Questions tagged [banks]

SamsungShine Sat Oct 05 2024 | 7 answers 1234

Are you aware that SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a messaging network that facilitates international financial transactions between banks? It's a crucial component in the global financial system, enabling banks to securely transfer money, securities, and other financial instruments. However, does this mean that every bank in the world utilizes SWIFT for their international transactions? Are there any exceptions or alternative methods used by some banks? Let's delve deeper into this question and explore the nuances of international banking.

SilenceStorm Sat Oct 05 2024 | 7 answers 1466

Can you tell me, do banks typically accept torn cash as a form of payment or deposit? I've heard some rumors that they might reject it due to its condition, but I'm not sure if that's the case across the board. Is there a general policy or guideline that banks follow when it comes to handling torn or damaged currency? And if they do accept it, is there any sort of deduction or discount applied to the value of the cash based on its condition? I'd appreciate any insights you can provide on this matter.

Michele Fri Oct 04 2024 | 5 answers 1661

I'm curious to know which banks are currently utilizing the ISO 20022 standard for their financial messaging. This international standard has been gaining traction in the industry for its enhanced security, efficiency, and flexibility. Are there any major banks in particular that have embraced ISO 20022, or is it a more widespread adoption? It would be interesting to understand the motivation behind their decision to switch to this standard, and how it's impacting their operations. Additionally, are there any challenges or obstacles that banks have faced in implementing ISO 20022, and how have they overcome them?

BonsaiVitality Fri Oct 04 2024 | 5 answers 1258

I'm curious, when it comes to foreign currency exchange, do all banks and credit unions offer this service? Is it a standard offering across the board, or does it vary by institution? If some don't offer it, what are the typical reasons behind that? And for those that do, are there any specific fees or requirements to be aware of?

Skywalker Fri Oct 04 2024 | 5 answers 993

Excuse me, but I'm curious about something. I've been hearing a lot about cryptocurrency lately, and I'm wondering if banks are actually involved in selling it. I mean, do banks sell cryptocurrency to their customers? I know they deal with traditional currencies, but I'm not sure if they've ventured into the world of digital assets. It would be great if you could clarify this for me. Thanks in advance!