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Local transfer
A local transfer is when a bank makes a payment to a foreign bank account.
A local transfer is when a bank makes a payment to a foreign bank account but uses an intermediary to do so. Often the intermediary is the recipient’s own bank, who reviews and clears the payment. Usually, local transfers are cheaper to do than using SWIFT, but they take longer to process.
Related Glossaries
On-boarding
Mechanism through which new employees acquire the necessary knowledge to become a member.
IBAN
IBAN is an acronym for International Bank Account Number.
Relocation
Employers may require employees to relocate to another city or country as part of a job offer.
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Remote Hiring
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