What are ISO Currency Codes?
ISO currency codes, commonly used synonymously as country codes, are unique alphanumeric codes assigned to each currency used in international transactions. These codes were established by the International Organisation for Standardisation (ISO) to improve the accuracy and efficiency of global payments.
Each country code is made up of three letters — the first two letters represent the country and the third represents the currency. Taking USD for instance, the initial letters “US” constitutes the country, while the “D” indicates its local currency, the dollar.
This structure helps banks and financial institutions from different countries standardise their messaging and avoid confusion or errors. It’s also especially important in the global economy today where trillions of dollars are transacted globally on a daily basis.
What is the ISO 4217 standard?
ISO 4217 is an official document that contains all the ISO currency codes. Like a single source of truth for ISO codes. This standard, which was first established in 1978, ensures that each currency has a unique three-letter currency symbol, accompanied by a three-digit numeric code.
To illustrate, USD has an equivalent numeric code of 840. This numeric code is not intended for general use, so it’s unlikely to come across in a day-to-day transaction. Instead, according to ISO 4217:2015, it is used in applications of trade, commerce, and banking, where the funds are required to be described.
On top of these, there is also ISO 3166, which governs the country codes and agreed alphanumeric codes for each currency used in international trading.
How to get the best FX rates on the Malaysian Ringgit?
Thanks to technological developments, businesses today have more alternatives than ever that can support global payments. These are traditional banks, foreign exchange platforms, or FinTech providers, which also come with advanced custom solutions.
However, exotic currencies such as the Malaysian Ringgit may not be available on certain platforms, which makes it challenging to compare options, let alone find an efficient and cost-effective one.
At Wallex, we pride ourselves on providing a specialist service designed to get your money where it needs to be. Here’s why Wallex is the best solution for your business to make international payments in MYR:
- Transparency of FX rates and fees
- Security in fund delivery on time
- All transactions can be done online
- Visibility of the funds in real-time
- Clarity on the route used and the number
- Faster delivery of funds
- Dedicated account manager to help you with any enquiries
Wallex Simplifies Cross-Border Payments
Wallex is an affordable and secure payment and liquidity management solution for businesses. Businesses of all shapes and sizes use a Wallex business account to make and receive cross-border payments, hold balance and convert funds in over 46 currencies. With Wallex, our clients can efficiently plan, manage and hedge their currency needs all from one secure online platform. Don’t take our word for it. Check out how Investree, Omnidesk, Marugame Udon, and 45,000+ clients in Asia have used Wallex to scale up globally. If you would like to know more about how Wallex can help your business, visit www.wallex.asia to schedule a demo.
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