Transfer from forex card to bank account

Sending an international money transfer can seem complicated, especially when dealing with different terminology in a foreign country.

If you see a word you don't understand, look it up here. As you familiarize yourself with the language, you'll find your understanding of money transfers as a whole will improve.

ABA Routing Number A unique nine-digit identification number assigned to financial institutions within the United States by the ABA. The first four digits are the federal reserve routing symbol, the next four are the ABA institution identifier, and the last is a check digit.

Also commonly referred to as an ABA number, ABA Routing Transit Number, Routing Number, Bank Transit Number, or Transit Number. ACH — Automated Clearing House An electronic banking network used for direct deposit and direct debit transfers in the United States.

ACH Transfer or ACH Payment A direct deposit or direct debit transfer processed within the United Sates via the ACH network. Multiple payments can be processed in batches. Similar to BACS in the UK and EFT in Canada. Also known as an ACH direct deposit, ACH direct payment, or ACH direct debit. Agent An intermediary or person hired to carry out a transaction on behalf of another person or entity. Appreciation An increase in the value of a currency.

Ask Rate or Ask Price The exchange rate at which a foreign exchange provider will sell a currency to you. Also known as the offer rate. For a customer, a lower ask rate is preferable since it means you will pay less to purchase a currency.

BACS payments are either free or substantially cheaper than CHAPS payments but are losing popularity to FPS. BACS is similar to ACH in the United States and EFT in Canada. Base Currency The first currency in a currency pair. The value of the base currency is set at 1 in a quote and the price at which the two currencies can be exchanged is reflected in the quote currency.

A basis point is a common unit of measurement in FX rates and interest rates. Often referred to simply a point. Bank Account An account held at a bank that a customer may use to manage their money. The account can be used to hold customer deposits as well as allow them to make payments. Other forms of accounts are held with non-bank financial institutions, such as credit unions. Bank Charge or Bank Fee A fee charged by a bank in order to hold an account or to process a payment.

These include but are not limited to: Also known as service fees. Bank Identifier The component of a BBAN and IBAN that indicates the bank. A bank identifier can be alpha or numeric digits, or a combination of the two. Bank Routing Number or Bank Transit Number A unique nine-digit number used in Canada and the United States to identify financial institutions.

Canadian transit numbers start with a leading zero, followed by a three-digit institution code and a five-digit branch code. See ABA Routing Number for the American routing number structure. Beneficiary The party receiving a money transfer. Also known as the recipient. BBAN — Basic Bank Account Number A globally recognized unique bank account number that includes details about the financial institution and possibly also a branch location and check digits.

Each country is responsible for its respective BBAN structure. Not all countries have adopted the BBAN. Big Figure Refers to the first number to the left of the decimal point in an exchange rate quote, which changes so infrequently that FX providers often omit them in quotes.

Bid Rate The exchange rate at which a foreign exchange provider will buy a currency from you. Also known as the buy rate. For a customer, a higher bid rate is preferable since it means you will receive more for the currency you are selling. Often referred to as simply the spread. A BIC contains an eight-character business party identifier i. The business party identifier consists of a four-character bank code, a two-letter country code, and a two-character location code.

A list of these operational standard identifiers is maintained by SWIFT. Also known as a SWIFT code. See IBAN Calculator for more details. Bill Pay or Bill Payer An American service where a bank account holder can set up a recipient in their online banking system in order to send them direct deposits. BPay An Australian bill payment system where a customer may pay a business or other organization who is registered with the BPay system.

BPay transfers are processed same day if submitted by the cut-off time. Otherwise, they are typically processed next business day. Branch Identifier The component of a BBAN and IBAN that indicates a specific branch of a financial institution.

Buy Rate The exchange rate at which a foreign exchange provider will buy a currency from you. Also known as the bid rate.

Buyer The party that is buying a currency pair in a foreign exchange transaction. Central Bank A national bank or banking organization, usually independent of government, that provides banking and other financial services to its country or member states. CHAPS — Clearing House Automated Payment System A UK service that provides same day electronic sterling transfers.

