subject: Currency supply service [print this page] Money can only be useful if it is kept flowing and moving. In order for this to happen, currency needs to change hands and thus it does need to be transmitted from one customer to another, or one institution to another, for services offered or rendered. The term currency dispense service means the ability to supply money from one individual, place or institution to another. It is a safe legal way of moving money.
In order to ensure secure currency changes, there is a co-operative society called SWIFT which operates a global network to help transfer of financial messages. This company is used by most banks or financial institutions to make currency transfers. These financial messages are used by banks use to exchange data for the supply of funds between the various financial institutions and parties involved in the transactions.
How SWIFT works in helping currency supply services:
To ensure safety in the transaction, SWIFT assigns each financial institution or bank a code. This is called the Bank Identifier Code (BIC) or Swift Code. These BIC codes are usually eight digits long and identify the name of the bank, the country where the bank is located and the city where the bank's head office is based.
The second method of recognition used by banks throughout the world is the IBAN or International Bank Account Number. The IBAN is defined as a standard numbering system developed and adopted to identify bank accounts from around the world. It was originally developed by banks in Europe in order to facilitate transactions from bank accounts from other countries.
The quickest and safest method of transferring currency is through bank wire supplys. The procedure for bank-wire dispense is given here:
1. The individual who wishes to carry out the supply informs their bank of the amount of cash to be paid. They will also need to tell the bank details of the payee (to whom the money is to be paid to); these details will include the IBAN or International Bank Account Number and BIC code or Bank Identifier Code
2. Once the bank that is sending the currency has received all the relevant details of the payee and approval from the payer, they will send out a message to the receiver's or payees bank using a , a secure system, that it accept the payment as per the instructions given.
This type of transfer usually takes three business days for the funds to clear or be transferred from one account to another. The price of a bank wire dispatch will be different depending upon factors such as the country the money is being sent to, the amount the payment is for etc.
If you are not well versed with cash transfer services, you can employ a payment service provider to supply the facility for you. A payment service provider (PSP) is a company that offers traders and vendors online services for accepting electronic payments by a variety of payment methods, these may include bank-based payments such as bank dispatchs, credit card, and real-time bank dispatch based on online banking.
Experienced and well established and well reputed PSP's will have connections and links with a number of banks all over the world, which allows them to offer more competitive prices for bank wire payments. One big comfort that you get by using a PSP is that they will deal with the administrative side of the wire payments, the administrative work can be very time engrossing.
