Top 5 Ways To Do International Money Transfers

Every business has one goal, when providingservicesor selling products, which is to get paid for those services or products. As more and more businesses engage in trade with businesses overseas, there has been a rise in demand for payment services which are safe, easy and trusted. Not a easy combination, especially since trust is not something you can buy with money. I order to service this market, their has been a rise in payment systems which allow businesses to engage in trade overseas in a safe manner. While every business has different payment needs, the services or methods I listed below are some of the most trusted, and have been used for the longest time by a wide variety of companies whether small or large.


Paypal " One of the largestglobale-commercebusiness that allows payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks andmoney orders. Paypal is one the most widely used and well known of payment methods for overseas businesses, in 2011 approximately 350 million businesses and people used Paypal as their payment service. Highlyunlikely that so many customers would keep coming back, unless they did not have a positive experience with your service.

HSBCnet " HSBC is one of the largest international banks on the planet, with more branches in even the most remote of countries, than even Citigroup. HSBC operates a global payments service known as HSBCnet.The system provides access to transaction banking functionality " ranging from payments and cash management to trade services features " as well as to research and analytical content from HSBC. It also includes foreign exchange and money markets trading functionality. With the weight and security of the world's largest bank behind your transactions, you can bet that your payment will be made andsafelyreceived.

Letter of Credit " This is probably the most old fashioned way of getting paid overseas, but it is also one of the most effective and safest, which is why maybe it is still currently used by many businesses around the world. A LOCis a document that a financial institution or similar party issues to a seller of goods or services which provides that the issuer will pay the seller for goods or services the seller delivers to a third-party buyer.The document serves essentially as a guarantee to the seller that it will be paid by the issuer of the letter of credit regardless of whether the buyer ultimately fails to pay. In this way, the risk that the buyer will fail to pay is transferred from the seller to the letter of credit's issuer. Essentially if I got a LOC from a bank and gave to someone who sold me a product, then the seller willdefinitelyreceive payment for their products, from the bank that issued the LOC, in case I refused to pay. In this case, the bank would pay the seller and come after me for refusing to pay. In essence, protecting the seller in all cases.

Wire Transfer " Is a method ofelectronic funds transferfrom one person or institution to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Wire transfer systems are intended to provide more individualized transactions rather than bulk payment systems. This is the most common way oftransferringpayments overseas. However, businesses should be cautious when using this method, since instances of wire fraud may occur.One of the largest companies that offer wire transfer isWestern Union, which allows individuals to transfer or receive money without an account with Western Union or any financial institution.Western Unionadvises its customers not to send money to someone that they have never met in person.

Visa " While Visa does not provide debit or credit cars, Visa is one of the largest paymentnetworksthroughout the world.It facilitateselectronic funds transfersthroughout the world, most commonly through Visa-brandedcredit cardanddebit cards.Visa has operations acrossAsia-Pacific,North America,Central and South America,Caribbean,CentralandEastern Europe,AfricaandMiddle East; so its active in virtually every part of the globe. In fact, Visa is socommonlyused that in 2009, Visa's global network (known as VisaNet) processed 62 billion transactions with a total volume of $4.4 trillion. It's one of the safest and most widely used payment methods out there, and a wide variety of merchants and small businesses use Visa as their primary payment system.

The payment methods I listed above, are just some of the ones that businesses use to settle their accounts. The methods listed are some of the most widely used and trusted around the world. But their is always the chance of fraud, so always know who your sending money to orreceivingmoney from. Since, payment protections provided by these service can only do so much. It helps to get to know your trading partner, before sending them any money. Trust is the key factor of the equation and that's something that no amount of money can really buy. So join us on globial.com to find out the latest business trends and start building trustable trading partners today!

This article is free for republishing

Source: http://kristy2.articlealley.com/top-5-ways-to-do-international-money-transfers-2426414.html