The platform offers an affordable international wire transfer without errors in just a few steps.
Sending money abroad seems straightforward, right? However, a small mistake can turn your wire transfer into a major problem. Just one error, like entering 001 instead of 010 in the account number, could send your funds to the wrong destination. These blunders can cost you time, money, and even impact your business. But don’t worry—once you know what to look out for, you’ll be transferring money like an expert.
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1. Not Verifying Recipient Details
One of the most common mistakes people make when conducting an international wire transfer is not thoroughly verifying the recipient’s details. Even a small error in the account number, name, or address can cause the transfer to fail or, worse, send funds to the wrong account. This happens when you have to write recipients’ details every time.
Solution: OnlineCheckWriter.com – Powered by Zil Money, allows you to securely save recipients’ information which reduces the chance of input errors. Users can input the details of accounts like routing, account number, account holder name, address etc. The platform safeguards users’ sensitive financial information. You can once save this information and use it forever, anytime from anywhere.
2. Transfer Limits
Transfer limits come as a roadblock when sending money internationally. Many banks and money transfer services impose limits on how much money can be transferred in a single transaction. These limits can be problematic if you’re sending a large sum, as it force you to make multiple transfers. The problems with multiple international transfers are:
- Higher overall fees
- More paperwork
- Delays in processing
Solution: The platform offers no limits on international wire transfers or on any payment methods. Businesses and individuals can send large sums of money without having to worry about breaking up their transfers. OnlineCheckWriter.com – Powered by Zil Money, offers international and domestic methods without maintenance charges or minimum balance requirements. Users can make a transaction from anywhere without time, limit restrictions or manual bank processes.
3. Slow Processing Times
Traditional banks may take several days (or even up to a week) to process an international wire transfer. This delay is usually due to intermediary banks involved in the transfer, time zone differences, or the need for additional documentation for larger amounts.
Solution: OnlineCheckWriter.com – Powered by Zil Money, offers same-day wire transfers compared to traditional banks. The platform allows you to make wire transfers to anyone effortlessly, from checking accounts, digital wallets and credit cards.
4. High Transaction Fees
High transaction fees are another common pitfall of international wire transfers. When you depend on the traditional bank transfer service, you might encounter high fees for sending or receiving money. Suppose you need to send $1,000 internationally using a traditional bank. The bank can charge you a flat fee for the transfer and additional fees for currency conversion. If you’re making regular transfers or sending large sums, these fees can add up quickly.
Solution: The platform offers affordable transaction fees, and payments can be made without initial fees or zero deposits. OnlineCheckWriter.com – Powered by Zil Money, offers multiple online checking accounts to make transactions without hidden and additional fees. Users can make international wire transfers via credit cards without payee charges. The software allows you to earn credit card rewards on transactions—literally saying, saving money by spending.
5. Confusion Between Numbers
Confusion about which codes and account numbers to use can result in errors during the transfer process. For international wire transfers, you must provide information like the recipient’s account number, the routing number (for U.S. accounts), and the SWIFT/BIC code for the recipient’s bank.
Solution: The only way to understand the account number, routing number and SWIFT code is to clearly understand what they are:
Routing Number
- Identifies the financial institution (like a bank or financial institution).
- It is a 9-digit code and can be found on the bottom left of the check.
Account Number
- Identify your specific account within the financial institution.
- It usually contains 8–12 digits and can be found on the left bottom of the check after the routing number.
SWIFT Code
A SWIFT code is an 8-11 character identifier used to identify specific financial institutions during international transfers. It usually includes:
- Bank code – 4 letters for the bank’s name
- Country code – 2 letters
- Location code – 2 digits or letters
- Branch code – 3 digits for specific branches
To send a wire transfer, you need to complete outgoing wire transfer instructions, which includes:
- The sender and recipient’s names and account details, including contact details
- The bank routing numbers, bank accounts, and bank name and address for the sender and recipient
- SWIFT code
- The total amount of funds being transferred via wire
Conclusion
International wire transfers can be tricky, but with OnlineCheckWriter.com – Powered by Zil Money, you can easily avoid common mistakes. Users can easily verify recipient details, avoid transfer limits, ensure fast processing, and cut down on high fees. The platform ensures secure, affordable transfers without hidden charges, saving you time and money while eliminating the usual troubles of sending funds internationally.
