Understanding the language of international money transfers can make the process smoother. ORO Bank uses various terms to describe how your money moves across borders efficiently and securely.

Here's a glossary of common international transfer terms you might encounter when using ORO Bank:

A bank code is a unique code assigned to a financial institution by a central bank or regulatory authority. It is used for identifying the bank in banking transactions.
​Example: The bank code for Bank of America in the United States is 021000021.

A bank branch code is a unique identifier code assigned to a specific branch of a bank. It is used for identifying the branch location in banking transactions.
The branch code can vary by country.
​Example: The ASB Bank branch code for Auckland is 3011

BSB stands for Bank-State-Branch. A BSB code is a six-digit number used to identify an individual branch of a financial institution in Australia 🇦🇺. Used for a local AUD transfers.

The country where your recipient's bank account is located.

The currency in which your recipient will receive the funds.

Also referred to as FX Rate or Foreign Exchange Rate. It's the value of one currency for the purpose of conversion to another. This rate determines how much of one currency you get in exchange for another.

Example: If the USD to EUR exchange rate is 0.92, it means that for every 1 USD you exchange, you will receive 0.92 EUR (before any fees).

The process of converting one currency into another. The rate at which this conversion happens is called the Exchange Rate (or FX Rate).

IBAN stands for International Bank Account Number. It’s an internationally-agreed code made up of up to 34 letters and numbers that helps banks to process transfers around the world. It's primarily used in Europe and many other countries

Example: IBAN in UK - GB29NWBK60161331926819

IFSC stands for Indian Financial System Code. It's made 11-character code that uniquely identifies a bank branch in India 🇮🇳. Used for local INR transfers.

Example: One IFSC of State Bank of India is SBIN0003130

The estimated exchange rate shown when you start setting up an international transfer. This rate is based on real-time market conditions but is not final.

The official currency of a specific country or territory. For international transfers, sending money in the local currency of the destination country (e.g., sending AUD to Australia) often enables cheaper and faster Local Transfers.

A general term for a code (numbers/letters) identifying a specific bank and often a branch within a country's domestic banking system. Used for Local Transfers.

See specific examples of BSB Code, IFSC, Transit Number, etc

A method of sending money internationally using the recipient country's domestic banking network. Often faster and cheaper when sending in the local currency.

A company ORO Bank partners with to facilitate international money transfers, helping to process payments across different banking networks.

The person of business you are sending money to.

A fee that may be charged if an international transfer fails and the funds are returned to the sender. This often covers costs incurred from intermediary or receiving banks.

The person or business initiating the money transfer.

A 6-digit code used by British and Irish banking industries to route money transfers between banks domestically. Used for local GBP (and sometimes EUR in Ireland) transfers.

An 8 or 11-character international code that identifies a specific bank. Used for SWIFT transfers to ensure money reaches the correct institution globally.

A 5-digit code identifying a specific branch of a financial institution in Canada 🇨🇦. Used for local CAD transfers.

The way your money is send (e.g., Local Transfer, SWIFT Transfer). ORO Bank automatically selects the most efficient method based on your destination country and currency.