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