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Making fast direct international payments?
kapow




msg:783565
 4:15 pm on Apr 30, 2006 (gmt 0)

We increasingly use foreign outsource services. Can anyone tell me a direct AND fast method of international payment?

My bank is slooooow... They require me to complete a long dull form and post it to them before they make the transaction. That takes up to 5 working days... ZZZzzzz z z

By 'direct' I mean a service that does not require the receiver to signup e.g. not PayPal. I need to pay people who do not want to sign up to another service. They just tell me their bank details and I can pay them.

I need to make payments from a UK bank account to any international bank account e.g. to countries like: Latvia, Pakistan, India, US, etc. Is this possible?

 

topr8




msg:783566
 4:35 pm on Apr 30, 2006 (gmt 0)

how about you open a bank account in the target country ... as you are in england it shouldn't be too difficult, many banks have offices in the uk/london.

you would still need to transfer funds into this account, however you can make rapid payments from it to an account in the foreign country.

... just an idea.

kapow




msg:783567
 4:47 pm on Apr 30, 2006 (gmt 0)

...open a bank account in the target country

That sounds even slower than using my UK bank, AND it could be a different country each month, I never know who we are going to hire for a job next (or where they are).

phparion




msg:783568
 7:29 pm on Apr 30, 2006 (gmt 0)

even PAYPAL doesnt provide service for pakistan and lativa...

dude, .. how can you forget WU (Western Union) zip your money through their new package. visit their website they have introduced a new FAST way to send money. I do have a paypal id and got a 2co too but still sometimes i get payments from WU and it is really fast..

LifeinAsia




msg:783569
 3:43 pm on May 1, 2006 (gmt 0)

Get an account at a bank that is more international. We use CitiBank and wire transfers go through same day. Western Union should also go through in less than 1 hour, although it usually means the receiver has to physically go to the WU office (that's my understanding, although I've never used the service).

phparion




msg:783570
 4:44 pm on May 1, 2006 (gmt 0)

I also get paid from my american clients by wire transfer, it is done in the same day in most cases. WU does require reciever to pick the money physically from their branches. have you checked 2checkout.com? atleast your workers from India and Pakistan can use it like paypal to be paid instantly.

kapow




msg:783571
 12:56 pm on May 2, 2006 (gmt 0)

...bank that is more international
So will banks like CityBank pay same day, directly into accounts in countries like: Latvia, Pakistan, India, US?.
- What do they charge for this?
- Is there a name for such types of bank? (so I can look them up and compare).

Paypal, Western Union, 2checkout.com... All require the reciever to jump through hoops, e.g. sign up or go to their branch. This works for us in many cases, but not all. Thats why I need a more friendly method of payment.

LifeinAsia




msg:783572
 4:28 pm on May 2, 2006 (gmt 0)

CitiBank charges us $20 to send to South Korea. Last month they started tacking on an additional $5 charge to the receiving bank, in addition to the $7-8 the receiving bank charged to receive the wire.

I don't know for sure that they do same day to India, Pakistan, or Latvia, but I don't see why not. As long as the receiving bank has a SWIFT code (I'm not sure if it's still called a SWIFT code- I thought I heard somethign about them changing the name), it should be transferred the same business day.

phparion




msg:783573
 7:26 pm on May 2, 2006 (gmt 0)

there are two kinds of CODE used

1 - Routing code: for using this code you have to go to your bank and there you would give your payment plus whatever charges they take for sending money and reciever's account number, bank name and plus ROUTING CODE and then they will send money to him, this is slower method and it takes mostly four business days, sometimes it can take fortnights to reach even i have been through this experience where i get my money after one monet :D

2 - Swift Code: you can use it for Wire Transfer online to send money, it is fast method and money should get to the other end within one business day, my bank is fast i must say they shift money to my account within two to three hours...

I can give you another good idea for sending money to Pakistan, India and lativa fastly is to ask your recievers to get 2CO or moneybookers like IDs or ask them to get Visa or MasterCard and then shift money to them with your CC.

andye




msg:783574
 2:26 pm on May 3, 2006 (gmt 0)

Credit card is the easiest way, I find.

You can also pay the bank extra money to rush an international funds transfer - but you're right that the paperwork is a hassle.

hth, a.

kapow




msg:783575
 4:12 pm on May 3, 2006 (gmt 0)

Do citybank pay into ANY non-citybank account? -For the same fee?

As long as the receiving bank has a SWIFT code
Hmmm, the one we're trying to pay at the moment has an IBAN code. I need a solution that will work with what ever type of code the receivers bank account has.

