Updated
GL-W-05
01 / In 30 seconds
The short answer
- 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
02 / In plain words
What Wire transfer means
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.
A case from practice
A client pays for property for a Golden Visa. Before sending, we agree the payment with the bank and prepare the contract and evidence of the source of funds. The transfer goes as a single sum with a correct reference and is credited within the standard period — with no requests from the correspondent bank.
When a bank transfer is needed
- Paying the programme investment
- Buying property abroad
- Moving capital when relocating
- Paying state fees and charges
- Settlements with lawyers and agents
- Funding an account abroad
03 / What it covers
What affects a transfer
Bank details
- IBAN or account number
- The bank’s BIC
- The recipient’s exact name
Money
- The payment currency
- Fees along the chain
- The conversion rate
Basis
- The payment reference
- A contract or invoice
- The link between the parties
Checks
- Bank compliance
- Sanctions screening
- Source of funds
04 / How it works
How a transfer works
Preparing the details and supporting documents
Instruction to the bank
The chain of correspondent banks
Compliance check
Credit to the beneficiary
05 / Key facts
What the bank usually asks
01
The payment reference and supporting document
02
How the recipient is related to you
03
Where the money in the account came from
04
Why the sum is unusual for your profile
05
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”
06 / Expert advice
How to prepare in advance
A large transfer is agreed with the bank before it is sent: the amount, the recipient and the basis are communicated, and limits and timing confirmed. The details are taken from an official letter, and the payment reference is worded to match the supporting document. The source-of-funds file is prepared in advance — the request usually comes after the debit.
What we do for you. 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.
Klara RihterBanking compliance and source of funds specialist
07 / Questions
Frequently asked questions
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.
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.
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.
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.
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.
No. Splitting payments looks like an attempt to get round controls and raises more questions than one transparent transfer with documents.
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