What is an international bank transfer?

An international bank transfer is a transfer of funds to or from a bank account in another country.

How long does a bank transfer take to process?

The time it takes to complete the payment and credit the funds depends on the banking system and the country where the payment takes place. The money will be credited once the transfer has been authorized by Nixus and the receiving bank; this process can take between 24 and 72 business hours, depending on your bank's processing time.

What is a wire transfer?

"Wire transfer" is the term historically used for what we now know as electronic transfers. In the past, instructions between financial institutions were sent via telegraph—hence the term "wire."

What is SWIFT?

SWIFT is an acronym for the Society for Worldwide Interbank Financial Telecommunication. It is an organization that manages an international financial communications network connecting banks and other financial entities. Transfer instructions between financial institutions in different countries are sent via SWIFT. Every transaction processed through SWIFT is recorded in its system, and any party involved can generate a printout—often provided to the client as proof that their instructions were submitted.

What are SWIFT codes, ABA numbers, and IBANs?

A SWIFT code is an alphanumeric identifier for financial institutions participating in the SWIFT system. The ABA Routing Number is a nine-digit numeric code that identifies banks in the United States. The IBAN (International Bank Account Number) is an alphanumeric code that identifies a specific bank account at a financial institution. It is primarily used in Europe. It consists of up to 34 characters. The first two characters are alphabetic and identify the country. Depending on the country, the code then includes elements such as the bank code, account number, branch code, account type, and check digits.

Are there any restrictions in Uruguay on sending or receiving money from abroad?

In Uruguay, the inflow and outflow of foreign currency are unrestricted. However, justification for the transactions will be required for frequent transfers or those involving large amounts.

Is it possible to transfer Brazilian reais to a Brazilian bank account?

Yes, Nixus offers a service for depositing reais into bank accounts in Brazil.

What is the difference between the "transfer dollar" and the "physical dollar" (cash)?

The "transfer dollar" (also known as “dólar cable”) is a virtual currency used primarily for dollar transactions between banks or with foreign entities. Its exchange rate moves in tandem with that of the physical dollar (cash).

How do I submit transfer instructions?

By delivering a letter in person or sending an email from a previously registered account to one of our trading desk operators.

What documentation do I receive when making an international bank transfer?

In addition to the cash receipt detailing the transaction cost, the client receives a signed letter confirming the instructions provided.

How is the beneficiary notified that the transfer has been received?

The client must inform the beneficiary that a credit will be applied to their account, and the beneficiary must verify this with their bank.

Is it possible to cancel or modify a transfer?

Yes, provided that Nixus has not yet processed the payment.

For what reasons might the funds fail to be credited to the beneficiary?

Generally, failure to credit funds is due to errors in the instructions—such as an incorrect account number, bank code, or bank name. Issues may also arise if the beneficiary's name does not match the account holder's name, or if the account holder's account has been suspended or closed.

Why buy gold coins or bars?

The primary reason for buying gold coins or bars is as a form of saving.

How is the price of gold determined?

The price of gold is set in international markets (London, New York). In Uruguay, the price fluctuates based on the international rate.

Which gold coins and bars does Nixus buy or sell?

Nixus deals in monetary gold. Monetary gold refers to gold in the form of coins or bars considered financial assets. It is gold to which monetary authorities (central banks) hold title and which they maintain as reserve assets. In contrast, non-monetary gold is found in items treated as commodities, such as jewelry, medals, watches, or ornaments.

What gold coins are available, and what are their weights and values?

There is a wide range of gold coins minted by official issuers from various countries. The most common include the Pound Sterling (United Kingdom), the American Eagle (United States), the Peso (Mexico), the Peso (Chile), the Krugerrand (South Africa), the Panda (China), and the Maple Leaf (Canada).

What gold bars are available, and what specifications must they meet?

Gold bars of various weights are sold on the retail market—typically 2, 5, 10, 20, 50, 100, 250, and 500 grams, as well as 1 kg, or one or more troy ounces. These bars are usually low-profile rectangular prisms ("wafers") with rounded edges.

Every gold bar must clearly bear the manufacturer or issuer's mark, the weight, and the fineness (purity), ensuring they are easily identifiable and appraisable. They are usually accompanied by a serial number, other data or markings, and a certificate of authenticity. Some major issuers, such as UBS, also incorporate a diffractive element—similar to a hologram—on the reverse side for enhanced security and aesthetic appeal.

Has the Central Bank of Uruguay minted gold coins?

Yes, Uruguay's official gold coin was the Gaucho. In 1992, Gaucho coins were minted in denominations of one ounce (1 Gaucho), half an ounce (1/2 Gaucho), and a quarter of an ounce (1/4 Gaucho). They were withdrawn from circulation in 2005. The Gaucho is composed of 90% gold and 10% copper. Other gold coins commemorating various events have also been issued.

What is the gold purity of the coins?

The minimum standard accepted for gold coins to be classified as investment gold in the European Union is 900 parts per thousand, equivalent to 21.60 karats (or carats).

