Where do you find a money transfer service? A mostly clear answer to this question will be the banks because they help you transfer money from one bank account to another, from the account to the service provider for retailers, etc.
While banks provide a variety of money transfer services including foreign exchange services in the applicable currency exchange rate they are often falling short of the service speedy and effective customer service. Click to read more about the remittance money transfer.
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Another drawback of the traditional money transfer services is that it often takes 48 hours to transfer to happen that the recipient will be able to see the money into his account only after 2 days of the transaction is initiated by the sender.
Thousands have faced a situation where the money has reached them far too late than the expected time resulting in further losses.
Posing another question here would be what other options do you have to transfer your money, especially in an emergency?
In recent times many private banks, financial intuitions, and the company have come up with a money transfer service which is much better and faster, thanks to advances in a technology called SWIFT.
All banks and institutions interested in the fastening process of the money transfer must comply with SWIFT guidelines.
Each was given an access code called SWIFT code or BIC (bank identifier code). The code usually reveals the bank's name, country of origin, and the city headquarters of the bank.
Another choice is to provide fast money transfer services IBAN (International Bank Account Number), which helps in identifying the bank account numbers from all over the world. Through this banks can provide foreign exchange services to customers located miles apart to exchange existing currency.