Should You Opt for an International Bank Transfer?

When dealing with foreign currencies and payments from abroad, you will want the easiest, cheapest and safest way to transfer money. An international bank transfer is something that many people think about as a last option before they believe that it is unsafe to opt for that method. However, you could find that this is the best option for your needs.

Easy Money Transfer

An international bank transfer is one of the easiest options available but many sellers fail to use it. As a buyer, it is important to understand that there are risks though. The problem is that you will usually transfer the money before receiving the items and you cannot have the payment reversed like with other international transfer options.

However, for a seller, this is an excellent option as there is little risk of a fraudulent buyer. The buyer will not be able to reverse payment even after receiving an item or service. It is also very easy for you as the money goes directly into your bank account.

No Transfer Fees

There are no transfer fees, which are applicable for other money transfer options. PayPal is very common for international money transfers but there are 3% fees involved with this so you end up losing out on money. The only type of fees that you will need to be concerned about are currency exchange fees. These can sometimes be higher with an international bank transfer than using an international money transfer website.

Safe to Do

It is safe to do an international bank transfer. The only details you would need to provide are your sort code and account number. Sometimes, you will also need your international transfer code, which is available on all bank statements or if you contact your bank directly. These details are all available on a cheque book if you ever decided to pay by cheque.

There are a handful of things that buyers will be able to do with the details. The first is to pay you money owed and the second is to set up direct debits. However, all direct debits are protected by the direct debit guarantee and you can gain the money back should a direct debit be set up fraudulently. It is worth pointing out that all other methods of money transfer are open to hackers and scammers too and they may have access to your bank details so an international bank transfer is probably your safest option.