What you should keep in mind if you are going to make an international transfer

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It is difficult to enumerate the reasons why any person might be interested in make an international transfer. On the one hand, there are people who have relatives and friends who live beyond the borders of their country of residence and are financially dependent on them. So are people who do business with companies that have the products or materials they need and don’t have on hand. In any case, it is a useful mechanism, but one that must be faced with a cool head and understanding some keys that are detailed below.

Not all countries are the same

The destination country of the money you plan to send may affect the conditions under which you do so, since not all banking entities have the same regulations and not all governments have the same agreements. For countries that belong to the Single Euro Payment Area (SEPA), like Spain, the expenses must be divided between the payer and the beneficiary, which means that the banks of both the issuer and the recipient will charge their corresponding commissions to each one respectively. In addition, the money will be available the next business day.

On the other hand, for countries outside of SEPA, the expenses are not necessarily shared, the terms may increase and your bank must inform you of the amount of the commissions.

is irrevocable

Some of the fields to fill in when making the transfer are intended for the beneficiary of the amount of money sent as relevant information for him, not for the operation to be carried out, but it is absolutely essential that the number of the account to which transfers the money is correct, sincee there will be no secondary check and the process will be carried out automatically.

You need several data

The bank must provide, after carrying out the operation, a reference that allows you to identify it together with the information related to the beneficiary, on the date on which the order is considered received. Its amount in the currency used and the breakdown of all expenses and commissions.

And if I’m wrong?

When informed of the error, if it is from the user, the bank must make an effort to recover the money sent, although you will need the consent of the recipient or a legal mandate to return it. On the other hand, if it is the bank that is wrong, the amount that has not proceeded to be sent must be reversed, such as, for example, if the order is duplicated

Source: lainformacion.com

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