A bank transfer is when money is sent from one bank account to another. Transferring money from your bank account is usually fast, free and safer than withdrawing and paying in cash. Most of the banks worldwide offers transferring money electronically without physically moving the cash.
Enter the country where you will be sending the transfer. Enter the details of your recipient's bank.
Depending on the country you are transferring money to, you may have to enter an IBAN (International Bank Account Number) or SWIFT/BIC number.
Select the account you will be transferring the funds from.
Most international transfers are executed through SWIFT, a co-operative society founded in 1974 by seven international banks, which operate a global network to facilitate the transfer of financial messages. Using these messages, banks can exchange data for the transfer of funds between financial institutions. SWIFT's headquarters are in La Hulpe, on the outskirts of Brussels, Belgium.
Some of the transfers performed by SWIFT could be secured by additional insurance.
Are International Bank Transfers secure - How much does it cost ? SWIFT or IBAN wire transfers are not completely free of vulnerabilities. Every intermediary bank that handles a wire transaction can take a fee directly out of the wire payload (the assets being transferred) without the account holder's knowledge or consent. In many places, there is no legislation or technical means to protect customers from this practice. If bank S is the sending bank (or brokerage), and bank R is the receiving bank (or brokerage), and banks I1, I2 and I3 are intermediary banks, the client may only have a contract with bank S and/or R, but banks I1, I2 and I3 can (and often do) take money from the wire without any direct arrangement with the client. Clients are sometimes taken by surprise when less money arrives at bank R. Contrast this with cheques, where the amount transferred is guaranteed in full, and fees (if there are any) can be charged only at endpoint banks.
