Considering the advantages of opening an offshore account in a bank in Monaco, the money transfer procedure needs to be further analyzed as it requires careful thought. Privacy of such an action might not be so sure, as any transfer between accounts will tie the two banks together, being permanently registered. Confidentiality of banking transactions is not very strict and permits such information to come out.

A strategy used in confidential assets transfer is interposing a neutral intermediary, low profile jurisdiction.

Another strategy is to form a self-owned intermediary corporation(s), especially if the size of the intended transactions justifies the cost and administration involved.

Information you need provide for the bank at money transfer

• the currency and amount of money to be sent;
• info on the recipient bank account: IBAN or if IBAN is not available (if the bank is outside Europe) bank sort code and address
• the bank's Swift address — BIC
• info on beneficiary: name, address (e-mail address)
• other reference (e.g. booking reference)

Modalities of money transfer

• Cash transfers
• Money orders (Postal Service, banks)
• Banking transfers: checks, foreign drafts and wire transfers

Cash transfers

World's money transfer business is dominated by the two leading companies: MoneyGram Payment Systems Inc. and Western Union Financial Services Inc.

Procedures

• When transferring money through an agent (not online), you need to locate a sending agent and a receiving money transfer agent.
• There is a fee to be paid: cash when using a sending agent or using a card when transferring online.
• There is a unique money transfer control number with each transaction. It is useful for the recipient to collect the money.
• The transfer is made within a few hours.

Money orders

Can be done using postal service and/or banks.

• There is a maximum amount allowed per money order.
• A processing fee will be required.
• The covering area is wide: banks and post offices in most countries.
• Info on the recipient is needed: name, address.
• There is a unique number of this transaction that may help in case of traceability problems.

Banking transfers

Not all banks operate in the same way. There are several ways of using the money transfer services offered by banks:

Checks

• Four to six weeks may take for a check clearing.
• The recipient may have some difficulties at cashing the check.
• There is a fee charged on the receiver for check processing.
• There is the risk that some countries have banking systems that may not honor foreign-drawn checks.

Foreign drafts

• Preparing the draft may take up to a week.
• When the draft is prepared, the money comes out of the sender's account.
• The draft is sent by the sender by mail.
• There is a fee to be paid.
• The receiver must have access to the bank to which the draft is drawn.

Wire transfers

• Faster than drafts, it is done almost immediately.
• Wiring funds does not imply being a customer of the bank you use for transfer.
• Payment must be cash.
• The fee is smaller for bank customers.
• The receiver must have access to the bank the money is wired to.