A clearing house acts as a “middleman” between banks, allowing them to transfer funds as directed by bank customers. There are various clearing house networks around the world, including Automated Clearing House (ACH) in the US, Single Euro Payments Area (SEPA) in Europe and Direct Entry / Bulk Electronic Clearing System (BECS) in Australia. Please see ACH for more information.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
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