Sep 232014
 

By Mohammed Waseem

Payroll cards provider Brightwell Payments has a product line called OceanPay, which is a service to cater to payroll needs of businesses. It involves products offered in partnership with Visa and MasterCard for the users to benefit from various services available. This includes cash withdrawal, online account access, etc.

One of the services available is the facility to send money back home. As it is called, it is a service that enables users to send money home in minutes, without leaving the ship. The ways available to send money include wire and draft.

OceanPayAll the users have to do is login and select the Global Currencies option. The web address for logging in is mentioned on the back of every card. Once logged in, the above mentioned option has to be selected for making money transfer. A beneficiary has to be added then, from the Manage tab by selecting the Manage Beneficiary option from the drop-down menu.

The currency has to be selected then, having filled the form and before selecting Create New Beneficiary. The information required for adding a beneficiary is their mailing address, the receiving bank’s name, bank code, IBAN and the SWIFT Code, and the receiving bank’s address.

After the beneficiary has been added, payment details have to be entered in screen after selecting Order Wire/Draft from the Quote & Order menu. After adding the payment, ‘Send Wire/Draft’ has to be chosen to initiate the payment. The acknowledgement can then be printed for reference. The fees applicable maybe between $7 and $15.

Western Union transfers are available through OceanPay, as well. Users can alternatively choose this to send money to any corner of the world and avoid complicated procedures. The wire transfer is safe, but it is complicated compared to the simple processes many competitors have been offering and to the demands of modern customers.

This service is only available to OceanPay card holders; and the cards are provided by their employers. So it is not available for everyone.

Sep 172014
 

By Mohammed Waseem

Sending money internationally attracts many things including foreign exchange rates, exchange houses, fees, etc. It is important that there is control over these factors, in order to ensure that a transfer in smooth and costs low. The options that companies have are managing all these on their own or partnering with third parties to provide excellent service.

Money Move IT is a company that is registered in New Zealand and has relationships with several of the world’s leading online FX services to ensure excellent rates, lower fees and more value in foreign currency, unlike many other companies.

Money Move ITMoney Move IT guarantees lower fees, better rates, faster transactions, safety and security along with the ability to send money at any time. The service is used not only by individuals, but also organizations, merchants and developers. For individuals, fees start at $4.99 and they can send small and large amounts with ease. No receiving fees apply in most receiving countries.

Organizations can use the service to pay suppliers and receive from other parties. Small businesses, government departments, NGOs, all companies can sign up to use Money Move IT. Agents can refer customers and earn commission from the transactions referred, thus increasing their profits. Merchants and developers can accept payments on their websites with Money Move IT.

Savings per transaction may range between $40 and $60 and payments can be sent directly to bank accounts. Additional security is ensured through the usage of SWIFT network. Apart from these, great exchange rates are on offer.

To use the service, senders have to register and login, then initiate transfer to any bank account in over 40 countries. Money has to be paid into the company’s local account; they don’t accept cash payments and they don’t directly debit the sender’s account. Senders need to manually transfer the money, which can also be done through internet banking.

Individuals will be able to send up to $200 until they confirm their identity. Receivers in Tonga and Samoa can collect the funds from local agents as well. On the registration page, users can see whether their country is supported to send and receive money.

Sep 052014
 

By Mohammed Waseem

Ireland based CurrencyFair lets users send money to approximately 100 countries. They promise best exchange rate and low fees compared to a typical bank transfer. They allow transfers into bank accounts, but confirm the identity of the sender and the purpose of transfer before approving it. Around 16 currencies are available for exchange. Senders can deposit money in these supported currencies and select the recipient’s preferred currency as well. Apart fro Ireland, they have offices in Australia and the UK.

The process of sending money is simple. All the sender has to do is deposit money into CurrencyFair’s account, exchange it between the supported currencies and then transfer the money. The exchange happens in two ways; senders either instruct the best rate to be chosen from the marketplace or choose the rate themselves at the right time. This way, they have more control over the transfer.

