Regulations for a Bank Funds Transfer Overseas

There are several reasons you may need a bank funds transfer to another country and there are several agencies that can handle this for you. There are regulations in place that govern these transfers.

Who Performs the Transfers
Anytime you want to transfer funds from one bank to another, you will need to find a bank that will do this for you. In most cases your personal bank will allow you to wire money. If your bank does not offer international wire transfers, then you will need to use a service for the transfer. The services available will vary depending on the country you are sending the money to. Western Union, SWIFT, and FX Global are a few of the agencies that handle transfers.

You will need to know the amount of the transfer, where it will go, and to whom it will go to. Once you have this information, you can price out the transaction fees. There are also online methods you can use with your bank. An example of this type of transfer is a paypal transfer into another country. The funds would come out of your balance with paypal, or be drafted directly from your checking account.

Anonymous Transfers
There is no anonymity when transferring funds due to the Patriot Act. The bank will need to get certain identifying information from you whenever you perform a transfer. In this way, there is a cut back on terrorist funding activity and money laundering. The general thinking behind the Patriot Act is that there are only a  few reasons to want to transfer money anonymously, and most often the reasons would signal some kind of illegal activity.

Funds Availability
Different banks will have different regulations regarding the activity of transferring funds between banks. This will not only vary bank to bank, but by country to country as well. An international bank transfer is not something that will post immediately. It can take hours or days for the money to become available. Some banks will want to ensure it clears completely before they release the funds. Others will release the funds as soon as the transfer shows in their systems. You will want to check with your individual bank, and the bank you are transferring funds to in order to find out their specific policies.

There may be instances when a funds transfer between international banks is necessary. Knowing what the country you are sending money to requires, and what you need to do domestically will save you a lot of time and potential headaches.

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