How does international money transfer works?
i am talking about wire transfer between two international banks (ie transferring money from one country to another). as far as i am aware the process goes like this (simplified): 1- the sending bank needs to have an account with the receiving bank (or have an account with another bank that already has a bank with the receiving bank). 2- the sending bank debit the account of the applicant (client who wants to sends the money) 3- the receiving bank debit the account of the sending bank (held with the receiving bank) then credit the account of the recipient client (the person asking for the money) all this is fine, everything so far is done electronically and recorded on the books. my question is, if someone is sending $1000 from south africa to another person in finland, does the money eventually physically move from south africa to finland? and how? does the sending bank hire a plane or ship to do so? or is this part of the central bank's job? it can not be all done electronically! at some point (end of fiscal year maybe?) money has to physically move around, hasn't it? i assume the banks must make settlements between each other .. but how? again .. is it through the central bank of the country? do central banks work together and exchange money on an international level? i feel i am missing something here. any way thanks for your answer if you already know :)
Other - Business & Finance - 1 Answers
Random Answers, Critics, Comments, Opinions :
1 :
All Banks are maintaining Nostro and Vostro accounts with selected foreign Banks. They maintain account only in important city of a country. For example an Indian Bank maintain account with a USA Bank in New York. Similarly that Bank will have an account with the same Indian Bank in any one of the important centers like Mumbai or Chennai. When an Indian Bank remits money on behalf of his customer, they debit his account and credit USA Bank account with their bank in India and request to remit the money to the beneficiary at USA through their branch or any other Bank with whom they have arrangement. The amount is settled through their Nostro and Vostro accounts. In India an Indian Banks account with foreign Bank is known as Nostro account and the foreign Banks account in India with Indian Bank is known as Vostro account.
Saturday, April 28, 2012
Saturday, April 14, 2012
Don't You people think America could change the world but end up wasting money?
Don't You people think America could change the world but end up wasting money?
Hello I love living in America it's probably the best place to live in the world but everyday I see people wasting money for no reason. If I was a celebrity like lebron james,tom hanks or tiger woods. I would be donating more than 50% of income (I swear on my life). All I need is a 1million. Don't get me wrong there's nothing wrong with a little luxury. When I watch T.V. I see all these bad shows and movies and think the money used to make this film could have been used to help kids in Africa or something. I hate how celebrities donate some money to kids in a kind of ghetto neighborhood and make sure it's on T.V. Those kids don't even need that stuff and their neighborhood is just considered ghetto because the rest of America looks great. I also hate how people say their from the streets and say yeah I'm from New york,compton,detroit,chicago,miami. Try living in South Africa,Russia,Pakistan or even central America. You aint even seen ghetto yet. If you get kids from those 3rd world countries and put them in American ghettos, they will think there in heaven. Don't get me wrong America is a great country. It's clean,organized and practically anyone can make it here. I'm not saying there is anything wrong with the government. This message is for the ignorant Americans that worry if their car,body or clothes look good. Stop being selfish and start donating. I'm not saying I'm perfect and maybe i am being a little hypocritical. I donated 25$ to world vision about a while ago. It wasn't a lot but it made me feel better. I suggest you do the same. Maybe I'm wrong what do you think?
Other - Society & Culture - 5 Answers
Random Answers, Critics, Comments, Opinions :
1 :
It's actually 4th best country in the world - After Norway, Australia and New Zealand as officially documented but as you are now over 14 trillion dollars in debt, I suggest Americans stop wasting their money Lol
2 :
Most waste isn't controlled by the people in my opinion. The way money flows in America 90% of the people own maybe 10% of the wealth, while the wealthy own 90%. The vast majority of us agree with you, the problem is just that the vast majority are low-middle class working people just trying to survive. (if middle class even exists anymore)
3 :
America is wasting money now. We are on our way to being a 3rd world Nation. I'll be happy if I can pay my bills and survive.
4 :
yes
5 :
Yes. But some celebrities do donate some of their money. I just don't know about Tiger Woods. There are people who prefer that their good deeds are kept a secret.
