How does money transfer actually work?
If I want to transfer money electronically from a bank account in America to a bank in England, how does this actually work? I'm not asking for a lost of companies that does this for me, I want to know exactly how the process works. If for example it is a large ammount (50 thousand dollars) is the paper money actually at some point in the future taken from the US bank and shipped to England so the UK bank isnt of pocket or does it work in some other way? All I know is that if I transfer money (which is only ever small ammounts) after about 4 days it reaches its destination. What actually happens during these four days for the bank in England to receive my money?
- Anonymous1 decade agoFavorite Answer
Assuming that this is a legit transaction (in other words, you PERSONALLY know the person that is receiving the money), then it would go through the Bank for International Settlements (BIS), which holds accounts for all central banks in the world (the Federal Reserve and Bank of England, in your case).
- burn outLv 41 decade ago
It comes in one hand from the employer, to the other hand which is handing it over to the land lord. ... electric company ...phone company ....Walmart! .... all money transfered...thats how it works for me!
- SweetBrunetteLv 51 decade ago
You have been scammed.