How to Transfer Money From Overseas
Write a foreign draft or check., Wire money through your bank., Gather relevant information.
Step-by-Step Guide
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Step 1: Write a foreign draft or check.
If you have a bank account in a foreign country and you want to send it to a recipient in the United States, you can write a check in the local currency and send it to the recipient in the United States.
The recipient may then cash the check at a bank in the United States.
However, the recipient may encounter some obstacles.
Regulations and policies surrounding personal and business checks differ in countries around the world.Many banks in the United States will not cash a foreign check unless it is payable through a bank in the United States.
It is expensive.
If the American bank accepts the check, they will keep a percentage of the exchange rate.
Also, they may charge a foreign-check processing fee.
The American bank may impose a hold on the funds.
This means the money won’t be available to the recipient until the check clears, which may take days, weeks or months. -
Step 2: Wire money through your bank.
You can go to your bank and request a wire transfer.
A wire transfer is an electronic transfer of funds from one financial institution to another.
You will need to know if the receiving bank accepts wire transfers in foreign currency.
If not, you will have to wire the money in U.S. currency.Expect to pay a flat fee for initiating the wire transfer.
Also, the recipient will pay a flat fee for receiving the wire transfer.
The amount of the fee varies by bank.
International wire transfers can take anywhere from three to five days. , To wire money internationally, You will need to know the recipient’s bank account number and name and address.
Also, you will need to now the receiving bank’s name and address, routing number and code.SWIFT codes are international identifier codes that are assigned to every bank by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) in Belgium.The routing number is a nine-digit code that represents your U.S. bank’s location.
You can find it on the bottom left-hand side of your checks. -
Step 3: Gather relevant information.
Detailed Guide
If you have a bank account in a foreign country and you want to send it to a recipient in the United States, you can write a check in the local currency and send it to the recipient in the United States.
The recipient may then cash the check at a bank in the United States.
However, the recipient may encounter some obstacles.
Regulations and policies surrounding personal and business checks differ in countries around the world.Many banks in the United States will not cash a foreign check unless it is payable through a bank in the United States.
It is expensive.
If the American bank accepts the check, they will keep a percentage of the exchange rate.
Also, they may charge a foreign-check processing fee.
The American bank may impose a hold on the funds.
This means the money won’t be available to the recipient until the check clears, which may take days, weeks or months.
You can go to your bank and request a wire transfer.
A wire transfer is an electronic transfer of funds from one financial institution to another.
You will need to know if the receiving bank accepts wire transfers in foreign currency.
If not, you will have to wire the money in U.S. currency.Expect to pay a flat fee for initiating the wire transfer.
Also, the recipient will pay a flat fee for receiving the wire transfer.
The amount of the fee varies by bank.
International wire transfers can take anywhere from three to five days. , To wire money internationally, You will need to know the recipient’s bank account number and name and address.
Also, you will need to now the receiving bank’s name and address, routing number and code.SWIFT codes are international identifier codes that are assigned to every bank by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) in Belgium.The routing number is a nine-digit code that represents your U.S. bank’s location.
You can find it on the bottom left-hand side of your checks.
About the Author
Melissa Armstrong
A passionate writer with expertise in practical skills topics. Loves sharing practical knowledge.
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