Frequently Asked Questions

Frequently Asked Questions

  • Can I send money to a bank without having a bank account in Haiti?

    Yes you can. The beneficiary will receive the remittance in U.S. dollars, in cash form.

  • Is it important to declare the purpose of the funds being sent to Haiti?

    Each overseas entity has its own KYC (Know your customer) / AML (Anti-Money Laundering) requirements and the transactions have to be as per the permissible modes and purposes.

  • What factors are most likely to slow international bank transfer times?

    Although you’d assume that international bank transfer times would be instantaneous, particularly given the rise of online banking, they can be delayed for a number of reasons:

    Fraud prevention
    One of the main reasons for delays to international money transfers are the fraud prevention processes and procedures put in place by banks. The SWIFT network requires transfers to pass through up to three correspondent banks before arriving at their destination. Then, once the funds have actually arrived, processing time at the recipient’s bank could delay payment even further.

    Incorrect payment details
    Another factor that can have a big effect on international money transfer times is erroneous payment details. Payments can be sent back if any of your beneficiary’s information is incorrect, so before you make a payment, double check the name of your recipient, the name of their bank, their account number, their IBAN number, and their SWIFT/BIC code.

    Holidays and weekends
    Sometimes, slow international payments are caused by something as prosaic as bank holidays and weekends. Put simply, if the bank is closed, then your payment can’t be processed. If you’re making a payment that needs to be sent as soon as possible, check whether there’s a bank holiday in your recipient’s country beforehand. It’s also a good idea to send your payment at the start of the week, so that it has time to arrive and go through processing before the weekend.

    Different currencies
    Currency conversion can be another drag on international bank transfer times. If your payment needs to be received in a different currency to the one it was sent, processing times can be lengthened.

    Different time zones
    It might be midday in London, but it’s the middle of the night in Los Angeles. If you want to make sure your international bank transfer goes through as quickly as possible, you should try to send it during business hours in your recipient’s country.