CurrencyFairThe fee applicable is almost 10% of typical bank transfers. In addition, they guarantee a lower exchange rate margin, thus saving the sender a lot of money. The exchange fee could be anywhere between 0.15% and 0.5% of the amount exchanged, depending on the situation. On an average, the fee is 0.35% of the amount exchanged plus a fixed fee of €3. This is compared with more than ten times the fee charged by the banks.

For making the transfer, or for adding the recipient’s account for most countries, CurrencyFair requires IBAN or SWIFT codes. For the US, they require ABA number, New Zealand and Australia a BSB number, Hong Kong and Singapore a clearing code and the UK a sort code.

The transfer times depend on the currency pair and the country where the particular account (or a foreign currency account) is held. For example, the AED account is held in London, so it would require a SWIFT code for transfer and would require 2-4 business days for deposit and a similar time for transfer. If the sender wants to deposit or exchange Polish Zloty, the time taken is not more than 1 business day, or 2 in rare cases.

It is really simple to create an account and use it. So if senders are interested they can begin exchanging and sending money, now.

Jun 012007
 

SWIFT bank transfer system logo

What are SWIFT money transfers and how do they work?

Who are SWIFT?

A few years ago someone wanted to send me a payment for a subscription website that I was running, and he asked me for my SWIFT code. I had never heard of a SWIFT code, and had no idea how to get one.

So I did some research and I learned that SWIFT (www.swift.com) is an organization co-operatively owned by many financial institutions and basedin Belgium. SWIFT has many functions, in particular supplying secure, standardized interface software to financial institutions around the world.

In 1973, banks still communicated via telex — not very secure, minimum standards and not automated either. Imagine receiving 10,000 telexes a day. So, 239 banks from 15 countries formed a cooperative to “automate the telex”. They called it the Society for Worldwide Interbank Financial Telecommunication (no “s” at the end). S.W.I.F.T.

SWIFT are now one of the prime network providers for movement of cash between banks (the average daily value of SWIFT payment messages today is over $5 trillion!), and for many other types of transactions. SWIFT provide a financial EDI infrastructure, offering Electronic Funds Transfer (EFT) and Electronic Trade Confirmation (ETC), allowing the banks and other parties involved, the message partners, to have Straight Through Processing (STP). The idea is to substantially reduce the time taken to process a transaction from a few days (as is only possible conducting the transaction manually), to within a day.

Bottom line: the reason money can be moved so quickly from one financial institution to another today, is because of SWIFT. They key to all this? A numerical code called a SWIFT or BIC code.

SWIFT Codes or BIC Codes

One of SWIFT’s crucial functions is to allocate SWIFT codes (which have now been renamed BIC codes). The SWIFT or BIC code is a unique alphanumerical identifier that can be used to identify any financial institution worldwide. This includes brokerage firms, clearing houses, investment managers, stock exchanges, securities deposit organizations and banks. Every bank has a different code, and they use it whenever money is wired from one bank to another. So if you need to wire money to any bank, it helps if you know the SWIFT code, which you can get from the receiving bank. Of course you’ll also need the account number that you are sending to.

A SWIFT Code consists of either eight or 11 upper case alphanumeric characters. If it has eight characters it is probably an HQ or primary financial institution. If it has 11, it’s probably a branch.

  • The first four characters are the bank code (usually the first letters of the bank’s name).
  • The next two characters tell you the ISO country code.
  • Then come two characters that identify the bank’s location.
  • The last three characters (which are optional) identify a specific branch office of the bank or other financial institution.

For example, Bank of The Philippine Islands has the SWIFT code BOPIPHMM, the MM is for Metro Manila.

Nowadays, however, they call it a BIC (Banking Identification Code). So if you need to wire money to someone’s bank account, get their BIC code and account number. Keep in mind that o ne financial organisation can have a number of different BICs.

These different BICs may be for different services, and separate BICs are used for test and live, as a precaution against accidentally publishing test feeds into production.