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Bank Transfers

Bank transfers are instruments used nowadays by various entities (individuals or companies) to make payments for goods and services to persons who are not physically present. This payment instrument allows for the movement of funds between deposit accounts, on debit and credit, in an easy, safe, convenient and fast manner.

With the globalization of the economy, the use of electronic means in the financial sector is a fast-growing reality, and, like other banking transactions, paper-based transfers are being replaced by electronic means and becoming a privileged means of payment.

Bank transfer - transaction carried out by a payer entity (natural or legal), through a credit institution, and intended to deliver sums of money available to a beneficiary. The same entity can simultaneously be both payer and recipient;

Transfers are distinguished by the number of participants involved and can be:

• Intra-bank Transfer - bank transfer made between two demand deposit accounts in the same credit institution;

• Interbank Transfer - transfer made between two demand deposit accounts in different credit institutions;

• Transfer of Large Amounts - interbank transfer whose amount is equal to or greater than the limit determined by Banco de Cabo Verde as being a large amount, ordered by a customer of a credit institution and settled in real time in Banco de Cabo Verde’s settlement system;

• Urgent Transfer - interbank transfer of any amount, subject to special tariff, which, at the request of the payer customer, must be made available to the recipient on the same day.