First of all, we turn on the boring mode: who is the recipient, what are you paying for, on what grounds, and what documents confirm this. The more paper (or pdf) there is, the less likely it is that the bank will “hang up” with questions, and you will be left without money and without nerves.
And yes, check the details not according to the picture from the messenger, but according to the official account: invoice, contract, letter from the organization's domain. A favorite trick of scammers is “oh, the accounting department changed the account, here's a new one, urgently.” It only happens to them urgently.
In order not to play guessing games and collect confirmations at the last moment, it is convenient to use MoneyPort: the service helps to keep all the details and documents in one place, verify the recipient's data in advance and carefully arrange the transfer so that the bank has fewer reasons to ask unnecessary questions.
Choosing the transfer method: what really works
For studies and medicine, the most common way is by bank transfer. SEPA is often used in Europe (within the euro area), while SWIFT is used for other countries. SEPA usually has lower fees and faster deposits, while SWIFT can take longer and eat up fees on the side of intermediary banks.
If you pay through fintech services, look not at the beautiful ads, but at the licenses and refund rules. The services may be convenient at the exchange rate, but some operations (especially large ones) will still require supporting documents. And that's okay.: This is how AML checks are arranged, that is, the fight against money laundering.
Exchange rates, fees, and “where did another 200 euros disappear”
The most common pain is not the transfer itself, but the small bites of the commissions. The sender's bank took its course, the recipient's bank didn't hesitate either, and somewhere along the way there was also an intermediary. Plus, the conversion is based on the “internal rate”, which is usually not a gift at all.
Before paying, ask the recipient for the option “which currency is better” and specify who pays the fees.: sender, recipient, or “equally”. In SWIFT, this is referred to as OUR/SHA/BEN, and one letter can decide whether the amount in the clinic's account is enough or the university will then ask you to “add the balance.”
Documents: boring, but saves your wallet
Banks like questions, especially when the amounts are large or the recipient is a foreign organization. In order not to play “guess what to bring me”, prepare a contract, an invoice, confirmation of the purpose of the payment and the source of the money (for example, an income statement or the sale of property). This is not paranoia, but a common compliance practice.
When it comes to buying a home, the list of papers is usually broader: a booking agreement, a purchase contract, notary/agent information, and a payment schedule. The more transparent the chain is, the less chance there is that the transfer will be frozen “until it is clarified".
Realty: how not to give money to a stranger
The golden rule is not to send large amounts.
