{"id":3616,"date":"2013-12-04T11:15:31","date_gmt":"2013-12-04T11:15:31","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=3616"},"modified":"2013-12-06T10:35:38","modified_gmt":"2013-12-06T10:35:38","slug":"how-do-currency-brokers-pay-out-funds-to-my-beneficiary","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/how-do-currency-brokers-pay-out-funds-to-my-beneficiary\/","title":{"rendered":"How do currency brokers pay out funds to my beneficiary?"},"content":{"rendered":"<p>When seeking the support and advice of a currency broker, you might as yourself how they pay out funds to the beneficiary. There are a couple of things that brokers will need to consider when sending money to a beneficiary including, time and safety regulations. This episode briefly covers everything you need to know in order to gain a better understanding of how brokers pay out funds.<\/p>\n<div id=\"wistia_2xwp2tto22\" class=\"wistia_embed\" style=\"width:640px;height:388px;\">\n<div itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\"><meta itemprop=\"name\" content=\"How do Currency Brokers Pay Out Funds to my Beneficiary - MyCurrencyTransfer TV\" \/><meta itemprop=\"duration\" content=\"PT2M39S\" \/><meta itemprop=\"thumbnailUrl\" content=\"https:\/\/embed-ssl.wistia.com\/deliveries\/1ba0ea3a7772f876e4e66a82b092ed54c841a989.bin\" \/><meta itemprop=\"contentURL\" content=\"https:\/\/embed-ssl.wistia.com\/deliveries\/e92bcf5409b57513962097b03a01e7d9934f6445.bin\" \/><meta itemprop=\"embedURL\" content=\"https:\/\/embed-ssl.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04&#038;autoPlay=false&#038;banner=false&#038;controlsVisibleOnLoad=true&#038;customColor=026eb2&#038;endVideoBehavior=default&#038;fullscreenDisabled=true&#038;hdUrl%5Bext%5D=flv&#038;hdUrl%5Bheight%5D=720&#038;hdUrl%5Bsize%5D=52582149&#038;hdUrl%5Btype%5D=hdflv&#038;hdUrl%5Burl%5D=https%3A%2F%2Fembed-ssl.wistia.com%2Fdeliveries%2Fe81de0f33cc9bb04760b4728b4368505542cb48a.bin&#038;hdUrl%5Bwidth%5D=1280&#038;mediaDuration=159.0&#038;playButtonVisible=true&#038;showPlayButton=true&#038;showPlaybar=true&#038;showVolume=true&#038;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F1ba0ea3a7772f876e4e66a82b092ed54c841a989.jpg%3Fimage_crop_resized%3D640x360&#038;unbufferedSeek=false&#038;videoUrl=https%3A%2F%2Fembed-ssl.wistia.com%2Fdeliveries%2Fe92bcf5409b57513962097b03a01e7d9934f6445.bin\" \/><meta itemprop=\"uploadDate\" content=\"2013-12-03T22:51:31Z\" \/><object id=\"wistia_2xwp2tto22_seo\" classid=\"clsid:D27CDB6E-AE6D-11cf-96B8-444553540000\" style=\"display:block;height:360px;position:relative;width:640px;\"><param name=\"movie\" value=\"https:\/\/embed-ssl.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04\"><\/param><param name=\"allowfullscreen\" value=\"true\"><\/param><param name=\"allowscriptaccess\" value=\"always\"><\/param><param name=\"bgcolor\" value=\"#000000\"><\/param><param name=\"wmode\" value=\"opaque\"><\/param><param name=\"flashvars\" value=\"autoPlay=false&#038;banner=false&#038;controlsVisibleOnLoad=true&#038;customColor=026eb2&#038;endVideoBehavior=default&#038;fullscreenDisabled=true&#038;hdUrl%5Bext%5D=flv&#038;hdUrl%5Bheight%5D=720&#038;hdUrl%5Bsize%5D=52582149&#038;hdUrl%5Btype%5D=hdflv&#038;hdUrl%5Burl%5D=https%3A%2F%2Fembed-ssl.wistia.com%2Fdeliveries%2Fe81de0f33cc9bb04760b4728b4368505542cb48a.bin&#038;hdUrl%5Bwidth%5D=1280&#038;mediaDuration=159.0&#038;playButtonVisible=true&#038;showPlayButton=true&#038;showPlaybar=true&#038;showVolume=true&#038;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F1ba0ea3a7772f876e4e66a82b092ed54c841a989.jpg%3Fimage_crop_resized%3D640x360&#038;unbufferedSeek=false&#038;videoUrl=https%3A%2F%2Fembed-ssl.wistia.com%2Fdeliveries%2Fe92bcf5409b57513962097b03a01e7d9934f6445.bin\"><\/param><embed src=\"https:\/\/embed-ssl.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04\" allowfullscreen=\"true\" allowscriptaccess=\"always\" bgcolor=#000000 flashvars=\"autoPlay=false&#038;banner=false&#038;controlsVisibleOnLoad=true&#038;customColor=026eb2&#038;endVideoBehavior=default&#038;fullscreenDisabled=true&#038;hdUrl%5Bext%5D=flv&#038;hdUrl%5Bheight%5D=720&#038;hdUrl%5Bsize%5D=52582149&#038;hdUrl%5Btype%5D=hdflv&#038;hdUrl%5Burl%5D=https%3A%2F%2Fembed-ssl.wistia.com%2Fdeliveries%2Fe81de0f33cc9bb04760b4728b4368505542cb48a.bin&#038;hdUrl%5Bwidth%5D=1280&#038;mediaDuration=159.0&#038;playButtonVisible=true&#038;showPlayButton=true&#038;showPlaybar=true&#038;showVolume=true&#038;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F1ba0ea3a7772f876e4e66a82b092ed54c841a989.jpg%3Fimage_crop_resized%3D640x360&#038;unbufferedSeek=false&#038;videoUrl=https%3A%2F%2Fembed-ssl.wistia.com%2Fdeliveries%2Fe92bcf5409b57513962097b03a01e7d9934f6445.bin\" name=\"wistia_2xwp2tto22_html\" style=\"display:block;height:100%;position:relative;width:100%;\" type=\"application\/x-shockwave-flash\" wmode=\"opaque\"><\/embed><\/object><noscript itemprop=\"description\"><\/p>\n<p>A brief overview to understand how currency brokers transfer and pay out funds to beneficiaries considering time, safety regulations and virtual currency.