The Laws about International Money Transfers

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There are many reasons why international money transfers might be necessary. People working in a foreign country might be sending money home to support their family, transferring money into a home account to pay bills or outstanding debts, or possibly to cover the costs from an emergency while on holiday.

Today, there are more transactions made online through international money transfers being used to pay for products and services from all over the world. Direct on-site sales or websites which help connect buyers and sellers all rely on the mechanisms for transferring money internationally to ensure as wide a customer base as possible, extending beyond national borders.

The global marketplace also creates areas of opportunity for criminality to flourish by gaining or by hiding illegal funds across borders.

There are laws which regulate the movement of money between countries, helping to prevent fraud, money laundering, theft and other such illegal activities where any failure to comply with those laws will result in a cancellation of the international money transfer and refusal to pay out.

When sending money from another country or collecting money sent to another country, banks and money transfer companies will require photographic proof of identification. Failure to produce I.D. will result in refusal by the bank or transfer company to either transfer or pay out the money as is the case. Valid I.D from government agencies within it’s date of validity, such as a drivers licence or passport are typical types of identification accepted.

Many countries also have laws in place so that the money transfer companies ensure that the receiver is present in person to collect the money transferred to them along with photographic I.D. Western Union has this requirement as their standard policy worldwide, as do many of the more reputable money transfer companies.

There are limits to the amounts that can be transferred internationally, whether done online or through bank/money transfer companies. The chief reasoning behind these limits are to combat fraud and money laundering, although it is possible to break larger sums into smaller amounts which meet the limits allowed. Limits vary by country and by company and records are kept which help fight against improper or illegal use of international money transfers.

Laws are also in place which give banks or money transfer companies the right to charge a fee to accommodate international money transfers to or from another country. The amounts charged by these institutions vary considerably with each individual country enacting it’s own governance and the banks and money transfer companies allowing some room to set their own rates.

There are also laws regarding currency exchange when dealing with international money transfers and many banks or companies will charge a fee where the currency differs from sending to receiving countries, a common occurrence when money is transferred across national borders.

International money transfers are an integral part of the global economy and, naturally, laws are in place to ensure the smooth operation and clean use of that service. Banks, online sites and money transfer companies are all tied into the financial sector and must be transparent in the running of their service with checks made and records kept so that the machinery of international finance can run smooth.