Financial Dictionary - Bank transfer
A bank transfer is a transaction through which a person or entity (the payer) orders funds to be sent to the account of another person or a company (the beneficiary).
To order a transfer you need to know the beneficiary's IBAN, which stands for International Bank Account Number.
There are different types of transfers which are classified according to the following criteria:
- Depending on the country of destination, transfers can be:
- National: Both the payer and the beneficiary are in Spain.
- International: The beneficiary is outside Spain.
- Depending on the route used to order the transfer:
- Through a branch
- Through an ATM
- By phone or fax
- Depending on the time it will take for the funds to reach the beneficiary's account:
- Ordinary transfer: According to current regulations, it usually takes one or more business days.
- Urgent transfer: The funds reach the beneficiary's account the same day the transfer is ordered.
- Instant transfer: The funds reach the beneficiary's account at the same time the transfer is ordered.
Transfer fees vary from one bank to another and depending on the time it takes for the funds to reach the destination account. There are no fees for transfers between accounts at the same bank.