Different methods are used to send money quickly online from one state to another. It is yet another example of miraculous digitalization, of the era. It is the latest online system that is being used for extraordinary quick transfers within seconds.
The SWIFT system is deployed to send money online, worldwide. Here is a short review of how these systems actually work.
Swift is basically an encrypted push notification system that is working between every international bank and money transfer company to send money globally.
How Swift System Make it Possible to Perform Worldwide Online Transactions
When a transfer is made from one bank, it sends a quick notification to the recipient’s bank branch. This system automatically connects with the bank’s statistical tools, and make calculations which add the payment into the recipient’s bank digitally. Simultaneously, the payment from the sender’s account is deducted in the digital accounts.
The cash doesn’t move physically from one bank to another. The receiver is paid from the central store of the local bank.
For a money transfer to Ghana, every bank has it’s limit set up with other banks and companies. On reaching that amount, the payable amounts are physically transferred between different banks.
The most crucial thing regarding wire transfer is security. As this system is totally digitalized, hackers and thieves try their best to break into the system. Most secure and extremely complex firewalls are used to ensure complete security of every transfer, cash and account details of the customers.
A whole team continuously works on security and maintenance of this system. For a bank to receive payment through wire transfer, it is necessary that they have a SWIFT system deployed and up-to-dated in their respective payout locations.
What is the Transaction fees for Online Money Transfer
A huge population of citizens are working in different countries and they have to send money to Ghana on a regular basis. But SWIFT system and wire transfers are not used by migrants usually.
The business corporations or foreign investors are utilizing this facility mainly. If a person is investing money in Ghana or starting a business in the city, then the huge transactions are made by using wire transfers.
These transfers usually come with a high fee of 20-25$ per transaction. Thereby, its foolishness to send a smaller amount through wire transfers. If you have to send at least 2000$ only then it is recommended to use wire transfers.
It clearly explains the fact that why are these facilities used by businessmen or investors mainly, because they have to send large payments, with extreme reliability.
Different international banks are money transfer companies such as Ace Money Transfers are providing the facility of wire transfers so that their customers can send money without any wait or delay.
Latest security systems are deployed to take care of the security and privacy of money transfers. Other than that, the fee of transfer companies is relatively lower than banks. It is made sure that no miss-occurrence or malfunction happens in the total system.