Wire Transfer

What is a Wire Transfer?
A wire transfer is an electronic transaction of payments from one account to another. This transfer is considered to be the most reliable and fast one, and, most importantly, available. In order to make wire transactions, you need to open a bank account. Both individuals and entities can make a wire transfer.
Laucharge will be able to help choose the necessary location and the type of bank to ensure the safety of your transfers.
There are several types of wire transfers:
internal (transactions are made between banks within the country)
international (transfers are made between residents of different countries)
Internal transfers are usually made in national currency. Processing of payments happens fast (up to a day). Internal transfer fees are much lower than international transfer fees.
This type of transfer has longer processing time (from 2 days). The international transfer fees are quite high since several banks, both within the country and abroad, participate in the transfer process and they have their own fees for services.
To make wire transfers you need to open one of the following accounts:
account linked to a card
deposit account
settlement account
multi-currency bank account (all funds are of different currencies)

International Transfer Systems as to Laucharge

Most international transfers require special systems for transmitting information and making payments. The most relevant are SWIFT and SEPA (for European market).
Society for Worldwide Interbank Financial Telecommunication is the largest system uniting more than 10,000 international banks that cooperate with each other.
System members are assigned a unique code (BIC) that identifies them in cooperation with other financial organizations. The code consists of 8-11 symbols, including identification code of organization, country code, region code, and office code.

To make a wire transfer via SWIFT you must provide the following information:
the recipient's bank account number
name of the recipient (individual or organization)
name and details of the receiving bank
BIC of the recipient bank
The advantages of SWIFT:
system recognition
it unites a large number of financial organizations
there are no restrictions on the amount of transfers
low servicing charge
multi-currency transfers
The disadvantages SWIFT:
you have to provide a large set of documents to make a transfer
the US authorities control all payments
Single Euro Payments Area is a transfer system that provides euro payments between countries of the European Union. The system was established in 2008 to unify payment systems across Europe and to optimize transfers.

Each SEPA member is assigned an IBAN (International Bank Account Number) that they subsequently use for their identification them when making payment transactions.

To make a wire transfer via SEPA you must know an IBAN standard settlement account number and BIC of a recipient bank.

The advantages of SEPA are:
high speed of transfer processing
low servicing charge
security of payments
no limit on transfer amount
The disadvantage of SEPA is:
an inaccessibility of the system outside the EU
What is IBAN?
An international Bank account number (IBAN) is a unique number used to identify a specific financial institution for the purpose of international payments. An IBAN consists of 34 symbols, including settlement account number, name and office code of a bank, and country code. However, several countries define the length of an IBAN themselves. This system makes an international payment processing faster and more efficient.

An IBAN is used in SWIFT and SEPA, as well as in other transfer systems.

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