![]() This is also known as EFT (Electronic Funds Transfer) or ACH (Automated Clearing) in several countries. Intra-Bank: Transferring between accounts within the same bank. Globally these wires have come to be known as SWIFT (short for Society for Worldwide Interbank Financial Telecommunication) wire transfer based on the SWIFT code that is used for routing funds.īoth domestic and international fund transfers can be broken down into two additional sub-categories: In the United States these wires are more commonly known as Fedwire.ī) International: Sent to a bank account that is based in another country. #3: What Are The Different Types of Wire Transfers?Ī) Domestic: Sent locally between accounts within the same country. You may also want to check ahead to see what wire transfer fees your bank will charge you per transfer. It is easy to miss which SWIFT code is required forwhich currency, hence ample caution is advised when sending a wire or when you send money online to recipients at one of these banks. They also adivse you to use the Chase SWIFT code when asked for an IBAN number, since Chase does not support payments to IBAN numbers. Similarly, when sending wire transfer to Chase, you must have the correct SWIFT code for Chase bank, which you can find on the Chase wire transfer page. Hence it is important to pick the correct Bank of America routing number when sending them a wire transfer in different currencies. Some banks also require a different SWIFT code to be used depending on what currency you are receiving funds in.įor example, sending wire transfers to a recipient account at Bank of America in USD will require a different Bank of America Swift Code compared to when you send a wire transfer in a foreign currency to the same bank, as explained in their FAQ. It may be worth calling your bank in advance to double-check exactly what your branch requires, as some may seek additional information. It ensures the money reaches the intended bank which can then internally route it to the correct account using the recipient’s bank account number. The SWIFT Code of the receiving bank/branch is the most important piece of information that is needed in case of international wire transfers.
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