What to Know About International Remittance? How to Choose a Remittance Tool?

When you need to transfer funds to an overseas bank account, whether it is for immigration, studying abroad, setting up a company overseas, or simple travel expenses, bank telegraphic transfer services may be the most direct choice. Most banks offer various remittance methods such as counters, online banking, and self-service end points. Although bank telegraphic transfer is very convenient, this method is usually expensive. Therefore, after introducing the basic information of international remittance, this article will provide some lower-cost remittance options to help you make more economical decisions.

International remittance fees

Generally speaking, banks will charge the remitter the following fees when conducting telegraphic transfers:

• Remittance Fee : Usually a percentage of the remittance amount, major banks charge about 0.1%, and there are lower and upper limits on fees .
• Telegraph fee : usually a fixed amount, remittance overseas will be more expensive, but generally not more than 200 yuan.
• Transfer bank handling fee : Since the transfer bank’s service is usually used in the telegraphic transfer process, a small amount of money will be deducted from your remittance amount to pay the handling fee, which will cause some difference between the actual amount received and the amount remitted. However, if it is some special remittance, such as paying for overseas house purchase fees, it is important to ensure full payment. Some banks offer full payment, but they will charge an additional OUR fee, which generally does not exceed 200 yuan.

What information is required for international remittance?

Information required for international telegraphic transfers includes:

• Remittance currency and amount
• Name and address of payee
• Account number of the payee at the opening bank
• Bank name, SWIFT code or address of the payee

How long does it take for international remittance to arrive?

Traditional bank international telegraphic transfers generally take 1 to 5 working days. If you are transferring money to an overseas branch of the same bank, this process may be more direct and faster, sometimes even completed within 1 to 2 working days, as there is no need to go through a third-party intermediary bank.

In addition, when making bank transfers, it is necessary to pay attention to the currency transfer deadline stipulated by each bank. For example, some banks stipulate that transfers made after noon or 2pm on the same day will not be processed on the same day, but will be postponed to the next working day. Therefore, if you initiate the transfer before the weekend or long holiday, you may encounter additional delays.

The following is the process for handling remittance at the bank counter:

1. The customer fills out the “International Remittance Application Form”.
2. The customer pays the principal and handling fee.
3. Print the “International Remittance Application Form”, the customer signs to confirm and keep contact information.
4. Receive the remittance receipt and complete the remittance.

The following is the process for online bank remittance:

1. Log in to online banking, first purchase local currency , purchase the required currency .
2. After completing the foreign exchange purchase, you can choose “Transfer Remittance” - “Cross-border Remittance”.
3. Fill in the remittance information according to the relevant prompts.
4. Confirm submission of remittance application and complete the remittance.

International remittance tool

Traditional banks usually have a more uniform way of remittance, and most international remittances are made through the SWIFT network, so they will charge fees such as telegraph fees and intermediary bank fees. Therefore, it is particularly important to compare and choose the appropriate remittance tool. By comparing, you can save the cost and time of remittance. The following are several common remittance tools.

Wise (formerly TransferWise)

Wise is a good cross-border remittance tool that supports transfers in multiple currencies and covers multiple countries and regions around the world. It uses a different remittance network from traditional telegraphic transfer SWIFT, with 80% of remittances received within 24 hours and 35% receiving funds instantly.

Wise is regulated by the United Kingdom Financial Services Authority (FSA), one of the world’s leading financial institutions regulatory agencies, ensuring security. Its transaction fees are lower than other remittance platforms on the market, and its fee structure is transparent. It uses intermediate market exchange rates and has no hidden fees.

Its multi-currency account function allows users to hold and manage multiple currencies in one account, which is very suitable for people who need to frequently conduct international transactions. However, Wise’s remittance limit is generally one million or other currencies of the same value. If you want to make a large amount of remittance, you need to submit a separate application to Wise, which is more suitable for small transfers.

BiyaPay

BiyaPay is an international wallet that provides multi-asset transactions for users worldwide, supporting real-time exchange rate queries and exchanges for more than 20 legal currencies and more than 200 digital currencies. It provides users with financial services such as global remittances, online payments, legal and digital currency exchanges, and online deposits and withdrawals.

BiyaPay completes global remittances online, supports full-process on-chain tracking, and has multiple compliance qualifications. It has obtained financial licenses in the US, Canada, US SEC, and New Zealand, making digital currency to fiat currency exchange safer and more legal, avoiding the risk of being frozen over the counter. It has complete KYC certification and professional and legal offshore accounts, with high security.

Compared to traditional remittance methods (such as Xoom) with limit and policy restrictions, BiyaPay’s digital currency exchange method has the characteristics of borderless, global, decentralized, and real-time transfer, which allows for unlimited global remittance and instant transfer.

However, compared to other platforms, BiyaPay is a newcomer in the market. Its popularity in the digital currency field is higher than that in the traditional remittance field. Its service scope is limited, focusing on digital currency services such as BTC, ETH, USDT exchange for US dollars, etc.

Western Union

Western Union is also one of the more common international remittance methods, supported by many banks. It provides peer-to-peer remittance services, supports various transfer methods, including cash, bank cards, etc., and can withdraw money at designated locations worldwide, including the US. The transfer speed is fast, and many transfers can be completed in a few minutes.

However, its handling fees are relatively high, especially for small transfers, and the exchange rate is usually not as affordable as other platforms. This method is more suitable for users who do not have a bank account or need emergency remittances.

Summary

The above content focuses on the relevant information of international remittance, including handling fees, limits, required time and operation procedures. Through understanding, you can also find that compared with traditional international telegraphic transfer, other remittance tools are more cost-effective.

Finally, I wish everyone can choose the appropriate remittance tool based on their own needs, compare multiple options, and easily handle international remittances.