BIC Codes- Essential Identification Code for Making a Money Transfer

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For many years, wire transfers were used as the main source of payment mechanism for international transactions and payments. Although the mode of transaction is reliable, but it is extremely expensive to sending and receiving as well as time consuming. Now, with the introduction of International Bank transfers for trade and commerce, international transactions have become much easier as well as cheaper.

Basically, International Bank Transfers means sending and receiving of money globally no matter about the space and time. Presently, this is has become a cost efficient alternative to the age old method, ‘Wire transfer’, as they do not cost a fortune and are also trustworthy. Moreover, unlike wire transfer, international bank transfer just takes only a couple of hours to complete the transactions whether the sending or receiving of money will be undertaken nationwide or world-wide. Indeed, this method has made worldwide transactions extremely easy and cost effective than the conventional wire transfer method. Today, it is considered one of the most innovative and commendable services offered by the banks of new generation.

The advancement in technology and other developments have improved the banking sector along with its unparalleled service across time and space. Overall, the development has made money transactions more efficient. The credit goes to the electronic connection and internet which provides and smooth and secure money transfer service. There is nothing to worry or panic as the method is standardized and the costs of conversion are relatively much cheaper than wire transfer.

There are other options of money transfer as well. If you have an emergency situation to meet, you can choose from the multiple options for transferring your funds. Presently, there are a range of financial institutions, money exchange centers, currency brokers, private banks, etc. These organizations are reliable and provide secure Money Transfer services that are faster and cost effective than ever before.

These organizations use the latest Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) technology to speed up the transfer process. The SWIFT code is a system developed to transfer funds internationally between banks. Institutions using this specialized technology are allotted an access code known as BIC Code or Bank Identifier Code. It comprises of the Name of the Bank, the Country Name it belongs to and the Name of the City where it is headquartered. Whichever option you choose, make certain that you utilize a reputed and reliable International Money Transfer Services to transfer money in a secured manner.

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Swift Code or BIC Codes are unique identification codes for all the Banks in the world. SWIFT or BIC codes are widely used to transfer messages mainly between banks.

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BIC Codes- Essential Identification Code for Making a Money Transfer

This article was published on 2012/05/09