CHAPS payments are expensive so are typically used for high value payments where the funds must be cleared right away, such as the purchase of a new car or home. If funds are not required immediately, more cost effective options are BACS or FPS payments.

Check Digit or Check Sum A check digit is a number added into a bank account number for error detection via a mathematical calculation. It helps validate the information and to protect against errors in the account number such as transpositions and missing digits. Check digits are the responsibility of the bank servicing the account. A check digit does not verify the account number is correct, it only checks whether it is possible for the account number to exist for a particular financial institution.

Cheque or Check A document that tells a financial institution to pay a recipient a specified amount from a particular account. The party writing the cheque must hold an account at the financial institution from which they are requesting the payment and must sign the cheque to make it valid. Commission A fee or service charge imposed by a financial institution or FX provider for carrying out instructions from a customer, which may also involve advice given by the financial institution or FX provider.

Commissions may be a flat rate charge or a percentage value of the contract in question. Confirmation A written electronic document verifying the completion of a transaction. Counter Currency The second currency in a currency pairit is the price for purchasing one unit of the base currency. Also known as the quote currency. Credit Card A method of payment where a cardholder pays for goods and services by borrowing from the card issuer, with the promise of paying the card issuer for all funds owed by a certain date.

Cross Border Transfer An EFT that sends funds from an account in one country to another. Also known as international transfer. Cross Rate An exchange rate between trading jgb options currencies that is calculated based on a third currency.

The first currency is known as the base currencywhile the second is called the counter or quote currency. Currency Risk Risk associated with fluctuations, particularly a depreciation, in the value of a currency.

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Debit Card A card that debits the amount owing directly from a bank account. It be used to withdraw cash or to process an EFT via online banking. These instructions are pre-approved by the payer. Methods of debit transfers include chequesdrafts or electronic direct debits.

Delivery The exchange eurex delays forex derivatives launch both traded currencies by the buyer and seller. In the case of a customer pre trade compliance systems a transaction through an FX providerit means the customer has paid the provider and the provider has paid the recipient.

Deposit To put money into a bank account. The term also refers to a percentage of a contract that must be provided as collateral on some contracts, such as a forward system x dominator binary options trading. Depreciation A decrease in the value of a currency.

Destination Country The country in which the bank account to which an EFT is sent is held. Direct Debit An EFT that is initiated by the recipient of the payment. The binary options instaforex sends the instructions to the account from which the payment is withdrawn.

Direct Credit or Direct Deposit An EFT initiated by the bank account holder to be sent directly to a recipient account. Also known as a credit transfer. Draft Similar to a cheque but funds are pre-cleared and the account holder does not have to sign a draft.

EFT — Electronic Funds Transfer A term used to describe any form of money transfer that involves electronic processing; no physical cheques, drafts, money orders or cash are involved. These can include direct debitel mejor broker de forex en españa depositcredit and debit transfers, as well as wires. EFT is transfer from forex card to bank account a term used in Canada to refer to ACH or BACS.

EFTA — European Free Trade Association Intergovernmental organization that promotes free trade and economic integration for its 4 member states: Iceland, Liechtenstein, Norway, and Switzerland.

EU — European Union A political and economic union of 28 countries in Europe. Only some of its member states use the euro as their currency. Eurozone The EU countries that have adopted the Euro as their official currency. Exchange Rate Indicates how much of the quote currency it would cost to purchase one unit of the base currency. Often called a foreign exchange rate, FX rate or rate. Fee A charge imposed by a financial institution or FX provider for foreign exchange or a money transfer. Also known as a bank fee or charge, service fee and transfer fee.

Foreign Exchange FX or Forex The trading of one currency for another. Foreign Exchange FX Rate Indicates how much of the quote currency it would cost to purchase one unit of the base currency.

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Also referred to more simply as the exchange rate or rate. Foreign Exchange FX Provider A company that offers currency exchange and international payments.

