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What details do you need to transfer money?


Jan 16, 2023

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The advent of payment platform has made it easier than ever to transfer money across borders. To make sure your payment goes through, you’ll need to go deep down the question: ‘What details do you need to transfer money?’. So let’s find out that information with DNBC in this article.

What Details Do You Need To Transfer Money? - DNBC Financial Group

What Details Do You Need To Transfer Money? – DNBC Financial Group

The growing trend in transferring money

In 2020, the worldwide digital payments market was worth $5.4 trillion, with an annual growth rate of about 16 percent. With a transaction value increase of 22% in 2021 to over $6.6 trillion, the industry as a whole is likely to maintain its remarkable rise. The digital payments sector is expected to reach $10.5 trillion in value in the next four years (2025). (Data by

Transferring money inside a country or across boundaries is now simple and quick thanks to the global economy and integrated financial systems. As a consequence of these trends, a growing number of customers are looking for fast international money transfers.

What details do you need to transfer money within a country?

Here are some suggestions to give you an idea of what recipient’s details you may need when sending money domestically. (Those details may vary depending on every nation.)

  • The payment date: It’s possible to schedule a transfer for a certain time in the future if you don’t want the money to come out of your account right now. Depending on the payee’s bank, it may take several days or weeks for the money to appear in their account.
  • The recipient’s details include their full name (individuals or business), their 8-digit account number (maybe 6-digit sort code) and ID/Passport/Citizen Identity Card.
  • The name and address of the beneficiary bank

What details do you need to transfer money internationally?

In international money transferring, the certain details likely differ based on where the money is going and what currency you require. You will need the following recipient’s details when transferring money abroad:

The Beneficiary’s Name

To transfer the payments, the recipient (individuals or business) must be added as a “beneficiary” and his bank account information must be given.

Besides the beneficiary’s name, there are some details that should be also included to complete the transaction: Account number, bank and branch.

An IBAN or Account Number

The beneficiary bank makes use of the account number to find out the exact particular customer’s account. It is the preferred method for transferring overseas payments since it provides a more precise approach to locate recipient accounts.

Code for the BIC/SWIFT messaging system

You can know which bank is sending an international payment by looking up its BIC (Bank Identifier Code). In many cases, SWIFT (Society for World Interbank Financial Telecommunication) codes and BIC Codes are interchangeable.

The Nation Clearing Code

If a bank doesn’t issue an IBAN, it provides its clients with a National Clearing Code (NCC). You’ll need to know the name of the bank in the other country where you’re transferring the money.

The typical application of NCC is to transfer money outside of the EU.

The location of the bank

The entire address of the foreign bank branch where the beneficiary’s account is set will be required. To avoid confusion and transaction errors, you should pay attention to fill in all information on the beneficiary’s side.

The sender’s message

The recipient may get an optional message of up to 35 characters. This detail allows the recipient to categorize the purposes and also track their cash flow more accurately.

An alternative to transfer money abroad

Besides traditional banks, you have a wide variety of independent money transfer providers which can be the fastest and the most optimized option. DNBC Financial Group for example, are relatively recent services that take advantage of the Internet’s speed and accessibility.

DNBC offers a low exchange cost with a high transaction limit, which can come up to 100 000 dollars per transaction. Moreover, with a friendly interface and an online platform, we are here to support you 24/7 – so that you can set your mind at rest when transferring money with us. Open a free account with us now.

DNBC Financial Group UAB

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Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.