With the increasing demand for trade, international money transfer becomes extremely important for businesses. In particular, the international money transfer service of SeABank - Southeast Asia Commercial Joint Stock Bank - is being chosen by many business customers. Let's learn more about the outstanding features of SeABank's international money transfer service in the article below.

What is international money transfer?

International money transfer is the transfer of money from a bank account in one country to a bank account in another country. This is an important financial service, used by many individuals and businesses to conduct international transactions such as:

Pay for goods and services.
Send money to relatives and friends abroad.
Overseas investment.
Pay tuition.

The need for international money transfers is becoming more and more popular.

Parties involved in international money transfers

There are 5 main parties involved in international money transfers:

Remitter: An individual or organization that transfers money from their account to the recipient's account abroad.
Beneficiary: An individual or organization that receives money from a sender abroad.
Remitting Bank: Is the bank that the sender uses to make the transaction. This bank will be responsible for transferring money from the sender's account to the recipient's bank.
Intermediary Bank/Correspondent Bank: Is a bank that provides support when the remitting bank and the paying bank do not have a direct relationship with each other.
Paying Bank (Paying Bank): Is the bank where the recipient opens an account to receive money from the sender, and makes payments according to the instructions of the remitting bank.

There are four main parties involved in the international money transfer process.

Current form of SeABank international money transfer

Currently, money transfer via Swift for corporate customers is a safe, fast, accurate and secure form of money transfer that is widely used and most popular by banks around the world. Therefore, SeABank also uses money transfer via Swift to provide services to corporate customers to ensure high security and accuracy.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunications. It is a secure communications network system used by financial institutions around the world to conduct international transactions.

Benefits of paying via Swift

Safe and secure: SWIFT ensures the confidentiality and security of financial information transmission. Transactions are encrypted and authenticated, helping to prevent fraud and unauthorized access.
Fast transaction processing: SWIFT allows banks and financial institutions to conduct transactions quickly and efficiently. Instead of using conventional communication means, SWIFT helps shorten transaction processing time.
Cost savings: Using SWIFT reduces the costs associated with transmitting information and processing transactions. Banks do not need to establish and maintain separate connections with each counterparty, but instead can use the common SWIFT infrastructure.
International Integration: SWIFT is a widely used international standard that helps banks and financial institutions connect with each other globally. This helps create a uniform and convenient transaction environment.

Swift money transfer is a popular form of international money transfer.

What are the advantages of SeABank international money transfer?

To receive the love and choice of many corporate customers, SeABank has always strived and made efforts to bring quality services. In particular, SeABank international money transfer service has the following outstanding advantages:

SeABank always updates and offers competitive international money transfer fees on the market. Customers can easily compare SeABank's money transfer fees with other banks before choosing.
SeABank applies advanced security measures to ensure the safety of customers' international money transfers. Customers can rest assured to make transactions without worrying about being scammed or losing money.
Providing professional customer service, both at the counter and online, ready to support customers in answering all questions and issues related to international money transfer services.
The SeAMobile website and application interface is simple and easy to use, making the money transfer process more convenient.
Regularly provide many attractive promotions for international money transfer customers.

SeABank is currently offering very competitive international money transfer fees.

Instructions on SeABank international money transfer procedures

The process of international money transfer at SeABank is as follows:

Step 1: Customers prepare documents, complete money transfer forms according to SeABank's regulations and send them to SeABank to request payment, including:

Contract.
Invoice (if any).
Customs declaration and other documents as required by the bank (if any).
Money transfer order cum Spot purchase and sale request (according to SeABank's form).

Step 2: SeABank receives and checks the documents to ensure compliance with SeABank's regulations and the Law, and checks the customer's account to ensure there is enough money for payment.

Step 3: SeABank sells foreign currency (if the customer does not have foreign currency in the account) and makes payments to the customer.

Step 4: Customers must provide additional documents (declarations, invoices, etc.) for prepaid money transfers.

Conclude

With the outstanding advantages presented in the article, SeABank international money transfer service promises to bring your business the optimal experience, helping businesses improve operational efficiency and expand the international market.

To learn more about SeABank international money transfer services, please visit the website or contact Hotline 1900.555.587 (Customer Service) or 1900.599.952 (Business Service).