How does an international transfer work?
How does an international transfer work?
Perhaps your daughter needs pocket money for her stay in Australia? Or do you need to pay a deposit for your next vacation? Either way, international transfers have long been a part of everyday life. They apply to payments within family or friends, as well as cross-border online purchases.
But how does a money transfer to another country involving different currencies work? From Switzerland, money can be sent abroad via GCHB Digital Banking or from a bank branch. The process is very similar to that of a domestic transfer. However, there are a few points to consider depending on the destination country.
Transfers to a European country
In Europe, payments are made within the Single Euro Payments Area (SEPA). The current regulation also includes Switzerland and allows users to easily transfer money not only within their own country, but also across its borders.
If you want to send money using the SEPA procedure to an account in a European country, you always need the recipient's full name, their IBAN, and sometimes their BIC. This service is as secure and fast in Europe as transfers within Switzerland.
Transfers outside Europe
Additional conditions apply to transfers to accounts outside the SEPA area. In addition to the usual details such as the IBAN and the recipient's name, transfers outside Europe always require the BIC (also known as the SWIFT address). You must also know the name and address of the recipient's bank. You must also know the currency in which you want to transfer the amount.
Payment tracking and confirmation of international payments
If you transfer money abroad from a GCHB Personal Account, you benefit from complete tracking of your transfer. Once you've completed the transfer via e-banking or mobile banking, you can monitor its status in real time and see how it's been transferred from one bank to the recipient's account. The status can be viewed free of charge in GCHB Digital Banking. You'll also find details about fee deductions and foreign currency conversions here.
