What is a Global transfer?
A Global transfer is a method used by financial institutions to securely send and receive money internationally, which is operated via SWIFT. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It provides a network that allows member banks and financial institutions to communicate and transfer funds using a unique identification code called a SWIFT code.
As Global Transfers are delivered through intermediaries rather than directly from bank to bank, they can be relatively costly and can take a few business days. CFPS strives to provide Global Transfers at the lowest rate and within the shortest time possible – typically from 3 to 5 business days.
How can I make a Global Transfer?
To make a Global Transfer, follow these steps:
- Go to your CFPS app and tap the Send funds button.
- Select the Internationally option.
- Choose the account you want to send your money from and enter the desired amount. After that, you’ll see the fee applied to your transfer.
- Tap Continue and fill in all the required fields with your recipient’s account details.
- Confirm the transfer with your passcode.
- All done! Your money will reach the recipient’s account within 3 to 5 business days.