Glossary of cross-border money terms
The terms you see when sending and converting money between Europe and Latin America, explained simply.
- IBAN
- International code identifying an account in Europe to send and receive transfers.
- SWIFT / BIC
- Code identifying the bank or institution in an international transfer.
- Exchange rate
- The price of one currency in terms of another: how much of one you get for the other.
- FX spread
- The difference between a provider's buy and sell exchange rate.
- Remittance
- Money a person sends to their home country, usually to family.
- CBU / CVU (Argentina)
- 22-digit key identifying an account (CBU) or virtual account (CVU) in Argentina to receive money.
- CCI (Peru)
- 20-digit interbank account code identifying an account in Peru.
- Account number (Colombia)
- The Colombian account details where money is received.
- E-money institution (EMI)
- An authorised and supervised entity that issues electronic money and offers payment accounts.
- KYC
- The identity-verification process required by regulation before you can operate.
- AML
- Controls to prevent money laundering and terrorist financing.
- Beneficiary
- The person or account that receives the money in a transfer.
- Currency (FX)
- Foreign money; for example the euro against the Argentine peso.
- Transfer corridor
- The route between two countries money moves along, e.g. Europe to Argentina.
Informational, general definitions. This is not financial, legal, tax or investment advice.