What identification is needed

| Monday, June 20th, 2016

What identification is needed when transferring money overseas?

Basic customer identification is a key element in ensuring that a money transaction is secure, and that it is delivered to its intended recipient. It is also a legal obligation for banks and money transfer operators to accurately identify their customers to help prevent money laundering and terrorist financing. The person receiving the money may also need to show ID to be able to prove they are the intended recipient.
For personal transfers, most forms of standard photographic ID and official documents that prove your address are accepted by banks and money transfer operators. The document will need to have a clear photo of you and show your full name. If you are having problems producing this kind of ID, some organisations may accept a letter of reference from a professional person known to you personally, such as a doctor, solicitor, policeman or woman, judge, accountant or notary.
If you have to provide address verification, one of the following types of documents no older than three months showing your full name and address are typically accepted:
  • Utility bill - gas, electricity, landline phone
  • Bank or credit card statement (A copy of physical letter, not an online statement).
  • Driving license with address
  • Other government or financial institution issued document
For a business account, the documentation will typically be proof of company registration and information that relates to company directors and sometimes shareholders. The ID and address requirements for the directors and shareholders will be in line with those requirements for personal transfers above.
The money transfer provider who you choose to work with will be able to guide through this process and many have automated it to make it as seamless as possible.

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