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International Wires Using Electronic Transmission
Electronic payments, commonly referred to as wire transfers or telegraphic transfers (TTs), are a fast way to transfer funds. International wire transfers are transmitted through the Society for Worldwide Interbank Financial Telecommunication, or SWIFT. Instructions are sent via SWIFT to pay a bank for ultimate credit to the beneficiary (recipient).
It's important to remember that electronic payments are not instantaneous. The beneficiary will most often receive payment within 2-4 business days from the execution date. However, the speed of execution of an international wire transfer depends on several factors:
The currency being transferred
The receiving bank's procedures (such as cutoff times, currency conversion policy, the number of banks involved, etc.)
The sophistication of the payment system in the receiving country.
International Wires: International wires can be divided both into outflow and inflow.
• Outflows are described as the outward transfer whereby a customer wants to transfer funds anywhere in the world, he provides details of the foreign bank which he wants the funds remitted to and the funds are moved through any of our correspondent banks to its’ destination/beneficiary within the shortest time possible, depending on the destination country and number of correspondences. The money goes through before reaching final beneficiary.
• The opposite of the outflows is the inflow, inflows are monies sent from abroad to beneficiary in Nigeria.
• A customer opens a domiciliary account in any of Skye banks branches across the nation, monies are moved from anywhere in the world through Skye Bank core product which are credited to customers domiciliary accounts same day value without charges. It is the easy way with which relatives and friends from abroad can send money to their relatives, friends and family here in Nigeria and with Skye Bank Plc, it is fraud 7fee as any charges taken on this transactions are these by the correspondent bank, as for Skyebank no charges are taken on those transactions.
The two modes mentioned above are also known as Telegraphic transfer (TT’s) and are done basically through a medium known as (SWIFT).
Definitely like it was mentioned, these transfers are not instantaneous, as there are some factors which affect the execution of these transactions. E.g. currency, procedure for transfer, sophistication of payment system of country involved, distance of both countries and level of routing, as some could go through three or more banks before crediting to the beneficiary bank.
A huge number of Nigerians now go for education, courses, medical check-up e.g. abroad and definitely these services are meant to be paid for.
Skye Bank makes these payments through the payments modes already listed, talking about telegraphic, transfers, international drafts.
The school details are provided for the bank, so also included are the receipts (schools) bank and account number which are essential for a fast and hitch free completion of this form of transaction.
School fees remittance: Skye bank helps its wonderful customers pay school fees abroad, this ranges from secondary school level, undergraduate, to post graduate level of education.
Undergraduate payments : Payments in this respect, are for students that have gained admission into the universities outside Nigeria, and as prerequisite for student admission, school fees is to be payed by the student.
There are many modes of payment, e.g foreign draft , international cheques, international wires and the likes. Basically it depends on the mode required by the beneficiary institution.
Most of the time, international wires are required, because of its speed and level of security, unlike the international cheque and foreign drafts which could be intercepted or stolen or imitated.
Skye bank plc can make these payments via wire transfer to anywhere in the world in any currency through its correspondent banks.
In order for these payments to be made, some proper documentation has to be in place for the payments of the different levels of education.
Undergraduate documentation: For proper wire transfer for this level of education, the required documentation are
a Admission Letter
b School Bill
c Wire transfer details
d Valid visa / Passport page
e Duly filled form A
f Duly filled bid request form
Please note that the above mentioned details are for a transfer to be made when a customer is required to purchase foreign exchange for the school fees payment.
On the other hand if a customer already has foreign exchange in a domiciliary account, all that is required is a funds transfer form which should be properly filled with the proper transfer details, then the payment is made via telegraphic transfer (T T ).
The basic difference between the undergraduate and the postgraduate levels considering documentation is the fact that for the post graduate, it includes all documentation for the undergraduate plus the applicants National Youth Service Corps certificate / Exemption certificate, incase the applicant is past the age of youth service
It is worthy to note that payments in respect of school fees both at undergraduate and post graduate levels are not to exceed the amount stated on the school bill.
Subscription : This is basically an amount of money that that is paid e.g weekly, monthly or annually in respect of receipts of magazines, newspapers, for club membership or receiving a form of service.
Skye Bank Plc makes subscription payments via its correspondences to any beneficiary in the world.
All the customer is required to produce is a payment invoice or receipt from the organisation which the customer subscribed to.
Medical Bills- Medical Bills are also payed from here to hospitals abroad via wire transfer, provided the medical bill, visa, passport, ticket all valid and hospital bank transfer details are presented.
Mortgage- Mortgages can also be paid from here through Skye Bank Plc, all that you need is a demand note and bank transfer details and copy of the mortgage agreement
Drafts
Foreign currency drafts and U.S. Dollar drafts are also available through our International Banking Department. Similar to cashier's checks, in the sense that they are prepaid, drafts are an alternative means of payment used when payment must be accompanied by an invoice or letter of instruction by the customer with the following information included, Name of receiver - "Pay To The Order Of"/Payee
Type of currency and amount of draft /e.g USD, GBP, EURO
Name of sender /Drawer |
