From a Tuscan Villa Deposit to Parisian Antiques: A Guide to Flawless International Payments
- Mateo
- Oct 8
- 3 min read
No matter what you want to do in life, it can feel like there is always a piece of admin or personal finance that you need to do alongside it. The connected nature of the world means that messages, money, and physical items are constantly moving this way and that, and being able to make things happen is essential. With this in mind, we want to guide you through everything you need to know about the complex world of international payments.
Why do you need to make international payments?
The minute you pay for a service or buy an asset that is in a foreign country, you will need to take care of an international money transfer. Yes, your bank will say that they can help you here, but they will often be slow, inflexible, and charge you more than you should have to pay. A specialist money transfer service will offer you a fast, flexible, and affordable service that is always 100% transparent. Let’s take a look at what you need to do to make use of one.
Check the currencies involved
If you are sunning yourself in Miami and you want to buy an antique from a Parisian showroom, you will need to convert Dollars into Euros. A transfer service will need to cover both currencies, offer a clear exchange rate between the two, and have the infrastructure that allows them to communicate with a bank in a foreign country. Traditional banks can do this in some cases, but they tend to be slow and costly to use.
Confirm the recipient’s details
As with any transaction, domestic or international, you need to make sure you have the correct details for the recipient. Their full name, current address, and the size and nature of the payment all need to be collected and then double-checked. Even if you are confident that you know everything off by heart, take a couple of minutes to run back through the details. It’s the best way to save yourself from potentially costly and time-consuming delays that can arise when something simple is missed or overlooked.
Find the banking details
Every bank account has a unique number when used domestically, and these numbers are then lengthened when used internationally. You can learn more about IBAN formatting by using many of the useful online tools that are available. You will also need to know a little about SWIFT Codes — these are the details that banks use to communicate with one another. Without a SWIFT code, your bank will not be able to connect with the recipient’s bank, even if you have their IBAN. Making sure both numbers are correct and supplied in a timely fashion is essential.
Understand the fees and charges
Money transfer services are businesses, so they will charge a small fee for using their services, but it will be significantly less than a bank would charge, and the service will be much faster. Asking for a transparent breakdown of the fees and charges will allow you to budget accordingly. The amount you will be charged will depend on the currencies, locations, and total amounts involved.
Factor in the transfer times
If you have bid for an antique, it is typical for the auction house to hold the item for a pre-determined period of time. After this time limit has elapsed, they reserve the right to cancel the sale and put the item back on the market. With this in mind, you want to know how long the transfer will take and how you can track its speed and progress along the way. A live tracking service can be very helpful here, particularly if you are sending money across several different time zones.
Clarify anything you’re unsure of
The more questions you ask, the less you will be leaving to chance or uncertainty. A specialist remittance service will appreciate the fact that this may be the first time you have ever used such a service, and they will be more than happy to guide you through everything you need to know.
Finding a service that is transparent, fast, affordable, and always happy to answer a couple of extra questions is certainly the way to go. Do it sooner rather than later, and you’ll be able to enjoy the convenience of flawless international transfers for many years to come. Perfect when you want to be able to treat yourself to the finer things in life without the stress and admin that used to come with it.