Although it can be a bank, the term typically refers to non-bank financial institutions. The majority of FX providers also focus on currency conversion with the intention of delivering a payment to a recipientas opposed to speculative trading.

Forward Contract A contract for which the buyer and seller agree to an exchange rate today but the settlement date is more than two business days in the future. If the price of the currency pair changes between when the contract is formalized and when it settles, the parties are still committed to the rate specified in the contract. Forward Points Refers to the points that are added to or subtracted from the current exchange rate to obtain the forward price or rate.

Forward points are based on an industry standard formula that takes into account the difference in the interest rates between the two currencies between the time of committing to the contract and its maturity date. FPS — Faster Payments Service A payment clearing service for direct credit and direct debit sterling transfers within the UK. The recipient can typically access the funds on the same day the transfer is initiated. These transfers cost about the same as BACS payments.

FPS requires both the sending and receiving banks binary option quotes be members of the FPS network in order to send a payment.

Hedge A hedge is an investment that is used to offset potential gains or losses associated with the fractals in stock trading of another investment. Companies often used a forward contract to hedge against currency rate fluctuations in the future. IBAN — International Bank Account Number An account number that contains unique bank account information in a standardized format to improve validation when making an international money transfer.

It consists of a two-letter country code, two check digits and a BBAN. IBAN Registry also known a s SWIFT IBAN Registry The SWIFT IBAN Registry is considered the official registry for ISO -compliant IBAN s. Interac e-Transfer Canadian banking service that allows anyone with an account at a participating financial institution to send a direct credit transfer to a recipient securely via their email address.

The recipient receives an email notification for the pending transfer that directs the recipient to deposit the funds directly into their account via their respective online banking. Interbank Transfer The transfer of funds from an account at one bank to another at a how to make money with r10000 bank. International Transfer An EFT that transfers funds from one country to another.

Also known as a cross border transfer. Intra Bank Transfer The transfer of funds from one account to another within the same bank. Also known as a same bank transfer. ISO — International Organization for Standardization An independent, non-governmental organization that works in conjunction with SWIFT to ensure IBAN s are standardized.

Inverse Rate or Inverse Exchange Rate A quote for which the base currency and counter currency are switched. An inverse rate is calculated by dividing one by the exchange rate. Limit Order A transaction where the customer sets the price and the order is open until the market reaches that price.

At that point, the order is filled as a spot transaction. Margin A deposit required on forward contracts as collateral to cover the risk associated with potential exchange rate movements. Also used to refer to the mark up on a transaction. Margin Call A call by an FX provider to raise the margin deposit requirement of an account.

The call is typically made after a currency the best advice binary options brokers significantly depreciated in value. Margin Deposit A deposit required on forward contracts as collateral to cover the risk associated with potential exchange rate movements.

Mark Up Additional increase on the gann.w.d.master stock market course or exchange rate of a currency. This is how banks and FX providers typically make a profit when dealing in foreign exchange. Mass Payments The ability to send payments to many recipients all at once. Maturity Date The date on which a contract is due to be settled.

See also settlement date. Mid-Market Rate The mid-point between the buy rate and the sell rate from the global currency markets. Money Order A certificate that acts like a chequewhich a recipient can exchange for a specified amount of cash on-demand in return. Money orders are often used by individuals who do not own a chequing account. Money Transfer A payment that does not involve cash.

MSB — Money Services Business A non-bank company or financial institution that processes money transfers. Offer Rate The rate at which a foreign exchange provider will sell currency to you. Also known as the ask rate.

Payee The party receiving a money transfer. For money transfers and FXtypically known as the recipient or beneficiary. Payer The party issuing a money transfer. PIN — Personal Identification Number A password, often three to eight characters in length for financial systems. Pip — Point in Percentage or Percentage in Point or Price Interest Point A unit of change in an exchange rate. A pip is equal to a point for most of the major currency pairs since they are priced to four decimal places in the FX market.

