Whether you are using your local bank, a foreign exchange broker or any other party there are some basics you will need at hand when sending money abroad. Whether it is paying an individual or a business there are some standard details you will need in order to complete your international money transfer. In summary, you will need the bank information of the recipient's details (the person or legal entity that you are sending the money to).
Example 1, you could be in Europe looking to exchange euros into pounds or exchange us dollars into pounds where the onward payment instruction will be to a UK bank account. In this instance you will need information on the recipients bank account.
1) Full recipient account name
2) Account number (8 digits)
3) Sort code (6 digits)
In addition to the above details, it is useful to have the beneficiary full name and address, along with the beneficiary's full bank address. And finally, any reference you would like to add to the transfer.
The information above is related to local bank details for the recipient in the UK. You can also obtain the IBAN and BIC code for the UK account if the funds are coming from an international bank account. Clarity of what will be requested will be provided by your bank, currency specialist or online currency provider.
All of the above information would still apply. The only additional details you may be asked for is the registered address of the business and their registered company number.
Now lets look at an example where you are a UK based individual looking to exchange pounds into us dollars and are looking to send dollars abroad.
1) Recipient Name or company name
2) Recipient IBAN (International bank account number)
3) Recipient BIC - also known as a SWIFT code
4) The currency you are making the international money transfer in (in our example US dollars )
5) The destination of the international payment i.e. the country
For sending money abroad to a non-UK bank account, the payment will go through what is known as the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network. Every bank and some other financial institutions will have a SWIFT code so they may send and receive money via the network securely. The SWIFT code is also known as a Business Identifier Code (BIC).
The Currency Club offers a fully transparent international payments platform for sending and receiving money abroad. There are no hidden fees and every transaction is completed at the real exchange rate, also known as the interbank spot rate. The larger the international transfer the lower the fee charged. International transfer fees start from as little as 0.15%.
Click here to send money abroad. Speak to a member of our dealing about sending money abroad on 0207 723 7000