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Rise Glossary

What is a Local Bank Transfer?

A local bank transfer is a type of money transfer that is conducted within the same country, usually between two bank accounts held at different financial institutions. It is a way for individuals or businesses to move funds from one account to another account within the same country.

The process for a local bank transfer may vary depending on the financial institutions involved and the country where the transfer is taking place, but typically it involves providing the sender's bank account information and the recipient's bank account information. The sender would then initiate the transfer through their bank's online banking platform, mobile app, or by visiting a branch. The recipient will then receive the funds in their bank account.

Local bank transfers are typically processed within a few business days, depending on the financial institutions involved, but it can be as fast as real-time. They are generally considered to be a safe and secure way to transfer money, but it's important to ensure that the account information provided is correct and to confirm that the recipient has received the funds.

It's important to note that local bank transfers may incur fees, such as transfer fees or foreign exchange fees, depending on the financial institutions and the amount being transferred.