Hello I love living in America it's probably the best place to live in the world but everyday I see people wasting money for no reason. If I was a celebrity like lebron james,tom hanks or tiger woods. I would be donating more than 50% of income (I swear on my life). All I need is a 1million. Don't get me wrong there's nothing wrong with a little luxury. When I watch T.V. I see all these bad shows and movies and think the money used to make this film could have been used to help kids in Africa or something. I hate how celebrities donate some money to kids in a kind of ghetto neighborhood and make sure it's on T.V. Those kids don't even need that stuff and their neighborhood is just considered ghetto because the rest of America looks great. I also hate how people say their from the streets and say yeah I'm from New york,compton,detroit,chicago,miami. Try living in South Africa,Russia,Pakistan or even central America. You aint even seen ghetto yet. If you get kids from those 3rd world countries and put them in American ghettos, they will think there in heaven. Don't get me wrong America is a great country. It's clean,organized and practically anyone can make it here. I'm not saying there is anything wrong with the government. This message is for the ignorant Americans that worry if their car,body or clothes look good. Stop being selfish and start donating. I'm not saying I'm perfect and maybe i am being a little hypocritical. I donated 25$ to world vision about a while ago. It wasn't a lot but it made me feel better. I suggest you do the same. Maybe I'm wrong what do you think?
Other - Society & Culture - 5 Answers
Random Answers, Critics, Comments, Opinions :
1 :
It's actually 4th best country in the world - After Norway, Australia and New Zealand as officially documented but as you are now over 14 trillion dollars in debt, I suggest Americans stop wasting their money Lol
2 :
Most waste isn't controlled by the people in my opinion. The way money flows in America 90% of the people own maybe 10% of the wealth, while the wealthy own 90%. The vast majority of us agree with you, the problem is just that the vast majority are low-middle class working people just trying to survive. (if middle class even exists anymore)
3 :
America is wasting money now. We are on our way to being a 3rd world Nation. I'll be happy if I can pay my bills and survive.
4 :
yes
5 :
Yes. But some celebrities do donate some of their money. I just don't know about Tiger Woods. There are people who prefer that their good deeds are kept a secret.
Saturday, April 7, 2012
3 Questions?
3 Questions?
How did people make south africa all-white? How did white keep white south africa rich? Why would Bantustans cost money? short answer please, I will give you five stars
History - 5 Answers
Random Answers, Critics, Comments, Opinions :
1 :
the whites kicked all the blacks off and chased them with guns and shot most of them very sad! i dont no white south africans are very snoby and such as/ i have no idea what or who tht is sorry !
2 :
Don't know all the answers to questions (sorry), but I did learn in school that whites injected the natives with malaria b/c later stages of the disease process causes infertility. So I suppose part of the reason it's all white is because they killed some of them!
3 :
really intersting one but i don't know sorry
4 :
The Dutch Afrikaans - conquered it later taken over by the british apartheid introduced after ww2 diamond mining with capitalism dont know the answer to number 3 --- but apartheid introduced after ww2 and ended in the 90s by mandela with the A.N.C African National Congress Party
5 :
* South Africa was never all-white, or majority white. The white minority had political and economic control. * South Africa has staggering amounts of natural wealth - diamonds, gold, chromium, etc, etc,. For the most part, whites kept South Africa rich by employing blacks at low wages to dig stuff out of the ground. * Because they had no means of sustaining themselves, being created in remote parts of the country lacking agricultural, mineral and industrial resources.
How did people make south africa all-white? How did white keep white south africa rich? Why would Bantustans cost money? short answer please, I will give you five stars
History - 5 Answers
Random Answers, Critics, Comments, Opinions :
1 :
the whites kicked all the blacks off and chased them with guns and shot most of them very sad! i dont no white south africans are very snoby and such as/ i have no idea what or who tht is sorry !
2 :
Don't know all the answers to questions (sorry), but I did learn in school that whites injected the natives with malaria b/c later stages of the disease process causes infertility. So I suppose part of the reason it's all white is because they killed some of them!
3 :
really intersting one but i don't know sorry
4 :
The Dutch Afrikaans - conquered it later taken over by the british apartheid introduced after ww2 diamond mining with capitalism dont know the answer to number 3 --- but apartheid introduced after ww2 and ended in the 90s by mandela with the A.N.C African National Congress Party
5 :
* South Africa was never all-white, or majority white. The white minority had political and economic control. * South Africa has staggering amounts of natural wealth - diamonds, gold, chromium, etc, etc,. For the most part, whites kept South Africa rich by employing blacks at low wages to dig stuff out of the ground. * Because they had no means of sustaining themselves, being created in remote parts of the country lacking agricultural, mineral and industrial resources.
