International bank transfers usually take place through a domestic bank and its correspondent bank abroad.\u00a0 The domestic bank accepts monies for transfer and arranges for its correspondent bank to transfer the funds in a foreign currency.\u00a0 This may be done directly by way of immediate direction for payment.\u00a0 It may be done by a bill of exchange.<\/p>\n
The bill of exchange is drawn on the domestic bank’s account with the foreign bank. The bill of exchange is given to the customer, who sends it to his correspondent seller in the other country.\u00a0 This is then cashed at the correspondent bank on whom the bill of exchange is drawn.<\/p>\n
Currency is not physically delivered. Multiple accounts are usually netted out.\u00a0 When transfers are required, this is done by the central bank and may be managed by the Bank for International Settlement.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
BIS The Bank for International Settlements was established in 1930.\u00a0 It acts as the bank for the world\u2019s central banks.\u00a0 It promotes international monetary corporation.\u00a0 It acts as an agent for international settlement.\u00a0 The BIS holds between 10 and 15 per cent of the world’s monetary reserves.\u00a0 It is incorporated under Swiss Law. Since 2001, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[144],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10430"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=10430"}],"version-history":[{"count":2,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10430\/revisions"}],"predecessor-version":[{"id":21040,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10430\/revisions\/21040"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=10430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=10430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=10430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}