| Electronic money transfers are not only used in | | | | institutions so that the process of telecommunication |
| connection with foreign currency exchange | | | | in financial institutions/banks is facilitated. |
| payments, but in a host of other payments especially | | | | In order to make a payment, it is required to quote |
| when larger amounts are involved such as property, | | | | the IBAN and BIC. The use of IBAN became |
| cars, boats, in fact anything. | | | | compulsory since July 2003. |
| Nowadays, EUROPEAN CROSS BORDER PAYMENTS | | | | Most people have heard of the abbreviation SWIFT, |
| are made easier for the parties to send, thanks to | | | | which stands for Society for Worldwide Interbank |
| the use of IBAN which means International Bank | | | | Financial Telecommunication |
| Account Number for short. | | | | SWIFT is a global provider of secure financial |
| IBAN is a bank code which identifies the account | | | | messaging service. It is this service that foreign |
| number and additional characters,thus avoiding | | | | currency exchange companies use to move the |
| possible mistakes.. | | | | money bank to bank. It is also the same service |
| It must be noted however, that its validation is no | | | | constantly used to move millions of pounds and other |
| guarantee that the account number or bank code is | | | | currencies by countless other financial institutions. It is |
| correct or that it exists. | | | | fast and safe. |
| It is the responsibility of the account owner to notify | | | | CHAPS or in short The Clearing House Automated |
| their IBAN to the party they wish to deal with. | | | | Payment System is an electronic same day value |
| The IBAN is given for the account by the bank | | | | payment in sterling, and within the United Kingdom. |
| serving that account, and should only be taken from | | | | It is to be remembered that banks make a charge |
| that bank. It prevents getting possible incorrect IBAN | | | | for the electronic payment transfers. |
| details, as this can cause delay in receiving payment. | | | | In contrast, almost all foreign currency exchange |
| Nobody wants any delays when making foreign | | | | companies do not make a charge for outward |
| currency exchange payments. | | | | electronic payment transfers. |
| Companies dealing with international money transfers | | | | When making foreign exchange currency transfers |
| are very exact and are eager to change one | | | | you will simply need to fill in a form, which the |
| currency against the other as fast as they possibly | | | | company you select to do the business with will |
| can, to complete the deal and show their clients how | | | | provide. The few above mentioned details, serve |
| smoothly and quickly they perform. | | | | only to inform those, who wish to know what certain |
| The bank identification code BIC is another | | | | abbreviations actually stand for, plus a little |
| abbreviation, which you will come across. | | | | explanation here and there. |
| BIC is a way of being able to identify financial | | | | |