Sunday, April 1, 2012
Why do you support and help Israel when you should boycott it?
Why do you support and help Israel when you should boycott it?
You may find it hard to believe but I am an Israeli. But ever since Rabin’s murder I am an anti Zionist. We must stop the occupation. And we will never stop when every thing we do is supported buy the strong usa. Like in the case of South Africa and the apartheid the world must announce an embargo on Israel. Money makes the world go round. When we will see that the occupation harms us in the economic levels, not on the death of our son’s level, only then Israel will change its ways. It’s the only solution. So by helping us you don’t help us. You must announce an embargo on Israel! for "123" Rabin was an Israeli prim minister murdered buy a left side monster
Other - Politics & Government - 6 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Unfortunately its not up to the people and the front runner politicians are lobbyed off. Money and media wins elections...
2 :
Who is Rabin? let Israel kill all the Muslims terrorist.
3 :
You're right. I do find it hard to believe that you're an Israeli. Without US support, Israel would soon cease to exist. Do you think that the Arabs who have sworn to destroy Israel would hold back if the US ended their support, or would the take the opportunity they've been waiting 60 years for? Comparing Israel to South Africa during the period of apartheid is a poor comparison. Israel is a nation fighting for it's survival. South Africa was a nation fighting to oppress it's own people.
4 :
So you're an Israeli who believes your own country shouldn't exist. I have an idea. Why don't you go to the disputed territories and join Hamas? I'm sure they'd love to use you as a tool: an Israeli who hates Israelis and Jews. But then, if they don't use you for propaganda purposes, they'll probably kill you.
5 :
I agree that Israel shouldn't be supported but I won't support an embargo. Israel shouldn't exist at all. But it's there now and it's been there for a long time. The rest of the world should stay away and let you deal with your problems. A boycott would only make things worse.
6 :
Stop pretending to be Israeli. You are not worthy to be Israeli. I love Israel and will support it regardless of you or any other propoganda that is thrown my way. I saw the pictures of the wounded Israeli soldiers. It is absolutely devastating. Don't you care about human life?
You may find it hard to believe but I am an Israeli. But ever since Rabin’s murder I am an anti Zionist. We must stop the occupation. And we will never stop when every thing we do is supported buy the strong usa. Like in the case of South Africa and the apartheid the world must announce an embargo on Israel. Money makes the world go round. When we will see that the occupation harms us in the economic levels, not on the death of our son’s level, only then Israel will change its ways. It’s the only solution. So by helping us you don’t help us. You must announce an embargo on Israel! for "123" Rabin was an Israeli prim minister murdered buy a left side monster
Other - Politics & Government - 6 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Unfortunately its not up to the people and the front runner politicians are lobbyed off. Money and media wins elections...
2 :
Who is Rabin? let Israel kill all the Muslims terrorist.
3 :
You're right. I do find it hard to believe that you're an Israeli. Without US support, Israel would soon cease to exist. Do you think that the Arabs who have sworn to destroy Israel would hold back if the US ended their support, or would the take the opportunity they've been waiting 60 years for? Comparing Israel to South Africa during the period of apartheid is a poor comparison. Israel is a nation fighting for it's survival. South Africa was a nation fighting to oppress it's own people.
4 :
So you're an Israeli who believes your own country shouldn't exist. I have an idea. Why don't you go to the disputed territories and join Hamas? I'm sure they'd love to use you as a tool: an Israeli who hates Israelis and Jews. But then, if they don't use you for propaganda purposes, they'll probably kill you.
5 :
I agree that Israel shouldn't be supported but I won't support an embargo. Israel shouldn't exist at all. But it's there now and it's been there for a long time. The rest of the world should stay away and let you deal with your problems. A boycott would only make things worse.
6 :
Stop pretending to be Israeli. You are not worthy to be Israeli. I love Israel and will support it regardless of you or any other propoganda that is thrown my way. I saw the pictures of the wounded Israeli soldiers. It is absolutely devastating. Don't you care about human life?
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