A bank transfer moves funds from one bank or payment account to another using an available domestic or international route. Required identifiers, processing time, fees, reversibility, and settlement rules depend on the countries, currencies, institutions, and payment system involved.
Quick reference for Bank transfer
| Check | What it means for the transaction |
|---|---|
| Category | Global B2B payment operations |
| Record to keep | Keep the instruction, party and account identifiers, validation result, timestamps, institution references and reconciliation outcome. |
| Do not infer | Initiation, processing, clearing and settlement are different events. One status should not be used as proof of another. |
Bank transfer and nearby terms
- Wire transfer: A wire transfer is an electronically instructed transfer of funds between financial institutions, often used for higher-value or international payments.
- Payment rail: A payment rail is the infrastructure and set of rules used to move payment instructions and funds between participants.
