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# Introduction
Transfers are used to send money to bank accounts.
## How transfers work
When a transfer is initiated, it comes with a status `NEW` indicating that the transfer has been queued for processing, and you would need to use the transfer ID to call the Fetch a Transfer endpoint to retrieve the updated status of the transfer.
## What happens when a transfer is completed?
When a transfer is completed we would push a notification to you via your Webhook. You can use the information we sent to you to confirm the status of the transfer.
If a transfer is already being processed and it fails during processing, we would also push a hook notification to you on your specified hook URL.
Click [here](/verification/webhook) to setup the webhook
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