Account ownership: whose account it is, and why it gets checked so often
Ownership says whose account it is. Almost every stall an international payment suffers comes back to it.
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Borderless money
Clear guides on paperwork, money and security for people who moved from Latin America to Europe. Written by the team that runs the platform.
Spread: the price nobody charges you and everybody applies
It is the gap between the price a currency is bought at and the price it is sold at. That is where the margin on a conversion travels, without…
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SEPA: why a euro payment between countries behaves like a local one
SEPA is the agreement that makes sending euros from one European country to another work under the same rules as sending them within a single country.
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SEPA Instant: the euro payment that doesn't wait for a business day
The instant SEPA scheme credits in seconds and runs every day of the year. It is not always available, and it helps to know what that depends on.
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Remittance: the word reports use for what you call sending money home
A remittance is money one person sends to another in a different country, usually to family. What sets it apart from any other transfer.
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Mid-market rate: a useful reference nobody trades at
It is the midpoint between what is paid and what is charged for a currency. It works for comparing, but it is not a price you can convert money at.
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KYT: looking at the operation, not just at the person
KYC checks who you are once. KYT watches what happens afterwards, operation by operation, which is why it sometimes stops one specific movement.
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KYC: why you're asked for ID before you can operate
It is the process of checking you are who you say you are. It happens when you open the account, and again later when something changes or expires.
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Payment return: the money comes back, and the clock starts over
When a payment cannot be credited, it goes back to the source. It is not lost, but the return trip costs as much time as the trip out.
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CVU: same format as a CBU, a different kind of account behind it
A CVU identifies an account at a digital wallet. It has twenty-two digits like a CBU, and that resemblance hides a difference that sometimes matters.
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Payment receipt: the document that shortens any conversation
A screenshot saying sent is not a receipt. Which details make a document actually useful when something has to be traced or claimed.
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CCI: the number your bank doesn't show you first
In Peru the app shows one account number and forms ask for another. The CCI is the twenty-digit one, and it is the only one that works outside your…
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