In today’s interconnected world, you can communicate with anyone, anywhere, anytime. You can even send money to your children as they study abroad, or transfer currency in preparation for upcoming international travel.
If you’ve sent money or considered it, you may have wondered how this process works. Who’s moving your money, and what are they doing with it?
No one likes to be in the dark about what’s going on with their money. Let us shed some light on the world of international currency exchange and what really happens when you make a transfer.
How does money transfer work?
There are two main types of transfers: intrabank and interbank transfers.
- Intrabank transfers happen within one bank. If you transfer money to another account that you have there, or to a friend with an account at that bank. The money never leaves the bank, and the bank updates their records to subtract from your account and add to your recipient’s account.
- Interbank transfers move money between two banks. Most international or long-distance transfers are interbank transfers.
If you’re making an international transfer, here’s what you need to know about the process.
- You provide your bank information, your recipient’s bank information, the amount you’re transferring, and the currency you’d like to exchange to.
- Once you’ve confirmed the information and your payment has been received, the transfer initiates.
- There’s no physical money movement! Your money transfer facilitator will securely communicate the financial information to the banks or other involved parties.
- This communication will then inform the banks or institutions to make the necessary changes to your accounts to reflect the transfer.
- It’s a short process—your recipient should have their money within 1-4 business days. Most transfers are completed within the day.
Notice anything? Once you’ve provided your information, your job is done, and the transfer is ready to go. So, what information should you have ready?
What do I need to make a transfer?
Once you’re ready to make your transfer, make sure you know the following:
- Currency information – your currency and the currency you’d like to transfer to.
- Where to send the money – who is the recipient? Where’s their bank? What’s their account information?
- Your bank information – this lets us know how you will be paying!
Once you’ve provided this information and confirmed the details (including the exchange rate), you're done! We'll take care of the rest of the transfer. You’ll receive an email confirmation at each step of the way.
Is now the time for your transfer? Check the rates and start your transfer today!