Based on the size of the participation of commercial banks in international payments, there are 3 forms of the latter. The first is a bank transfer, it implies minimal participation of commercial banks (carrying out a payment order). More significant participation is observed in the second form - the collection (monitoring the submission of documents of title through translation, their issuance to the supplier on the basis of the instructions of the principal). The third form implies the maximum participation of commercial banks - the letter of credit (the submission of a payment order to the beneficiary, which is implemented during the latter’s fulfillment of the main conditions specified in the letter of credit).

Obviously, the export security increases: the minimum amount for a bank transfer is charged for the goods actually shipped, and the maximum for a letter of credit acting as a cash guarantee for the bank to pay the delivered goods in time to the person who opened the letter of credit.

A bank transfer, like the other forms, is carried out in a non-cash form, more precisely by means of a payment order addressed by one bank to another, and commercial distribution documents (transportation, accounts, etc.) are sent to the importer directly from the exporter, bypassing the banks.

The specifics of this type of translation

Bank transfer is a convenient, inexpensive way to transfer money both in national currency and in foreign currency. The sender enters the data of the recipient, bank details of his bank.

Banks are introducing new schemes of consignments (banking) during the competition, their main criteria are tariffs, transfer speed.

In this area there are companies that are very popular is because of the advancement of their brand, for example, Western Union, with its extensive network of cash collection points, not inferior to the functionality criterion of the famous companies.What is a bank transfer? Types of bank transfers

Transfers of individuals

For this category of citizens, a bank transfer is very attractive, it functions without any additional agreement (agency), for which the operator is paid, for example, Aval-express.

Urgent transfers have an alternative - forwarding with the obligatory opening of an account. In the absence of urgency and the presence of a significant amount of money, the best option is to open a personal current bank account, then transfer funds to the beneficiary’s account.

A bank transfer can be made without opening an account, through crediting to a bank account, in cash.

Without opening a current account you can send money as his own name and in the name of another. Economic relationship between 2 entities supported by different forms of payments (Bank). In order to conduct customer payments between banks can be defined a contract for the implementation of letters of credit, collection, and other operations.

Direct bank transfers

Direct correspondent relationships between banks have the form of a contract between a certain number of credit institutions, they allow direct transfers (without the participation of a cash settlement center).

Export international bank transfer - transfer of funds for the export of goods and services through a foreign person, specifying how to recover the required amount to be paid to the bank.

The choice of the variety of monetary administration in VTK is established by the parties to the agreement. During the Bank transfer the banks are not responsible for the services (shipment of goods, transfer of documents), due to which translation is practiced under the condition of uncertain market relations in the country.

Members of the bank transfer in question

  1. Translator   - the person who issues the first payment order in the credit transfer process.
  2. Beneficiary – the person indicated in the payment order as a recipient of funds by the end of the credit transfer.
  3. Bank of recipient   - the one that accepts the payment order.
  4. Intermediary Bank   - any beneficiary bank that is not a transferor or beneficiary bank.

Bank transfer to the account

If you think about it, we come across it very often. Payment for mobile communications, utilities, the Internet, all kinds of courses - this is payment by bank transfer. In fact, sending a transfer to an individual looks the same. To do this, fill in the form, indicate in it the name of the beneficiary's bank, the 20-digit account number of the corresponding bank, and the passport details of the addressee. In the case of making a transfer to the beneficiary’s account, you must additionally indicate the number of his account or card (if the money is transferred to a bank card).

Additionally may have a Bank SWIFT code, there is a translation. Information on it can be found in the Bank.

It can be done in two ways - using either a bank transfer in cash through a bank cash desk or from a personal account. It is clear that for this operation the bank charges a fee, its size depends on the boundaries of the transfer (by country or abroad), currency. It can be fixed - 10-25 US dollars regardless of the amount of transfer, as a percentage of the amount transferred (0.5-2%), mixed (fixed rate and a small percentage).

The transfer period depends on the number of intermediary banks through which the transfer will be made, for example, in the capital or Berlin funds will reach within a couple of days, but in the Russian outback - at least a week later.

So, we learned that there are 2 ways to send money in this aspect:

  1. Bank transfer in cash.
  2. From an individual account.

Bank transfer calculations

The definition of the concept under consideration has already been mentioned. Recall that an international bank transfer is a form of settlement carried out in accordance with the contract on the basis of which the transferor’s bank performs a money transfer to the beneficiary’s bank in favor of the latter (specified in instruction).

SWIFT system

This is a community of interbank financial telecommunications (worldwide). This system of bank transfers is an international organization in the field of financial telecommunications, the main activities of which are as follows:

  • providing reliable, confidential, prompt, efficient, protected from unauthorized access telecommunications banking
  • carrying out activities for the standardization of methods, forms of financial information exchange.

How to make the considered translation?

Bank transfer includes:

  1. The exporter sends the required package of documents according to the contract, the importer.
  2. The other side, the importer, places a payment order in his bank.
  3. The Bank of the importer sends the order regarding the listing of a certain amount to the exporter to the Bank correspondent.
  4. Latest transfer the funds, taking them from the correspondent account of the Bank of the importer, the exporter's Bank.
  5. The Bank serving the exporter shall credit the accepted funds are already on account of the exporter, and then advises him of the receipt of specific sums of money.

Application as a document on payment and banking operations

Application for bank transfer (in other words, bank transfer instruction) is a special document in which the client asks to transfer the corresponding amount of funds to pay for the remitter’s accounts (collected documents).

Bank transfer application structure

In it, the lessor indicates the following data:

  • full (decrypted) name of the payer;
  • number of debited bank account;
  • code of the amount, currency of payment;
  • deciphered name of the beneficiary, his account number;
  • name, number, date of the document on the basis of which the payment is made;
  • the person who bears the costs of the transfer (postal, telephone costs, bank commission);
  • the purpose, purpose of the transfer (the name of the goods, services that are paid by the transfer).

If the amount of the payment is in the currency of the other party, and the payment itself has a different currency, the application shall state the rate of recalculation or the method of establishing this rate. This statement is signed by the head, the chief accountant (their deputies), then sealed.

Banks that accept the execution of such statements when paying for this order, as a collection, follow the procedure strictly under the bill, it is a copy of the application (filed). In the case where the transfer involves also the payment of the goods which are imported into this document indicated and the timing of its delivery to Russia.

Legal features of conducting transactions through bank transfers

Calculations with use of payment orders – form, which is quite often applied in property turnover. There are legal relationships in which the use of this form of payment is of a priority nature, for example in the relationship concerning the supply of goods, the buyer pays the delivered goods with observance of an established order, form of payment, provided that the supply agreement. When the agreement order, forms of payment are not fixed, they are made by payment orders.

The use of this form of payment implies that the bank is obliged, on the instructions of its payer, to transfer a specific amount from the funds in its account to the account of the person indicated by the payer in this bank or another specified bank within the statutory period. If the contract does not provide for a shorter period or is not established by the traditions of the business turnover used in the practice of the bank, then they are repelled by the law.

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