If your business deals with international manufacturers, suppliers or overseas employees, chances are you will need to send international money transfers or international wire transfers on a regular basis. It takes an estimated one to three days for an international payment to clear.
Wire Transfers within North American usually take 1 business day
Wire Transfers internationally usually takes 1-3 business days
Can’t afford a delay?
There are a few things you can do to ensure a delay-free transfer.
Know the country and currency
Every country has its own official currency and each beneficiary bank account has a base currency. When sending an international payment, the funds should be exchanged to the currency of the bank account you are sending it to. If you are not sure what this is, ask your beneficiary to confirm. Failing to do so, can expose your business to sky-high exchange rates and other fees.
Olympia Trust offers solutions to businesses that help you make international payments without exposing you to foreign exchange risk. Your dedicated trader can watch the markets and make the payments when the dollar is in your favour.
Be aware of holidays
It’s easy to remember statutory bank holidays in Canada, but don’t forget to check holidays in the country you are sending funds to. If the foreign bank is closed on the day you send your payment, your payment will not be processed that day.
Use Blockchain as an alternative
Leaders in the industry are now looking at blockchain as an alternative to wire transfers. They are faster, cheaper, more secure and all around efficient.
Our traders are now sending blockchain payments to Europe (Euros and British Pounds) on a daily basis and we are looking to expand this service into the United States later this year. Ask your trader if blockchain is the right solution for you.
Be accurate
Regardless of whether you are using a wire transfer or blockchain to send your payment, you will be asked for the following information. Ensure that this information is accurate. Not having accurate information can delay the process for several days or weeks!
Your trader will ask for the following information about the recipient of the transfer.
Beneficiary name – Recipient’s full name
Beneficiaries physical address – Recipient’s address
Bank name – Recipient’s bank name
Banks address – Recipient’s bank address
Account number: Recipient’s account number
SWIFT code: Recipient’s bank’s SWIFT code. This can be found online or by contacting the bank
Purpose of sending the funds – Economic reason for sending the funds
Watch out for wire fees
Many financial institutions charge anywhere from $25 to $80 in wire fees, depending on the currency and amount. The receiving bank as well as any intermediary banks may also charge their own fees.
Olympia gives you 1 free wire with every transaction and charges $15 for every subsequent wire within the same transaction. Making one wire transfer per transaction? Every wire will be free of charge! Ask your trader for more details.
Are you ready to make an international payment?
For more information or to schedule a free consultation with an Analyst, contact us!
