Instances and Obstacles of the International Bank Payments

Nowadays, economic and commercial relations are not limited to the borders of one country and different countries of the world play significant roles in meeting each other's needs where banking relations have inevitably crossed borders and become international. Despite the variety, international bank payments follow a common rule in their being a requirement of many social and economic activities. From paying the costs of education abroad to large payments made in large design and construction projects by multinational companies or international trade, all are subject to the issue of the international payments for which the banking systems have allocated various tools out of which the parties have to choose one. Despite such fact, there have been problems in the past as obstacles to the international payments, which still exist in many countries of the world. This article seeks to answer a main question: what are the instances and obstacles of the international bank payments? In this regard, the qualitative method of documentary analysis has been used to conduct the research, and to collect the data, note-taking tool has been used based on different resources. First, we will take a look at the definitions and conceptual framework of the international bank payments. Later, the tools of international bank payments, the obstacles in international payments and finally the competent court and the ruling law to resolve disputes caused by international bank payments will be discussed.