What Details Do You Need to Send Money to Another Country?

What Details Do You Need to Send Money to Another Country?

When it comes to sending money to another country, it's a different ballgame from sending money within the same country. The process is different, as well as the details needed. For same-country transactions, the details needed are usually quite simple. In Nigeria for instance, all you need is the account number name of the recipient, and of course, the bank name.

Sending money to another country, however, requires more than just these details. Getting the right details will save you from making mistakes and probably losing money from these mistakes. So what are the details you need when you want to send money abroad?

Sending Money Locally

This has to do with sending money within the same country or region. The currency is the same, and the bank charges are usually lower than international payments. They are usually faster and most times, without hitches. The details needed to send money locally are also different from the details needed to send money abroad. 

The way local transfers work is that after the sender has provided all the necessary account details of the recipient, the sender's bank transfers the money to the receiver. It could be same-bank transfers or different-bank transfers. 

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For example, one of the local banks in London is Standard Chartered Plc and there is also NatWest Group Plc. A local same-bank transfer would be from one Standard Chartered Plc bank account to another. A local different-bank transfer, on the other hand, would be a transfer between Standard Chartered Plc to NatWest Group Plc. In these cases, the details needed to make a money transfer are few and simple. 

However, when a sender wants to transfer money from Standard Chartered Plc in London to Guarantee Trust Bank in Nigeria, that is an international transfer that requires more details. 

What Details Do You Need to Send Money to Another Country?

This section lists the details that are needed for you to send money to other countries. The absence of these details will make it hard for you to send money abroad. 

  • Account number/IBAN: One important detail you need to send money abroad is the recipient's account number or in some cases, their International Bank Account Number (IBAN). Without their account number (whether the simple account number or IBAN), no transaction can take place. Therefore when asking your receiver for their account details, you want to be sure that their account number is there and clear. 
  • Beneficiary name: The next thing you need is the recipient's (or beneficiary's) name. In this case, be sure that the name is the same name on their account so that there is no confusion whatsoever. Having their name also helps with confirmation when sending money abroad. Even for local transfers, this confirmation is needed, so it is even much more needed for international transfers. If the name you were given is different from the name reflected on the account, you would have to pause the transaction to confirm properly from the receiver that you have the right details. Be careful with these details so you don't lose money. 
  • SWIFT Code/BIC: This is one detail you wouldn't be needing for local transfers. But to send money abroad, you need this detail. SWIFT is the acronym for the Society for Worldwide Interbank Financial Telecommunications. You need this code or the Bank Identification Code (BIC) to send money abroad. These are global bank identifiers which are needed to accurately identify the bank branch of your recipient. They are unique to each bank and are usually accessible online. These two terms are used interchangeably. So, you may be asked for the SWIFT code or the BIC.
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  • Recipient's address: You also need the receiver's address for an international transfer. Their home address is one of the details you cannot skip when you want to send them money. This— just like the previous details talked about— is a required detail for the money to be sent to the receiver without any problems.  
  • Transaction narration/message to the receiver: This is a very optional detail. It is not required, and you only have to include it if you feel it is necessary. For instance, if the receiver needs to know exactly what the money you have sent is for, then it is important to put it so that there is no confusion. But the point is that even if you don't include this detail, the money will still be sent to the receiver without any problems.

Wrapping Up.

While these are the details you need to send money to another country, some transfer channels may not exactly go like this. For some like PayPal, you may need just the email address of the recipient (confirm this before making a transaction). For FinTech apps, like OhentPay, you may not even need all the details listed above. 

If you’d like to send money anywhere in the world and prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account here to get started.

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