Both local and international transactions transmit electronic instructions over a secure network to make cash available in a recipient's account. The difference is in the network they use and the security verification required, which can affect the cost and transfer time.
- Domestic payments in the UK use the CHAPS or FasterPayment system
- In the US local transactions use either the CHIPS or the Fedwire systems.
- In the EU, local transactions use the SEPA network.
Most international wire transfers are communicated via SWIFT, a network of over 10,000 banks and financial institutions spread over 200 countries.
Payset also provides the option of using EFT, ACH, which can reduce the cost and delay of many international transfers.
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- How do I transfer funds locally?
- How do I make repeat payments?
- How do I make bulk payments?
- How to use your IFX (Bank) wallet
- How to transfer funds internally (from one wallet to another)
- How do I send funds to another Payset account holder?
- What are the fees for sending money?
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- What countries can I send money to?
- How long will it take for the beneficiary to receive my funds transfer?