What is a bank transfer?
Una bank transfer is the electronic movement of funds from one bank account to another. It can occur within the same country (domestic transfer) or between different countries (international transfer).
In the context of remittances, an international bank transfer involves sending money from a U.S. bank account directly to the bank account of the payee in their country of origin. To do this, you need your family member's full bank details: bank name, account number, and in some countries, a specific code such as the CLABE in Mexico (an 18-digit number that uniquely identifies the account).
Direct bank transfer vs. bank deposit via supplier
There are two ways for the money to reach your family member's bank account, and they are very different in cost and speed:
For the vast majority of those who send remittances on a regular basis, the bank deposit via supplier it's the most convenient option: it's faster, significantly cheaper, and doesn't require you to go to your bank or know the SWIFT codes.
Other types of bank transfer
- Domestic Transfer (ACH): is the movement of funds between accounts within the same banking system of a country. In the U.S., it's used to pay for sending remittances from your bank account to the service provider.
- Bank deposit at destination: delivery method where the provider deposits the funds into the beneficiary's account in the destination country. Available in most Felix corridors.
- Real-time transfer: instant payment systems such as SPEI in Mexico allow money to arrive in seconds in any Mexican bank account. Félix uses SPEI for deliveries to Mexico.
What your payee needs to receive a bank transfer
- Account holder's full name
- Bank name
- Account number or country-specific code:
- Mexico: CLABE (18 digits)
- Colombia: account number + type (savings or current)
- Peru: account number + CCI (Interbank Account Code)
- El Salvador and Ecuador: account number (both use dollars)
For a full comparison of all available shipping methods, see the guide: Remittances and money transfers from the US: everything you need to know.