Text 11. Money Transfer

High street banks have a variety of services which allow you to transfer money abroad. The prices vary based on the country you are sending the money to, the currency, the value of your transfer and how quickly you would like it to arrive.

If you have a bank account, there are several ways to transfer money overseas through the banking system. Not all banks operate in the same way. Check with your local bank for details.

Sending a Check Abroad

Check clearing can take from 4 - 6 weeks. Even though it's easy to issue a check, it may not be easy for the recipient to cash the check. The recipient will be charged a fee of about $50 for check processing. Some countries have less streamlined banking systems than others and may not honor foreign-drawn checks.

Foreign Drafts

Depending on which city or town you live in, this can take from a few days to a week for the bank to prepare the draft. You mail the draft to the recipient. The money comes out of your account when the draft is prepared, not when the recipient gets it. There is a fee for this service of about $25. Since the draft is drawn on your bank to another (corresponding) bank, the recipient must have access to the corresponding bank.

Wire Transfers

You don't have to be a customer of the bank to wire funds, but you have to pay cash. This is quicker than a Foreign Draft, since it is done almost immediately. The fee is about $65 for non-customers and about $40 for bank customers. The recipient must have access to the corresponding bank.

Western Union and Moneygram

These two international companies allow you to transfer money in minutes to almost anywhere in the world. Western Union has over 345,000 agents in 200 countries. To send more than £600 at an agent's office you must have proof of identity. More than £2,000 will require two forms of identity. You can also send money over the phone and online.

Moneygram is a slightly smaller operation, with less than half the agents in only 180 territories. However it can be slightly cheaper.

Exercise 85. Complete the table.

Way of transfer	Advantages	Disadvantages

Exercise 86. Find examples of modal verbs in text 11. Analyse these forms.

Exercise 87. Complete the sentences with the correct prepositions.

1. The prices vary based … the country you are sending the money to. 2. Not all banks operate … the same way. 3. It may not be easy … the recipient to cash the check. 4. The money comes … of your account when the draft is prepared. 5. Since the draft is drawn … your bank to another bank, the recipient must have access … the corresponding bank. 6. To send more than £600 … an agent's office you must have proof of identity. 7. You can also send money … the phone and online.

Exercise 88. Discuss the questions in pairs.

Which way would you prefer if you had to transfer money abroad? Why?

Exercise 89. Learn the following words and word combinations.

investment bank	інвестиційний банк
intermediary	посередник
issue securities	випускати цінні папери
underwrite an issue	гарантувати розміщення цінних паперів; гарантувати випуск (облігацій, акцій)
initial public offering (AmE)/ flotation (BrE)	початкова передплата на акції при перетворенні приватної компанії на відкриту акціонерну
raise funds	залучати кошти, збирати кошти
acquire	купувати, придбати
institutional investor	інституційний інвестор; інвестиційна компанія
insurance company	страхова компанія
investment fund	інвестиційний фонд
pension fund	пенсійний фонд
stockbroking	перепродаж акцій; торгівля фондовими цінностями
dealing	біржові операції
execute an order	виконувати замовлення
merger	злиття
acquisition	придбання; поглинання
subsidiary	дочірнє підприємство, дочірня компанія, філіал
divestiture	позбавлення прав; реалізація, ліквідація дочірнього підприємства
consulting firm	консалтингова (консультаційна) фірма
strategic planning	стратегічне планування
financial restructuring	фінансове оздоровлення компанії
analyst	аналітик
forecaster	прогнозист
valuation	оцінка

Exercise 90. Read, translate and give the gist of text 12.