(Cont'd) Sending and receiving funds: it pays to know
5. Paypal- if you: (i) have a bank account, or a credit card that can be directly linked to a specific bank account belonging to you and (ii) you’re engaging clients throughout the world, then this international online payment service makes conducting business a generally seamless process. You first download the Paypal app on your phone, or sign up for free online. Next, you create an account. A prompt will follow seeking confirmation of your account number. Finally, you link that number to your credit card or bank account, and now, you’re all set!
6. International Money Transfers- include globally-recognised brands such as Moneygram and Western Union. Pre-requirements for successful in-person or online transactions include providing: (i) the properly-spelled first and surname of the person sending AND receiving; (ii) an official address (not PO Box or PO Bag), of the sender AND receiver; and (iii) a form of national ID. The amount to be received OR sent is completed on the corresponding ‘send’ or ‘receive’ form, and a Money Transfer Control Number (MTCN) that is unique to that transaction is issued. In the case of the receiver, it needs to be presented in order to receive the money (an 8-character code in the case of Moneygram and a 10-character code in the case of Western Union). It usually takes about 1 hour or less to receive money sent this way- provided that neither the country of receipt or issue is black-listed or red-flagged for suspicious transactions.
7. Swift bank code- Every financial institution in the world, including banks, have a unique Business Identifier Code (BIC) for conducting international transactions. This 8-to-11-character code enables ready and easy identification of: (i) the name of the bank; (ii) its particular branch; (iii) the city or location of that bank’s branch; and (iv) the country where that bank (and branch) is based); almost similar to a person having a bank account. These codes are used when conducting international wire transfers between banks. This wired money can be received in a matter of days, once it is verified by both banks, before being transferred from the bank account of the sender, into the bank account of the receiver.
8. Cryptocurrency- I’m not entirely sure how this operates, although it seems that its use can be compared to using a debit card or Paypal, except the numbers on the screen will represent cryptocurrency, as opposed to dollars. A Coinbase account needs to be created, before users can “buy, sell, send, receive and store” cryptocurrency options including Bitcoin, Ether and Litecon. Nevertheless, there is still much debate surrounding the decentralized nature of cryptocurrency and the ensuing lack of financial oversight...stay tuned!
Now that you know, do the best for your customers and you!
Keywords: LinkedIn Local Caribbean, bank, financial, transaction, service