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How Domestic Wires differ from Offshore Bank Wires

While banks in the United States use SWIFT to make payments to banks outside of the United States, domestic bank-to-bank transfers work a little differently.  In the US they use something called the Fedwire system.

The Fedwire system utilizes the Federal Reserve System and its bank routing numbers.  Bank routing numbers work in a similar way to how Automated Clearing House, or ACH payments, effect the payment and collection of checks.

European banks, on the other hand, making domestic wire transfers, or transfers within the European Union also utilize the International Bank Account Number, or IBAN.

This entry was posted on Tuesday, September 18th, 2007 at 2:57 pm and is filed under Fedwire, SWIFT, Offshore Bank Wire, Bank Wires. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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