International Bank Transfers
An international bank transfer is a method of transferring money from one entity or individual to another. They are typically the most convenient and secure method for transferring money internationally.
How Does a Wire Transfer Work?
The individual who would like to transfer the money must go to their bank and give the order to transfer a specified amount. The international bank account number is given as well, so the bank knows where to send the money.
The bank then sends a message via a secure system (such as Fedwire) to the receiving bank requesting the payment be made per the instructions given. The transfer is not instantaneous; it may take several hours or even days for the transaction to be complete. For the wire transfer to be made, the banks must have reciprocal accounts with one another; otherwise payment must be sent to a correspondent bank (a bank with such an account).
International bank transfers are considered to be the safest method of sending money internationally. Account holders must have proven identities and all information transmitted to the banks are encrypted and sent by secure systems.