The Japanese yen is an exception since it is priced to only two decimal places. Technically called a basis point but typically referred to simply as a point. Quote A price or exchange rate someone offers to buy or sell a currency pair. Quote Currency The second currency in a currency pairit is the price for purchasing one unit of the base currency. Also known as the counter currency.

Rate The price of one currency in terms of another currency. Also known as exchange rate. Recipient The party receiving the money transfer. Also known as the beneficiary.

Reference Number A numeric or alphanumeric unique identifier used to track a money transfer. Remittance A money transfer sent home by someone who is working abroad. The transfer typically involves exchanging funds from the foreign country in which the person is working to the domestic currency of their country of origin. Routing Number Number used to redirect payments within a financial institution. Also known as ABA routing number in the United States, transit number in North America, sort code in the UK and Ireland.

RTN — Routing Transit Number See ABA Routing Transit Number. Same Bank Transfer The transfer of funds from one account to another within the same bank. Also known as an intra bank transfer. Seller The party that is selling a currency pair in a transaction. Sender The person or company that initiates a money transfer. SEPA — Single Euro Payments Area Formed to facilitate cross border euro transfers within the EU and EFTA.

With SEPA, it is now possible to manage all euro payments from a single bank account within the region. Although still able to charge a transfer fee for SEPA payments, banks are not permitted to make deductions from the amount transferred. SEPA Transfer SEPA transfers are euro direct credit and direct debit transfers within the EU. SEPA payments are moving toward only requiring an IBAN to process and typically take one to two business days to clear.

Service Fee Fee charged by a financial institution or FX provider related to the holding of an account or to process a money transfer. Banks typically refer to these as bank charges or bank fees.

Settlement Date The date on which a contract settles, meaning all payments agreed to in the contract have been sent. See also maturity date.

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Sort Code A six-digit numerical code used by Irish and UK banks to route payments within those countries. The codes are broken into three groups of two and contain details on both the bank and branch. Similar to a transit number in North America. Speculative Trading or Spec Trading Entering into a foreign exchange contract with the intent of profiting off the movement of a currency value.

Spot Contract or Spot Transaction A foreign exchange contract based on the spot rate and the settlement date is within two business days. Spot Price or Spot Rate The current market price for a currency pair.

Spread The difference between the bid rate and the ask rate of a currency pair. Also known as the bid-ask spread. SWIFT — The Society for Worldwide Interbank Financial Telecommunication A cooperative organization that promotes standardization for financial transactions. SWIFT Code A globally recognized eight to eleven-character identifier used to represent a financial institution for interbank transfers. A SWIFT code contains an eight-character business party identifier i.

Third Party Payment A payment that involves a third party i. It can involve a third party processing or paying for the transaction. Transfer Fee Fee associated with a money transfer. Transfer fees are separate from FX commissions and can apply to a same currency transfer. Transit Number A unique number assigned to financial institutions within North America to identify the bank and branch to properly route payments to their proper destinations within Canada and the United States.

Similar to the sort code used in England and Ireland. See ABA routing number for the American transit number structure and bank transit number for Canadian transit number structure. Transparency The concept of a customer being able to view the breakdown of the costs associated with a transaction. Value Date A future date for which a price is set for a foreign exchange transaction. For spot contractsthe value date is typically the same as the settlement date.

Wire or Wire Transfer A secure EFT that requires a SWIFT code or IBAN that is processed via the SWIFT network.

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Wires are a more expensive form of EFT that can be sent domestically or internationally. The funds are guaranteed and cannot be recalled. They usually take a couple days to clear, with international wires taking even longer depending on how many banks are involved in the transfer. We use cookies to understand our site usage and to customize your experience, including advertising. By using our site, you agree to our use of cookies. Transfer Money XE Money Transfer Why XE? Apps Android iPhone iPad BlackBerry BlackBerry 10 Windows Phone Windows 8 Firefox Learn Money Transfer Tips Fraud Prevention Intro to Forex Trading Currency Encyclopedia Currency Charts Money Transfer Glossary Free Currency Email Learn More Blog Blog Forum Toggle Menu.

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