How are international wire transfers different than domestic wire transfers?
While most banks in the U.S. utilize a payment system known as the Federal Reserve Wire, there is no single payment system for the rest of the world. International payments are settled on a bilateral basis between individual banks, but information about the payments is sent and received over the SWIFT system. This is often confusing because SWIFT is a communications system only, unlike the Federal Reserve Wire, which is a payment system. The international payment process is efficient and works within a reasonable timeframe. However, it is vital that you provide the most accurate routing information in order to receive or make a payment in a timely fashion. View our wire transfer forms for more information.
