Moving money from one place to another is a transfer. It might be between personal accounts, from a customer to a business, or across borders. The instruction can be executed electronically or, less commonly today, through paper instruments.

Banks and payment networks process transfers with varying speeds and costs. Domestic transfers may clear within minutes, while international ones can take longer due to intermediaries and currency conversion.

Security and accuracy are central. Details such as account numbers and recipient names must match precisely. Fees and exchange rates can affect the final amount received, especially for cross-border payments.

Common types

• Internal transfers within one bank
• Interbank transfers via payment networks
• Wire transfers for larger or urgent payments
• International remittances with currency exchange