Except the recipient gets charged a sometimes pretty hefty fee to receive it. You can avoid that if you use a solution like American Express Fx International Payments which is pretty fast (~2 business days) and gets deposited in the other side's currency to their bank just like a normal deposit (no fees to receive). Sending costs like $10.
I'm interested in using Currency Online or XE Trade or whatever as a transfer system to replace international wires, for payments from overseas business partners. Is this an appropriate sort of use for these services, as they seem to focus more on personal use?
How does the transfer process actually work from the perspective of the payer (depositor) - do you get a set of details to give out, which remain constant, which instruct the payer to make a local bank deposit with specific info which results in whatever $ being transferred into your account? Or do you need to set up each individual transfer? The depositor has no need of an account with CO or whomever? Or?
Tranzfers works by paying NZ$ into a local account here and you nominate the overseas account to pay money into directly. Pretty seamless once you set up the compliance and have the receivers bank details.
I'm interested in using Currency Online or XE Trade or whatever as a transfer system to replace international wires, for payments from overseas business partners. Is this an appropriate sort of use for these services, as they seem to focus more on personal use?
How does the transfer process actually work from the perspective of the payer (depositor) - do you get a set of details to give out, which remain constant, which instruct the payer to make a local bank deposit with specific info which results in whatever $ being transferred into your account? Or do you need to set up each individual transfer? The depositor has no need of an account with CO or whomever? Or?
All systems require the payer to have an account - this is because it's the person sending money who has to go through the legal compliance/"know your customer" rigmarole enforced by pretty much every government. If you're looking for a system where you the recipient sign up and anyone can send money to it, that's called a bank account, and bank wires are your only answer.
I'm interested in using Currency Online or XE Trade or whatever as a transfer system to replace international wires, for payments from overseas business partners. Is this an appropriate sort of use for these services, as they seem to focus more on personal use?
How does the transfer process actually work from the perspective of the payer (depositor) - do you get a set of details to give out, which remain constant, which instruct the payer to make a local bank deposit with specific info which results in whatever $ being transferred into your account? Or do you need to set up each individual transfer? The depositor has no need of an account with CO or whomever? Or?
You enter a contract, to sell $x of currency 1 and receive $x of currency 2 for it. The rate and amount is agreed at that point and you are then under contract to pay it. They give you a bank account and a reference to make a deposit in the country you are sending money from (Eg. In NZ they give you a BNZ account, in Oz it's a NAB account.
For business transactions, it's probably easier to use PayPal.
I'm interested in using Currency Online or XE Trade or whatever as a transfer system to replace international wires, for payments from overseas business partners. Is this an appropriate sort of use for these services, as they seem to focus more on personal use?
How does the transfer process actually work from the perspective of the payer (depositor) - do you get a set of details to give out, which remain constant, which instruct the payer to make a local bank deposit with specific info which results in whatever $ being transferred into your account? Or do you need to set up each individual transfer? The depositor has no need of an account with CO or whomever? Or?
You enter a contract, to sell $x of currency 1 and receive $x of currency 2 for it. The rate and amount is agreed at that point and you are then under contract to pay it. They give you a bank account and a reference to make a deposit in the country you are sending money from (Eg. In NZ they give you a BNZ account, in Oz it's a NAB account.
For business transactions, it's probably easier to use PayPal.
What is the "bank code" for in currencyonline? I have a SWIFT number, ABA routing number and a branch number
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