Credit transfers

A credit transfer is a bank operation agreed with banks, permitting funds to be transferred.

From the perspective of banking service users, a credit transfer is basically the execution of an order or instruction given by a customer to a bank, requiring the transfer of a given amount to another banking account. The destiny account should be in the same bank or in a diferente one. In the former case, they are “intrabank” transfers and in the latter case “interbank” transfers.
 
According to the current banking practice, the main players in credit transfers are usually the following:

• Payer – the bank customer requiring the transfer
• Bank of the payer – the bank with which the payer agrees the transfer
• Beneficiary/ payee – the entity to which the funds are to be transferred
• Bank of the beneficiary/ Bank of the Payee – the bank receiving the funds on behalf of the beneficiary.

Credit transfers are funds expressly delivered by the payer to his/her bank with the purpose of being transferred, or that are deposited in an account with such bank, of which the payer shall be the holder or representative.
 
Depending on the agreed conditions, the funds may be deposited in an account indicated by the payer, or, under express order of the latter, may be directly transferred to the beneficiary/payee, if the bank receiving the funds agrees to provide such service.
 
Credit transfers to accounts opened with foreign branches or banks are known as “cross-border transfers”.
 
For further information on how to order a credit transfer, the required data, deadlines for their execution and availability of funds, as well as applicable legislation, see the “Bank Customer Website”.