<\/p>\n<p><\/noscript><\/div>\n<\/div>\n<p><script charset=\"ISO-8859-1\" src=\"\/\/fast.wistia.com\/assets\/external\/E-v1.js\"><\/script><br \/>\n<script>\nwistiaEmbed = Wistia.embed(\"2xwp2tto22\");\n<\/script><br \/>\n<script charset=\"ISO-8859-1\" src=\"\/\/fast.wistia.com\/embed\/medias\/2xwp2tto22\/metadata.js\"><\/script>Good morning, and welcome to another edition of MyCurrencyTransfer TV. Today, we\u2019re going to answer a question asked by one of our customers recently:<\/p>\n<p><strong>&#8220;How do currency companies pay out funds to my beneficiary.&#8221;<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-3621\" alt=\"how-do-currency-brokers-pay-out-funds-to-my-beneficiary\" src=\"http:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/12\/how-do-currency-brokers-pay-out-funds-to-my-beneficiary.png\" width=\"640\" height=\"496\" srcset=\"https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/12\/how-do-currency-brokers-pay-out-funds-to-my-beneficiary.png 640w, https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/12\/how-do-currency-brokers-pay-out-funds-to-my-beneficiary-300x232.png 300w, https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/12\/how-do-currency-brokers-pay-out-funds-to-my-beneficiary-206x160.png 206w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><strong>Swift Membership<\/strong><br \/>\nMost large, reputable currency brokers are members of SWIFT \u2013 this stands for the Society for Worldwide Interbank Financial Telecommunication. It\u2019s the world\u2019s largest domestic and international payment system that\u2019s used in the financial markets to make payments between accounts fast, securely and safely. Check your currency company has swift connectivity.<\/p>\n<p>Typically, you will book a rate with a currency broker and be issued with a trade notification. Most brokers accept bank transfer payment via CHAPS, BACS or Telegraphic Transfer. It\u2019s important to note that most non-bank currency companies do not accept cash or funds from third parties. Those that do accept payment from third parties will need to verify the source.This is for anti-money laundering reasons.<\/p>\n<p><strong>Same day or 24 hours later<\/strong><br \/>\nOnce your chosen provider has received clearance of the sell currency, the broker will pay the beneficiary account (or for multiple payments, the accounts) you\u2019ve nominated the same day or 24 hours later.<\/p>\n<p>With some non-bank foreign exchange brokers, you can track the progress of your payment OR receive an email OR PDF to confirm that the payment has gone through.<\/p>\n<p><strong>Bitcoin accepted? Nope.<\/strong><br \/>\nDespite Bitcoins meteoric rise, inside the money transfer industry there remains zero regulatory oversight. It\u2019s very important for non-bank foreign exchange companies to protect client funds &amp; adhere to money laundering &amp; risk management parameters. As such, none of the currency brokers listed on <a href=\"http:\/\/www.mycurrencytransfer.com\/\" target=\"_blank\">MyCurrencyTransfer.com<\/a>, nor any FCA regulated company we know of accept Bitcoins as a form of payment. As soon as this may change, we\u2019ll keep you abreast of updates.<\/p>\n<p>&nbsp;<\/p>\n<p>Be sure to follow us on our twitter handle <a href=\"https:\/\/twitter.com\/CurrencyTransfr\" target=\"_blank\">@currencytransfr<\/a> and if you have any questions feel free to email me at sofia@mycurrencytransfer.com<\/p>\n<p>Sofia Kluge on <a href=\"https:\/\/plus.google.com\/109465607505853125491\/?rel=author\">Google+<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When seeking the support and advice of a currency broker, you might as yourself how they pay out funds to the beneficiary. There are a couple of things that brokers will need to consider when sending money to a beneficiary including, time and safety regulations. This episode briefly covers everything you need to know in order to gain a better [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[115],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3616"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=3616"}],"version-history":[{"count":7,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3616\/revisions"}],"predecessor-version":[{"id":3629,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3616\/revisions\/3629"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=3616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=3616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=3616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}