What are the advantages and disadvantages of using a SWIFT bank transfer?
Advantages: Large amounts can be transferred securely.
Disadvantages: Longer processing time (several days), high fees from both sending and receiving banks.
Can I cancel a money transfer from Guinea to India after it's sent?
Yes, in most cases, you can cancel a money transfer from Guinea to India if the funds haven't yet been received in India. To do so, contact the provider's support team in Guinea or use their app/website. Keep in mind that some services may charge a cancellation fee for transfers between Guinea and India.
Are there limits on how much I can send from Guinea to India?
Yes, most providers have limits on international transfers from Guinea to India. These limits may depend on the provider, the amount, and your identification level. For example, larger transfers from Guinea to India may require identity verification or proof of source of funds.
How to calculate taxes on foreign payments?
If for some reason the bank's rate on that day was higher than the Central Bank's rate (the rarest
case), the "service" received is also taxed. It is easier to follow this point than to deal with
additional calculations.
