Ways to Account for Money From Abroad

‍Ways to Account for Money From Abroad

Nowadays, we exchange a lot of money with foreign countries, both for commercial reasons and in our private life. In this case, the importance of the speed factor in our monetary transactions with foreign countries has greatly increased. In today's article, we will examine the ways of transferring money from abroad to our account and introduce them to you.

First of all, we will divide this issue into two categories: receiving payment for commercial reasons and taking into account money coming from personal reasons and examining one by one.

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Taking into account money from abroad for commercial reasons

There are several ways for payments that you will receive after commercial agreements with foreign channels. You can carry out your processes of receiving payments from abroad via EFT, wire transfer or credit-debit cards. If you wish, let's examine these ways and take a look at the traditional ways of receiving payments from abroad for commercial reasons.

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• How to Receive Payments from Abroad Through EFT‍

Let's start by answering the question that comes to mind first; what is EFT? Broadly speaking, money transfer transactions made by two different users through two different banks are called EFT. Proceeding from here, receiving payments to our business account with EFT appears to be an extremely natural process, since banks abroad are usually different from banks in our country. But, of course, the commission rates of banks in this process can often be annoying.

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• How to Receive Payments from Abroad by Wire Transfer

‍By its well-known definition, wire transfer is the name given to money transfer processes that take place between two users through the same bank. Of course, it would not be wrong to say that this way is not used very much when receiving payments from abroad to our account, since the fact that the banks abroad that we mentioned in the EFT system and the banks in our country are usually different, limits the use of the remittance system in the processes of obtaining accounts for commercial reasons.

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• How to Receive Payments from Abroad Through Cards

To be involved in the processes of receiving payments through credit-debit cards, which is one of the ways of receiving payments from abroad for commercial purposes, you need to be doing e-commerce, not traditional commerce. Because to apply this route, you need to provide various virtual pos integrations with banks or have virtual pos providers. In order for you to have virtual pos integration and providers, examples of which we often find in our country, it is essential that you have a real e-commerce site or store and carry out your sales from there.

We took a look at the traditional ways of receiving payments from abroad for commercial reasons and examined them. Now, if you wish, let's take a look at ways to get payments from abroad into our account for personal and special reasons and evaluate them.

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Taking into account money from abroad for personal reasons

In fact, there is a traditional method for these processes, which is accepted in the world and is often used among banks, called SWIFT. So what is SWIFT?

SWIVEL (Society Worldwide Interbank Financial Telecommunication/World Association of Interbank Financial Telecommunication)

The SWIFT system is the name given to all money transfer processes carried out in foreign currency to bank accounts at home or abroad. Thanks to a special international code called the SWIFT code, which is exclusive to the legal entity of each bank, it is ensured that the transfer of money to the currency accounts of banks is carried out.
The first 4 digits of the SWIFT code identify the bank code, the next 2 digits the country code, and the next digits identify the local code and branch code, respectively. This code consists of a total of 11 digits and all uppercase letters, if it does not reach 11 digits, the letter X is added at the end. To exemplify;

Active Bank Swift Code
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• CAYTTRIES003
• CAYT: Bank Code
• EN: Country Code (Turkey)
• IS: Local Code (Istanbul)
• 003: Branch Code
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Although this system appears to be a fairly simple and fast method of sending money abroad, the high commission rates that are deducted make the job unpleasant.

There is another method to receive money from abroad into our account, using the UPTION application. So what advantages does being an UPTION customer bring to you? If you wish, we would like to explain these advantages and details about UPTION application.

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UPTION

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So far, we have studied traditional and technological methods, their advantages and disadvantages. If you are still unsure which method to adopt to receive money from abroad into your account, I would like to tell you about a new, fairly easy, fast and effective method. UPTION, a product developed by UPT, is a mobile application that allows you to transfer money to name, account and card 24/7 and receive money from abroad to your account.
First of all, we would like to tell you about the SEPA IBAN feature that is included in our UPTION application. Thanks to SEPA IBAN, as UPTION customers, you now have an IBAN belonging to the European region, so you do not have to use the SWIFT process when transferring money between countries in the SEPA region in Turkey and Europe. Thanks to the SEPA IBAN you have, you have the possibility to carry out the material transactions you will carry out with this region much cheaper and much faster through UPTION. SEPA IBAN, which can also be cited as an alternative to PayPal technology that is no longer in use in Turkey, offers very important solutions for freelancers and our customers with business connections abroad. Thanks to this system, you can easily get money from abroad into your account without getting bogged down in SWIFT processes.

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After registering in the UPTION application, where you can transfer money and send and withdraw money in cash with a low commission to 176 countries around the world, as well as easily receive money from abroad and related payments to your account, you will be given a special IBAN when you open TRY, USD and EUR accounts. In addition, with the Dynamic QR feature, you can create custom QR for these currencies we count, pay and collect with the QR you have created.
Let's get to the most interesting feature of the app already. UPTION does not charge any shipping fees for transfers to Europe and Kazakhstan. Both the ability to make money transfers 24/7, the possibility of receiving the incoming money into your account, as well as the fact that this is not subject to a commission are the most attractive features of the application.

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If you want to become a customer, you first need to download the application, register with your email address or phone number. Then you make your transactions by following the Become a customer tab through the app. After signing the contract, which is sent to your address by courier for free, you become an UPTION customer and you can start enjoying all its privileges. If you wish, you can also sign the contract at UPT dealers, of course, that's up to you. I hear you ask where you can download the app. You can get the UPTION app from all app stores and you too can be an UPTION owner in a very short time.