Cross-border remittance is no longer difficult! The editor teaches you how to easily master overseas

With the deepening of globalization, more and more people need to use overseas accounts for work, study, investment and other reasons. However, facing the complex cross-border remittance process and foreign exchange control, many people feel confused. Today, the editor brings you a complete guide to overseas remittance to help you easily deal with various problems of cross-border transfer!

I. Overview of Remittance Methods

1. Bank telegraphic transfer

Bank telegraphic transfer is one of the most common overseas remittance methods. The sender only needs to transfer the electronic funds directly to the recipient’s bank account through the bank system. When performing telegraphic transfer, it is necessary to fill out the overseas remittance application form and provide the recipient’s bank account info, SWIFT code of the bank, etc. However, it should be noted that banks generally charge a certain handling fee.

2. Offline remittance

Offline remittance refers to the remitter handling a check or money order at their own bank, filling in the payee’s detailed information, and finally transferring the bill to the payee’s bank for cashing by mail or agent. This method is relatively cumbersome, but it is still a feasible option for some special needs or situations where direct telegraphic transfer is not possible.

3. Third-party payment platforms

Third-party payment platforms such as Wise and BiyaPay are also good choices. The remitter only needs to register an account on these platforms, link a bank card or credit card, and then provide the recipient’s account info to complete the remittance operation. These platforms usually have the characteristics of convenience and speed, and the handling fees are relatively low.

Among them, BiyaPay, as a global multi-asset trading wallet, also supports large remittances. There is no registration threshold, and registration can be completed with just an email. After identity authentication, bind a bank account and you can exchange dozens of legal currencies and hundreds of digital currencies worldwide. You can make large remittances anytime, anywhere in most countries or regions around the world, with fast arrival speed, low handling fees, and unlimited amount.

Moreover, for example, when you invest overseas, you often encounter various deposit and withdrawal difficulties, such as foreign exchange limit, telegraphic transfer limit, lack of Hong Kong card, Hong Kong account or offshore account, difficulty in cross-border remittance, difficulty in returning to China, slow deposit and withdrawal of securities firms, missing market trends, or serious liquidation. In response to these difficulties, I think you can also use BiyaPay as a professional deposit and withdrawal tool.

4. Online banking transfer

If you have already activated online banking services, transferring money through online banking is also a very convenient way to transfer money overseas. Simply log in to your online banking account, fill in the recipient’s information, remittance amount, destination country and other information according to the prompts, and you can complete the remittance operation.

II. Remittance precautions

1. Fill in the information accurately

When filling in the remittance information, be sure to ensure that all information is accurate. Especially the key information such as the recipient’s name, account number, bank name, and SWIFT code. Any errors may cause the remittance to be delayed or unable to reach the recipient’s account. Therefore, be sure to carefully check and confirm with the recipient before filling in the information.

2. Pay attention to the bank code and SWIFT code

Bank code and SWIFT CODE are important identifiers for overseas remittances. When transferring money, be sure to choose the correct bank code and confirm the specific code required with the payee. Because different countries or even the same bank may use different codes in different regions. To ensure the safety and accuracy of funds, please be sure to confirm the specific code required with the payee.

3. Exchange rates and fees

Different banks and service providers may have different charging standards and exchange rate differences. When choosing a remittance method, be sure to understand the relevant fees and exchange rate information in order to make a more informed choice.

4. Laws and regulations

Different countries and regions may have different remittance regulations and restrictions. Before making a remittance, it is necessary to understand and comply with the relevant regulations to avoid violating the law or encountering unnecessary trouble.

5. Safety

Choose a safe and reliable remittance method and ensure that transactions are conducted in a secure network environment. Avoid using unsafe network environments such as public Wi-Fi for remittance operations to prevent personal information leakage and loss in capital.

6. Remittance time

Understand and estimate the time required for remittance in order to better arrange funds and time. Avoid delaying important matters due to delays.

7. Remittance voucher

Properly keep the remittance voucher to ensure that the required proof documents can be provided at any time when needed. This helps to communicate and resolve problems with the bank and the recipient in a timely manner.

I hope this comprehensive guide to overseas remittances can help everyone better deal with various issues related to cross-border transfers!