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Embarking on your first international bank transfer can feel like stepping into uncharted territory, especially if it’s your first time! But don’t worry, we're here to demystify the process and make it easy to understand.
What is an international bank transfer?
Sometimes also known as wire transfers or telegraphic transfers, simply put, it's a way to electronically send money from your bank account in one country to another bank account in a different country.
Whether you're sending money to family overseas, paying for goods or services, or investing in international ventures, understanding the basics is key.
😊 Recipient's Details
Think of this as addressing an envelope. Just like you need the recipient's full name and address to send a letter, you'll require their full name, bank account number, and their bank's SWIFT/BIC code for an international transfer. The SWIFT/BIC code acts as a unique identifier for the recipient's bank, ensuring the money lands in the right account.
💹 Exchange Rates and Fees
Ah, the sneaky culprits that can quietly eat away at your transfer amount! Exchange rates determine the value of one currency in relation to another, while fees cover the cost of processing the transfer. Keep an eye on both to ensure you're getting the best bang for your buck. Banks often levy hefty fees for international transfers, so it pays to shop around for the best rates.
⏱ Transfer Time
Patience is indeed a virtue when it comes to international transfers. Unlike domestic transfers that zip through in a flash, international transfers can oftentimes take several business days to reach their destination. Factors such as the banking systems of the sender and recipient countries, as well as any intermediary banks involved in the process, can influence the transfer time. It's wise to plan ahead and factor in this delay, especially if the funds are needed urgently.
Let’s talk about BigPay 😉
Now that you've got a grasp on the basics, here’s why people love using BigPay for international bank transfers.
It’s Effortless ✨
With BigPay, sending money abroad is as easy as a few taps on your phone. Just input your recipient’s details in the app, and you’re good to go.
Competitive Exchange Rates
With BigPay, what you see is what you get – no hidden fees, just transparent and competitive exchange rates. Keep more of your hard-earned money with rates that beat the competition.
Fixed Fees 🙌
Forget about surprise charges eating into your transfer amount. BigPay keeps it simple with fixed fees, regardless of the transfer amount. No percentages, no surprises – just straightforward pricing, no matter how much you send!
Your peace of mind is our priority. BigPay is regulated by Bank Negara Malaysia (BNM) in Malaysia, and by the Monetary Authority of Singapore (MAS) in Singapore, ensuring that your funds are always safe and secure.
Swift Transfers 🚀
Why wait days for your money to reach its destination? With BigPay, international transfers are completed swiftly, sometimes even instantly.
Round-the-Clock Support 💌
Need assistance at any hour of the day? BigPay has got your back! Our in-app support chat is available 24/7 to address any queries or concerns you may have.
Ready to Get Started?
Experience for yourself how easy and convenient it is to make an international bank transfer with BigPay.
Just follow these steps!
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I’m Sabrina, a versatile writer with 7+ years of experience and I’ve been published by household names such as Tatler, Harper’s Bazaar, Mindvalley, and Cosme Japan.