How Does International Money Transfer Work?
Marge's account goes down, and accounts between the banks are updated, step by step.
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1.When money is sent abroad, what actually moves?
Marge's account goes down, and accounts between the banks are updated, step by step.
2.What is a correspondent bank?
It makes or receives payments on behalf of another bank.
3.What does SWIFT do?
It is more like a postal service that delivers the instructions.
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Sources (5)
- CFPB: Sending money abroad (Money transfers)
- World Bank SDG metadata: Indicator 10.c.1 (remittance costs)
- European Central Bank: Glossary, Eintrag 'Correspondent banking'
- Office of the Privacy Commissioner of Canada: Report of Findings, SWIFT investigation (2007)
- Eigene Berechnung (synthetisches Ueberweisungsbeispiel)
Education only. Not financial advice.