Bank transfer

What is bank transfer?
A bank transfer means that your bank sends a money transfer to another bank, also named wire method. This can be realized by logging in, from your computer, to your bank and filling in a payment form. With bank-to-bank wire transfer, each account holder must have a proven identity.

Photo by Karolina Grabowska from Pexels

How much does a bank transfer cost?
The fee you use will be based on the bank and its standard fees, as well as whether the line is incoming or outgoing, international or domestic, and how much money you send. In general, domestic incoming lines fall towards the lower end of the price range, while outgoing international lines cost more.

How long does a bank transfer take?

  • Norway:
    • between two different Norwegian banks normally takes 1-3 working days
    • within the same Norwegian bank: the same day
  • EU, and the rest of the world:
    • can take up to 10 working days.

Lower risk of fraud

It is crucial to note that bank transfers via the wire method are not only favorable for speed – they are also ideal for anyone who wants a safe way to send cash. For people who sell services and goods, a wire often poses a much lower risk of things like fraud, because the sender must have sufficient funds in their account before they can start the wire.

What information is needed for bank transfer?
When you send a bank transfer, the money moves from one bank to another, then on to the recipient’s account. Lack of anonymity with the system helps reduce the risk of fraud and criminal activity.

The needed information, such as name, address, zip code, city name, country, bank number, IBAN number, and/or Swift code, are to be found on the invoice.

[Excerpts, taken from: What is a bank transfer? – available in all languages.]

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