What are Giro/RTGS (Viber) transfers and International Bank Transfers (SWIFT) for HUF?

There are two different transfer methods available for transferring HUF depending of the location of your bank.

GIRO/ RTGS VIBER (domestic) transfers are available at banks located in Hungary for bank-to-bank transfers while banks located outside of Hungary will likely offer International Bank Transfers (SWIFT).

Giro /RTGS (Viber) payments

The Hungarian Internal Clearing System (ICS) operated by GIRO Zrt. is a payment system for the interbank clearing of domestic HUF transfers and direct debits. It is a "Real Time Gross Settlement" system called VIBER.

Banks that are connected to it will allow you to transfer HUF quickly and inexpensively between banks located in Hungary. It will be required to know the Bank Code, Branch Code and Account number of the receiving party.

You do not necessarily have to select GIRO or RTGS (VIBER) in your online banking. Your bank may call it "Bank-To-Bank transfer"  or "domestic payment method" using the details mentioned above.

SWIFT payment

The Society for Worldwide Interbank Financial Telecommunication - SWIFT - is a network that allows banks to communicate financial information securely.

SWIFT payments are offered by most banks for international money transfers, and involve a series of banks which work together to make sure your money arrives at your account.

If you transfer HUF from a financial institution outside of Hungary, the payment would likely be routed via a correspondent bank located in Hungary before reaching your account. Such payments are known as cross-border payments and often take more time to complete because of the complexity associated with involving multiple banks.

Bank transfers can take time to complete, particularly when it comes to cross-border payments, because of the complexity associated with involving multiple bank in the payment chain.

Processing bank transfers involves a number of steps, particularly for cross-border payments. These are sent via the correspondent banking network and typically pass between several different banks along the way. After being initiated, a wire transfer is sent by the debtor agent to an intermediary bank before moving on to the creditor agent. Once these steps are complete, the recipient will receive their funds.

There are a number of reasons why cross-border payments may be delayed or held up. First, not all account balances can be updated outside of the operating hours of local settlement systems. Delays can also arise if compliance checks need to be carried out, especially when a payment passes through different countries and jurisdictions.

Difference between domestic and international bank transfers

Banks make a domestic transfer to send funds to financial institutions residing in the same country or financial zone. When sending funds to financial institutions in a foreign country or financial zone, banks have to make an international bank transfer. The differences between these two bank transfers affect the number of fees banks charge and the duration it takes to complete the transfer.

How long does it usually take for my funds to arrive?

*Please consult with the sending institution about the costs to process your payment as this may vary by financial institution. IBKR does not charge fees for the deposit of funds.

IBKR credits funds real-time upon receipt. Please note that we do not have influence on the speed of transfer. Please consult with your bank regarding their processing times.

Payments that are subject to additional review may take longer to credit.