Wire transfer
Wire transfer
- What it is
- An international bank transfer from account to account
- How it proceeds
- Through the SWIFT network and a chain of correspondent banks
- Duration
- Usually 1-5 business days
- What is required
- The recipient’s IBAN and BIC, exact name, payment reference
- The main risk
- Being held for a source-of-funds check
In plain words
A wire transfer is a transfer of money from account to account between banks, in the international context usually via the SWIFT network. Put simply: you give your bank an instruction, the bank debits the sum and, through a chain of correspondents, brings it to the recipient’s bank.
Almost always more than two banks take part in a transfer: correspondent banks stand between sender and recipient, especially if the payment is in dollars. Each participant in the chain may deduct a fee and carry out its own check. Hence both the typical period of 1-5 business days and the difference between the amount sent and the amount credited.
For large sums — paying an investment, buying property, moving capital when relocating — what matters is not “pressing send” but preparing the payment: correct details, a clear reference, supporting documents and a ready source-of-funds file. That is what determines whether the transfer arrives in three days or is held for a month.
When a bank transfer is needed
What affects a transfer
- IBAN or account number
- The bank’s BIC
- The recipient’s exact name
- The payment currency
- Fees along the chain
- The conversion rate
- The payment reference
- A contract or invoice
- The link between the parties
- Bank compliance
- Sanctions screening
- Source of funds
How a transfer works
- 01Preparing the details and supporting documents
- 02Instruction to the bank
- 03The chain of correspondent banks
- 04Compliance check
- 05Credit to the beneficiary
What the bank usually asks
- The payment reference and supporting document
- How the recipient is related to you
- Where the money in the account came from
- Why the sum is unusual for your profile
- Confirmation of the deal or the programme’s conditions
Common mistakes
- Sending a large sum without warning the bank
- Giving a vague payment reference
- Not allowing for intermediary banks’ fees
- Paying from someone else’s account instead of your own
- Splitting a payment so as “not to attract attention”
What this means for a BRIDGES client
We prepare large payments in advance: we agree them with the bank, check the details and reference and gather the supporting documents and source-of-funds file. This turns a transfer from a lottery into a predictable procedure.
Frequently asked questions
01 /How long does an international transfer take?
Usually 1-5 business days. The time depends on the currency, the length of the chain of banks and whether the payment is held for a compliance check.
02 /Why did the recipient receive less?
Every bank in the chain, including intermediaries, may deduct a fee. The conversion rate also plays a part if the account and payment currencies differ.
03 /Can a transfer be sped up?
Partly: send it before the bank’s cut-off time, choose a short route and provide the supporting documents in advance. Compliance itself cannot be sped up.
04 /Why does the bank hold a payment?
Most often it is checking the purpose of the payment, sanctions risks and the source of funds. A quick and complete answer to the request is the best way to release the transfer.
05 /Can a third party pay for me?
In citizenship and residence programmes, as a rule, no. The payment is expected from the applicant themselves; otherwise it raises questions or will not be counted.
06 /Should a large sum be split?
No. Splitting payments looks like an attempt to get round controls and raises more questions than one transparent transfer with documents.
See also
Read next
This material has undergone editorial review by BRIDGES.
Planning a large transfer?
We will prepare the payment and the documents — so that the money arrives on time and without being frozen.