What is an external transfer?

An external transfer is a transaction of funds between two different financial institutions or accounts held by two separate individuals or entities. This type of transfer can include transferring money from one bank account to another, sending funds through Western Union, or depositing a check into a different bank. Typically, external transfers take longer to process and may require additional fees compared to internal transfers. Additionally, some limits may apply to the amount of money that can be transferred externally. Overall, external transfers are a convenient way to move funds between individuals or business entities across different banks and financial institutions.