What is the difference between local and international transfers?

Both transactions transmit electronic instructions over a secure network to make cash available in a recipient’s account. The difference is in the network they use and the security verification required, which can affect the cost and transfer time.

Domestic wire transfers in the US use either the CHIPS or the Fedwire systems. In the EU, local transactions use the SEPA network. In the UK, local payments use the CHAPS system.

Most international wire transfers are communicated via SWIFT, a network of over 10,000 banks and financial institutions spread over 200 countries.

Payset also provides the option of using EFT, ACH, or Faster Payments networks, which can reduce the cost and delay of many international transfers.