Do you know what wire transfers are and what they are for? Today in Shasta, we tell you what wire transfers are, and the different types of wire transfers that exist and that you can make with Shasta App.

First of all, you should know that a wire transfer is a money transfer you make from your bank account so that someone else receives it in theirs. You can make transfers between accounts of the same bank (also known as transfer). Do you really know how they work or how they are classified?

Transfers are classified according to geography, the way they are ordered and the time they take to be made.

Transfers by geography

The classification according to geography refers to the country of destination of the funds, in this case we identify two categories:

  • National: the beneficiary is located in the same country.
  • International:: the beneficiary is outside the country.

Within the national and international categories, we find SWIFT and SEPA transfers.

SWIFT and SEPA transfers

 SWIFT transfers are those transfers of an international nature which are outside the SEPA area (Single Euro Payments Area). These transfers occur when, for example, transfers are made in U.S. dollars or transfers are made to the U.S. or another country that is not in the SEPA area. 

Most international financial transactions are made using SWIFT codes, which are the most commonly used bank identification codes for international remittances. These transfers can take more than 2 to 5 business days and charge fees that usually depend on the bank. 

SEPA transfers are all those money transfers made between countries belonging to the Single Euro Payments Area. Therefore, this type of transfer includes the Eurozone, which is made up of 34 countries, including 28 members of the European Union plus San Marino, Switzerland and Monaco, Liechtenstein, Iceland and Norway, which are also part of the European Economic Area. This type of transfer usually takes between 2 and 3 business days and does not carry commissions. 

Regarding Venezuela, SWIFT or SEPA transfers can only be carried out when operating in the International Ecosystem, in which the user must be validated with a valid passport or extension.

Transfers according to the order method

This classification refers to the different ways with which we can make a transfer. For example:

  • Through ATMs.
  • From the branch office.
  • By telephone or fax.
  • By Internet.
  • With Shasta App 😉
Transfers according to time

In this case, we talk about the time it takes to pay a transfer, we differentiate:

  • Ordinary: they take between one and two working days, according to current regulations.
  • Urgent: they are credited to the destination account normally on the same day.
  • Immediate: these transfers take place at the same moment. 
Transfers with Shasta

Remember that with Shasta, you can make SWIFT and SEPA transfers, you must take into account that depending on the membership to which you are affiliated the transfer costs vary, you can check it by clicking here.

If you want to know the differences between SWIFT and SEPA transfers, you may be interested in reading the following article. Remember that you can follow us through our social networks to be the first to know about our latest blog articles.

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