...ask your recievers to get 2CO or moneybookers like IDs or ask them to get Visa or MasterCard.
If the receiver is willing to do stuff I would ask them to get PayPal or Western Union as we are setup for that. However, I need a solution that does not require the receiver to get this or that, or sign up to this or that, they just provide their account info and we can pay them quickly.

LifeinAsia




msg:783576
 4:25 pm on May 3, 2006 (gmt 0)

Do citybank pay into ANY non-citybank account? -For the same fee?

Yes- we're going CitiBank to non-CityBank. For CitiBank-CitiBank, the fee may be less than $20.

Dexie




msg:783577
 10:01 am on May 4, 2006 (gmt 0)

Hi phparion,

Re:

2 - Swift Code: you can use it for Wire Transfer online to send money, it is fast method and money should get to the other end within one business day, my bank is fast i must say they shift money to my account within two to three hours...

Do you know if that would be a good way to get payments from individuals in the USA and UK to a bank in the UK please?

Any ideas on costs?

Dexie.

motorhaven




msg:783578
 12:16 am on May 5, 2006 (gmt 0)

Check out moneybookers. We use it and prefer it to WU. Fast and inexpensive and good in a huge variety of countries.

percentages




msg:783579
 7:18 am on May 5, 2006 (gmt 0)

>Hmmm, the one we're trying to pay at the moment has an IBAN code. I need a solution that will work with what ever type of code the receivers bank account has.

The Bank Of Scotland will act upon telephonic transfers upto a maximum of 50,000 pounds per day to any other bank account in the World given an IBAN number.

They say it will take 96 hours to perform the transfer, I've done dozens and it has never taken longer than 24 hours. The USA might be faster because of time zones! Go east it might be a tad slower.

Realistically 24 hours is a good time-frame for International money transfers, the UK is 5-8 hours ahead of the USA, it is also the same behind the eastern countries. Less than 24 hours everywhere in the world is going to be hard to achieve!

If the 50,000 pounds per day limit is an issue you can increase it by sending the Bank Of Scotland a set of written instuctions authorizing them for any ammount in advance.

phparion




msg:783580
 5:25 pm on May 6, 2006 (gmt 0)

Dexie:

sorry for late response I was stuck with a project deadline :)

From America, well the best way could be Wire Transfer if not Paypal, it is really fast and bank to bank transfer so more secure than Western Union.

also Western Union charges are more than Wire Transfer Charges and sender and reciever have to go to WU office physically and Wire Transfer can be done online and also your reciever has not to get it physically it is just submitted to his local account.

From UK, i am not sure, I havent used it for UK,

if you need more need then let me know i wil email you all options of online payments :) i researched a lot on this when i was suffering to get paid online :)

Dexie




msg:783581
 5:33 pm on May 6, 2006 (gmt 0)

Many thanks phparion - the helps appreciated.

What do others use for *quick* and *easy* payments from people living in the UK:

Credit card to UK personal bank account.

UK personal bank account to UK personal bank account.

Any help appreciated.

Dexie.

milanmk




msg:783582
 3:53 am on May 7, 2006 (gmt 0)

Specific to India, i found Remit2India as one of the best and fastest.

Milan

phparion




msg:783583
 4:47 pm on May 7, 2006 (gmt 0)

Dexie.

what is your location? I understand that you want to get money from UK but where do you live? once you tell me this then i will give you some information about best methods that you can use.

Dexie




msg:783584
 5:07 pm on May 7, 2006 (gmt 0)

phparion

Does the country of residnce have a bearing?

Just looking for the *quickest* and *easiest* for the following:

UK Credit card to UK personal bank account.

UK personal bank account to UK personal bank account.

Any help appreciated.

Dexie.

wmuser




msg:783585
 10:39 pm on May 7, 2006 (gmt 0)

Most Latvian users would accept webmoney.ru Yandex money and mail.ru payments

andye




msg:783586
 3:41 pm on May 8, 2006 (gmt 0)

UK personal bank account to UK personal bank account

If you're the sender, set up internet banking and then you can request bank transfers online.

hth, a.

PS or you could ask your bank?

Dexie




msg:783587
 3:59 pm on May 8, 2006 (gmt 0)

Many thanks for the input Andy. I am the receiver.

I did ask the bank and they answered similarly, but they were a bit vague about <b>UK credit card to UK personal bank account</b> - how do the others here do that?

andye




msg:783588
 11:38 am on May 9, 2006 (gmt 0)

UK credit card to UK personal bank account

That's an odd one. You can do it with PayPal though.

As you're the receiver, I suggest you just set yourself up as a business which takes credit cards. There's very many PSPs (payment service providers) you can sign up with.

hth, a.

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