International Bank Transfers Save Money
Any company sending or receiving money globally will discover international bank transfers are a highly efficient international payment option
. Reducing cross-border payment processing expenses increases profit margins, reduces cost of sales, and improves cash flow. International bank transfers provide an easy method to transform international payments into inexpensive local transactions with no risk.International Bank Transfers are a reliable, modern, cost-saving alternative to wire transfers. For years, wire transfers were the default payment mechanism for international payments. While wire transfers are reliable, out-dated technology make them difficult to automate, hard to keep manage and laborious to reconcile. And wire transfers are expensive to send and expensive to receive.
International bank transfers work through a unified international banking platform which links together the banking networks of 192 countries into a single system. Businesses receive and send money through the same platform. The system automatically transforms international bank transfers into low-cost local transactions.
International bank transfers enable internet merchants to sell globally while allowing customers to pay locally. Consumers located anywhere in the world make online purchases quickly and easily simply by transferring money from the buyers local bank account to the sellers bank account. Buyers pay directly via local bank transfer by internet, telephone or as an over-the-counter deposit to a bank in the country in which they are located.
The merchant is notified as soon as the transaction is complete. The merchant then releases the goods or services to the buyer with confidence that cleared funds will be settled to the merchants bank account. There are no chargebacks with international bank transfers and buyers cannot reverse transactions
Businesses also use international bank transfers to rapidly deposit money into the bank accounts of customers, affiliates, employees, vendors or suppliers throughout the world. This eliminates the need to send paper checks or wire transfers.
International bank transfers reduce operating expenses and streamline business operations. Businesses no longer need to establish and manage banking relationships throughout the world. Instead, businesses access banks world-wide through a single easy-to-use interface.
Using the international bank transfers platform, businesses get the fastest credit reflection and payment completion times in the market. Without the international bank transfers system, a business has to wait for its bank, the correspondent bank, and all the intermediary bank networks to update in order for transactions to be viewed or completed.
The international bank transfers system is directly integrated with each international bank network. Proprietary software constantly polls all accounts to detect incoming payments and make outgoing payments and transactions are completed quickly and easily. All transactions are at low cost in-country local bank transfer rates.
Businesses using International Bank Transfers have full single-access view and control over their balances no matter in which country the balances are held. Accounts can be viewed in single currency or they can be viewed in multiple currencies. The business has full control over those funds and can repatriate them back to their own home account whenever they wish, or they can use the international bank transfers platform to pay the funds on elsewhere as if the transaction were a local bank transfer.
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