Terminology
Cross-border remittance terms, made simple
Mid-Market Rate
The real exchange rate used between banks, without markup. Also called the "interbank rate".
SWIFT
Society for Worldwide Interbank Financial Telecommunication. The most common network for international wire transfers.
Transfer Time
Time from initiating a transfer to funds arriving. Depends on method, intermediary banks, and time zones.
Transfer Fee
The fee charged by remittance services, typically a combination of fixed fee and percentage of the amount.
IBAN
International Bank Account Number. A standardized account format commonly used in Europe and the Middle East.
Intermediary Bank Fee
Fees charged by banks that handle the transfer along the route, potentially deducted from the transfer amount.