Glossary
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.
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