How does Wire transfer work in international business?

 

How does Wire transfer work in international business.

 


What is wire transfer?


How does Wire transfer work in international business Wire transfer is method of fund transfer by means of electronic from one individual or organization to another, either from one bank account to another or transfer of cash at a cash office. ‘ Western union money transfer’ is a good example for transfer of cash electronically who operates worldwide. In US, Fedwire system is more likely to be RTGS (Real Time Gross Settlement).
Wire transfer services are in different categories like retail money transfer, International money transfer, international debit card etc.


In a retail money transfer (for example: western union), an individual or firm can transfer or receive money without having account with them.


International money transfers are effected with the help of SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages. A six digit Bank Identification Code (BIC) is assigned to each bank and transfer of fund is effected with the help of SWIFT messages.


With an International Debit Card, money can be withdrawn at any where in world, the card holder need not have an account with the card issuing financial institution.

The above information is a part of Import Export Training course online

 

Also read -  Difference between Swift and wire transfer     Any difference between Wire Transfer and Telegraphic Transfer?   What is swift transfer in import and export trade?

 

Other post about import export cauching

 

Difference between ‘Telegraphic Transfer’ and ‘Swift’
What is swift transfer in import and export trade.
Difference between Pro forma Invoice and Commercial Invoice in Export Import Trade. Do pro- forma invoice accepts for import customs clearance?
Mode of payments in international trade
Difference between Demurrage and Detention in import
Abbreviations - S
Excise and Customs - Click here to read complete notification under Budget 2014
How to get Export Orders?
How to settle dispute in Exports and Imports?
Click here to know India Trade Classification(ITC)
Click here to know HS code of other product/commodity
Pre shipment bank finance to suppliers for exports through other agencies
Types of export containers
Measurement of export containers
Exim Policy of India 2015-20
MEIS, Merchandise Exports from India Scheme
SEIS, Service Exports from India Scheme
Merge your Commercial Invoice and Packing List for all your future exports
Export procedures and documentation

 

Tips to import Pulp of wood, waste and scrap of paper        
Dimension details of 40’ Insulated container porthole type   
 How to amend description of goods in Import General Manifest (IGM)
 How to calculate CBM in LCL export shipments:
 What happens if proper tracking of goods not effected in export import business?
How to get export order from foreign buyers?
How to obtain a duplicate BL, if original bill of lading lost.
 How to obtain GSP - Certificate of Origin?
 How to make DA mode of payment safe
How to make delay in delivery of Shipment?
 How to minimize import cargo clearance time? An open logic proposal to WTO
What is self assessment in import customs clearance in India?
 What is SGS Inspection in Exports and Imports?
What is Provisional Assessment in Import formalities in India?
 What is said to contain in Bill of Lading.
What is the difference between High sea sales and imports
Procedure to Import Toys, Sports Equip, Parts And Accessories    
How to Import Aircraft, Spacecraft and Parts

HIGH CUBE CONTAINERS
 How to overcome credit risk in export business?
 How to prepare an Export Packing list. Contents of Export Packing list
  How to file bill of entry Manually. What is manual filing of Import Documents?
 What is DTA in export import trade?
 What happens if your buyer rejects cargo? What are the major problems if consignee not taken delivery of cargo?
 What is shipment Advice and what are the contents of shipping advice
What is the difference between re-exports and re-imports
 What is VACIS exam in US import customs clearance
Tips to import of Articles of non knitted clothing       
How to import Articles of knitted or crocheted clothing accessories
 How to obtain GSP - Certificate of Origin?
 What is MET exam in US import customs clearance
How to Import Vehicles other than Railway or Tramway Rolling Stock
How to obtain a duplicate BL, if original bill of lading lost.
 How to get exemption of Sales Tax under exports.

 How to obtain Phyto sanitary certificate. What is phytosanitary certification
Dimension details of 20’ Aluminum Refrigerated container
How to obtain a duplicate BL, if original bill of lading lost.
 What is Said to weigh in Bill of Lading
Customs procedures to import Carpets
 Which category of exporter are you? Merchant Exporter,Manufacturer exporter,Service exporter Project Exporter or Deemed Exporter


Comments


Ratnesh Mishra: does 15 CA & CB or CA certificate on letterhead are required while making payment against import of goods non-taxable.

GURVINDER SINGH SIDHU: Car shipment despatch not delivered India from UK what should I do to arbitrate the the dispute?

Mudassar Ahmad: i want to understand wire payment system.Would you like to under me stand about all information about wire payment and TT payment.Is wire payment change if the rate of doller increase or decrease.

Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers