![]() ![]() The SWIFT payment system enables these institutions to securely send and receive information on financial transactions in a standardized way. The two most common ways to transfer money internationally are known as a SWIFT and a SEPA transfer. The two payment service providers need to have an established relationship in order to facilitate the transfer. ![]() International money transfers are basically inter-account transfers, only in this case, the two payment service providers happen to be in different countries, which makes things slightly more complex. In case you missed that post, we recommend going back and reading it before you move on - it will help you understand the world of SWIFT and SEPA payments. We have already explained how money transfers work between two accounts held with the same payment service provider (Intra-account transfers), as well as transfers between two different payment service providers (Inter-account transfers). Surprisingly, this still holds true today, but have you ever wondered why? Back in the ‘80s, the quickest way to send money from London to New York was to physically take cash with you on a plane, just like in the movies. If you are wondering how international money transfers work, you’re in the right place. ![]()
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