Bank Services to Send Money Abroad Free

Published on July 11, 2012 by admin · No Comments

Which Banking Services to Use when Sending Money Abroad for Free

For the organisations that are based in India, Pakistan, Bangladesh and Srilanka but have business relations in the UK it is at times essential to send money to UK.

This may be to pay for products or services purchased abroad or for the maintenance of a local office in the country. If an organisation prefers to send money abroad free, banking services prove to be the most effective medium.

Transfer of money between two branches of the same bank does not involve charges and is therefore a way to send money abroad free. If an organisation’s vendor or supplier in UK does not have account in bank, a cheap way to send money abroad is via wire transfer.

Bank wire transfer, also called a telegraphic transfer is used by several individuals and organisations to send money abroad. An individual or organisation in one country can send money to a bank account in another country via bank wire transfer. The currency sent from one country is converted into the currency of country where it is received.

The amount is received as per the rate of exchange offered by the bank. So when an individual or organisation sends money from Pakistan to UK, the amount sent in Pakistan Rupee is converted into an equivalent amount of Great Britain Pounds. The bank that sends the money needs to know the receiving bank’s IBAN and/or SWIFT address before giving effect to the transfer of money.

Bank wire transfers that are completed and credited to the recipient’s account are immediately available for the account holder’s use. International bank wire transfers can otherwise take up to 2 or 3 days (if the recipient does not have a bank account).

So if you wish to send money from Pakistan to UK, it is good to transfer money between accounts.

Want to know more about ways to send money to UK? Stay tuned to updates on:

https://www.sendmoneyhome.co.uk/

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