company is the most optimal method to send funds abroad for you, then you need to perform these few steps:
- Register with your chosen global funds transfer company online or via phone.
- Complete the foreign funds transfer form.
- Allow the service provider to verify your identity and create your account.
- Get a foreign exchange rate quote after you finish the registration procedure.
- Input the bank account information of your recipient and book your transaction. The details may include your recipient’s full name, address, bank account number, the branch number, and the SWIFT/BIC code.
- Start transferring money to your service provider through Electronic Funds Transfer or Bill Payment (BPAY).