Understanding cross-border transactions is more important than ever in today’s globalized economy. Knowing how to send money internationally can save you time and money, whether you’re sending or receiving funds. That‘s where Zil comes in to play, Zil a cloud-based online banking platform that makes it easy and affordable to transfer money internationally. Businesses can use Zil to securely transfer funds to bank accounts in other countries at a low cost. Businesses can easily send money internationally using Zil’s international wire transfer feature. Furthermore, the platform is designed to be user-friendly, allowing businesses to easily send and receive payments.
What Are International Payments?
When a sender instructs an international money transfer provider to send money electronically from one person to another, this is referred to as an “international money transfer.” The term applies whether or not the sender has an account with the international money transfer company and whether or not the transaction is also an electronic fund transfer.
- SWIFT is a global financial telecommunications company founded in Brussels in the early 1970s.
- SWIFT’s mission is to assist banks in securely and quickly communicating with one another about processing bank transfer payments.
How SWIFT Work?
SWIFT refers to as “communication” because it is merely a tool for banks to communicate with one another. SWIFT is in charge of sending payment instructions between banks.
What Is BIC (Bank Identifier Code)?
BIC stands for “Bank Identifier Code.” This code is used to identify banks when sending money abroad. A bank can join the SWIFT network by receiving a code from the organization known as SWIFT.
SWIFT code, BIC/SWIFT code, and SWIFT identifier all refer to the same thing: international payment codes.
International Wire Transfer with Zil
International money transfers is traditionally been a difficult and costly process, but Zil makes it simple and affordable. Businesses can use Zil to quickly and easily transfer funds to another bank account located outside of the country for a reasonable cost, making it an excellent option for businesses that need to send money overseas.
You can transfer money internationally using our web version or our app on your iPhone, iPad, or Android device. Our app is available in the iOS App Store and the Google Play Store. The app includes all of the features of our web application, allowing you to conduct business while on the go.
How to Make International Money Transfer with Zil?
Zil enables businesses to make secure international wire transfers. Logging in, selecting the business bank account, initiating a wire transfer, and proceeding to payment are all options.
- Step 1: Log in to com and choose a business bank account,
- Step 2: Click on the Send Payment button. A drop-down menu will appear. From there, select the Wire transfer option from the menu.
- Step 3: Select the International wire transfer option and choose a payee. Enter the amount you want to transfer and the necessary details. Click send, and you will receive an OTP through email or SMS.
International wire transfers will start after you enter the OTP and is often processed within 1 to 5 business days.
How Long Do International Payments Take?
Bank transfers are typically processed the same business day if requested before the bank’s cutoff time. If there is a time difference, it may be processed the following business day. Unfortunately, just because your bank processes an international transfer on a business day does not guarantee that the funds will arrive in your recipient’s bank account the same day. You have no control over what happens after you send the payment instruction. We’d like to see real-time SWIFT transfers, but we’re not there yet.
An international transfer typically takes 1 to 5 business days to reach its destination. However, many factors can cause the transfer to be delayed, including incorrect bank details, holidays, weekends, time zones, the destination country, regulatory checks, the number of intermediary banks, and so on. Send money internationally with Zil right now!
Zil is an excellent choice for anyone looking to send money internationally. Our platform provides a safe and user-friendly way to send and receive funds across the world for an affordable rate. With our international wire transfer feature, businesses can quickly and easily send money to bank accounts in other countries with minimal effort. Plus, Zil’s fast processing times ensure that your funds will get where they need to go quickly and securely. So if you’re looking for a reliable international money transfer solution, look no further than Zil!