Payset prespective
December 22, 2022

Transferring Money Between Different Financial Institutions

Transfer your money between all currency platforms safely and securely with our helpful online guide. Learn how to transfer money with IBAN and how to send money between different financial institutions.

The rise of online spending, global business, and e-commerce means that digital wallets and e-wallets are now in widespread use.

Any online or mobile service that provides a way to send and receive funds can be considered a digital wallet or “e-wallet.” Popular digital wallets include Cash App, Apple Pay, Google Wallet, Paypal, and Venmo. At Payset, we offer our own digital wallet as part of our multi-currency accounts.

Digital wallets can also be used in conjunction with traditional bank accounts and IBAN accounts. 

Here’s how they work:

How do I transfer money with an IBAN number?

Yes, you can transfer money to and from any account with an IBAN number. 

To receive money in an IBAN account, you must provide the sender with your own IBAN number. You can find this number in your online bank account, on a bank statement, or through your bank’s support line. After you provide your IBAN number to the sender, they must initiate a transaction and direct it to your IBAN number.

To send money to an IBAN account, or transfer money via an IBAN number, you must request a transaction from your bank or payment service. You’ll need to provide the recipient’s IBAN number to the service.

If you’re sending money to an individual, you’ll need to ask the recipient for their IBAN number. Or, if you’re sending money to a business or other organization, you may be able to find their IBAN number on their public website.

Can I Transfer Money from a Digital Wallet to a Bank Account?

Most digital wallets, including Payset’s own e-wallet, allow you to transfer funds to and from a bank account.

To send money to a bank account, open your digital wallet and input the IBAN number of the bank account that you wish to send funds to. You can send money to your own bank account or to another person’s bank account in this way.

You can also transfer money out of an IBAN account and deposit it into your digital wallet. You can fund your wallet from your own account or receive funds from someone else. This is typically necessary if you want to add a balance to your wallet.

Can I Transfer Money Between an IBAN account and a Bank Account?

You can transfer funds between any two IBAN accounts. Typically, sending funds with an IBAN number involves ordering a wire transfer over the SWIFT messaging network. You must provide the recipient’s IBAN number and other details to route the transaction to its destination.

In Europe, it is also possible to transfer funds between IBAN accounts through non-SWIFT networks, such as SEPA, Faster Payments, and CHAPS.

Bank accounts that do not use IBAN numbers, such as those in the United States, can also send funds between one another. These banks may use SWIFT wire transfers, or they may use alternate settlement networks or other electronic transfer systems.

Ultimately, you can transfer funds between any two bank accounts almost anywhere in the world, whether both of those accounts use an IBAN number or not.

What is the Difference Between an IBAN account and a Digital Wallet?

Digital wallets are provided by online payment services. Users can hold monetary balances, often in multiple accounts and currencies, in a single digital wallet. 

Digital wallets can be accessed by logging into a website or a mobile app. Users can spend funds stored in their wallet on websites that support the app or in public through point-of-sale terminals that support the app.

Digital wallets can use various technologies, including QR codes, near-field communication (NFC), and magnetic secure transmission (MST) to send and receive data. Some of these technologies are also used with traditional payment cards.

By contrast, an IBAN account is a traditional financial account. An IBAN account is usually provided by a bank, and users typically access these accounts through an online account or by visiting their local bank branch.

IBAN accounts and IBAN numbers are often used to send and receive funds through banking networks like SWIFT. However, many IBAN accounts also include a debit card or chequing service that allows users to easily spend their money. As a result, it is possible to send money with an IBAN account to various destinations.

At Payset, we combine both types of service. All registered users have access to digital wallet features alongside IBAN-numbered accounts.

Is it safe to transfer money with an IBAN?

Transferring money with an IBAN is rarely dangerous. It’s safe to give out your IBAN number and related banking information when you are preparing to receive a payment.

In fact, IBAN numbers are meant to be shared. An IBAN number only contains information that can be used to receive funds—it can’t be used to move money out of your account.

Even though sharing your IBAN number is safe, it's important to be aware of IBAN fraud. Scammers can intercept transactions by impersonating a participant on either side of a transaction and claiming that they have changed their IBAN number.

The scammer can then receive a payment that someone meant to sent to you, or they can intercept a payment that you intended to send to someone else.

As such, it's important for all parties to fully verify each other’s IBAN number before proceeding with a transfer via IBAN. Be sure to give out only information that is necessary for the transfer, and be sure to contact your transaction partner in a trusted way.

If you are a victim of this type of fraud or your funds are erroneously received, your bank or other service provider may be able to reverse the transaction.

How Payset Can Help

Payset provides digital wallets and IBAN numbers for all multi-currency accounts

We facilitate access to multiple payment networks including SWIFT, SEPA, Faster Payments (FPS), CHAPS, and more. Plus, we support over 38 major international currencies and serve more than 180 countries, making our service one that caters to a global user base.

We also provide top-of-the-line security for all funds. Payset segregates client funds from its own balances according to regulations. Client funds are safeguarded with a EU-regulated bank, which protects user funds in the event that Payset fails or becomes a victim of fraud.

Payset offers one of the simplest ways to quickly open a digital wallet and a virtual IBAN account. 

Click below to sign up or to find out more.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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