A purity of 22 karats is considered a good alloy for gold coins. .900 fine gold has practically the same properties as 22-karat gold.

Over the years, gold coins have been minted using different purity standards. In the 19th century, most countries minted coins with a purity of .9166 (22 karats) or .900, depending on whether their minting systems were influenced by British standards (22 karats) or governed by Continental European standards (.900 fineness).

United States gold coins typically use the Continental .900 purity system, whereas Canada uses the 22-karat standard for production. In addition to gold, the coins may contain a small percentage of silver or copper.

In practice, it is very difficult to refine any substance to 100% purity. Therefore, 24-karat gold is only an approximation. It is more appropriate to refer to the purity of pure gold as .9999.

What is a troy ounce?

It is an Anglo-Saxon unit of mass equivalent to 31.1034768 grams. It is one-twelfth of a troy pound. This type of ounce is used only for weighing precious metals. It is used internationally for gold and silver transactions.

What is a karat (or carat)?

The karat measures the purity of precious metals. One karat (abbreviated K) represents one twenty-fourth (1/24) of the total mass of the alloy making up the metal in a piece (approximately 4.167%). For example, if a piece is made of 18-karat gold, it means the alloy consists of 18/24 gold—or 3/4 (75%) gold. A 24-karat piece is made of 24/24 parts gold and is therefore pure gold.

What does the term "fineness" mean in relation to gold?

Fineness refers to the proportion by weight of pure gold within a piece. It is currently expressed in thousandths and represented by a three-digit number. A gold bar with a fineness of 750 thousandths contains 750 parts gold per 1,000 parts of total metal, with the remainder consisting of other metals. This term has increasingly replaced the karat system.

For a piece to be considered pure gold (or fine gold), it must contain at least 999 thousandths of gold (99.9%).

Where can you buy gold without risking a scam?

We recommend buying gold from reliable, established financial institutions. As a general rule, coins rarely come with a certificate of authenticity, whereas bars usually do. Coins are minted by national mints, while bars are produced by private manufacturers as well as some mints.

When buying bars, it is advisable to choose those made by the most renowned manufacturers, such as Credit Suisse, UBS, or Argor-Heraeus. Almost all the gold refined worldwide is processed at seven refineries: Valcambi, Argor-Heraeus, Pamp, Metalor, Rand Refinery, Tanaka Precious Metals, and Heraeus Group.

Are taxes paid on gold?

In Uruguay, monetary gold is treated the same as foreign currency. No taxes are payable when buying or selling gold. For other tax purposes, gold is treated as if it were cash.

Is it easy to sell off gold?

The process for selling gold is similar to that of buying it. It is an exchange transaction comparable to trading dollars, and liquidity is immediate.

What do I need to send money via Western Union?

You will need the recipient's full name (first and last), country, and city to send them money. (Some countries may also require the state name.) If you are sending a prepaid card via Home Delivery, you will also need the recipient's address and phone number.

What is a Western Union Money Transfer Control Number (MTCN)?

The Money Transfer Control Number (MTCN)—or transfer control number—is a unique reference number assigned to a money transfer. The recipient will need this number when picking up the money at a Western Union location. You can track the money transfer online or through the customer service center.

When can the recipient pick up money sent via Western Union?

The recipient can pick up the money within minutes of the transfer being confirmed.

Although the transfer is usually immediate, it may take 30 to 40 minutes if Western Union needs to verify the sender's identity. Funds remain available for pickup for a period of 45 to 90 days (depending on the sending country's policies).

If the money is sent directly to a bank account, the time it takes for the funds to be credited depends on the bank's processing times (usually between 24 and 72 hours).

Can I change the name on a Western Union money transfer?

Yes, you can change the recipient's name on a Western Union transfer, provided the money has not yet been collected. This change applies only to standard transfers, not to bill payments or prepaid transfers.

How much money can I send via Western Union?

Western Union's sending limits vary depending on the country, payment method, and verification level. Generally, you can send up to US$50,000 with a verified account and up to US$3,000 with an unverified account.

What information is needed to check the status of my Western Union money transfer?

The fastest way to check the status of a Western Union money transfer is by using the Western Union website or mobile app.

The information required depends on whether or not you have the tracking code. If you have the MTCN, you simply need to enter that number and the sender's full name.

In how many countries does Western Union operate?

Western Union is the world's largest money transfer and remittance network. It operates in more than 200 countries and territories. For more information, visit www.westernunion.com.

How do I cancel a Western Union money transfer?

You can cancel or stop a standard money transfer, provided the recipient has not yet collected the funds.

The process varies depending on how the transfer was made:

• Online or via the app: Log in, go to your history, select the transfer, tap on the details (or "more actions"), choose the "Cancel transfer" option, state the reason, and confirm.
• In person: Visit the same agent location or branch where the transfer was initiated; present your ID, the receipt, and the transaction number (MTCN) to request the cancellation.
• By phone: Call Western Union customer service (0800-2026) to request a refund.