The Bank for International Settlements is a bank owned by central banks, not a place where you deposit money
The Bank for International Settlements (BIS) is an organization in Basel, Switzerland, where the central banks of about 60 countries hold accounts and work together on financial rules. It is not a commercial bank — you cannot open an account there or send money to it. Instead, it acts as a meeting place and a settlement hub for the world's central banks, including the Federal Reserve in the United States.
The BIS was founded in 1930 and is owned by the central banks themselves. Its main job is to help central banks coordinate on things like interest rates, banking regulations, and how to handle financial crises. When central banks need to move large sums of money between countries or settle international transactions, they often use the BIS as an intermediary.
If you are waiting for a refund, payment, or transfer that involves international movement of money, the BIS may be part of the path that money takes — but you will never interact with it directly. Your bank, your government agency, or an international payment service will handle the actual transaction on your behalf.
Key Takeaways
- The BIS is owned and used by central banks, not by individuals or businesses, so you cannot send money to it or receive payments from it directly.
- Central banks use the BIS to settle large international transactions and to coordinate on financial policy across countries.
- If your refund or payment crosses international borders, it may pass through BIS systems, but your bank or payment provider handles the details.
- The BIS sets banking standards and rules that affect how international money moves, which can influence how long cross-border refunds take.
How the BIS fits into international money movement
When a central bank needs to move money to another country — or when a large international transaction needs to be settled — it often uses accounts at the BIS. Think of it as a clearing house where central banks can exchange currencies and confirm that money has actually moved from one place to another.
For example, if the U.S. Federal Reserve needs to send funds to the European Central Bank, or if a country's central bank needs to settle a trade payment with another nation, the BIS provides the infrastructure to do that safely and quickly. The BIS also holds foreign currency reserves for many central banks, so they have a secure place to store assets.
This matters to you only if your refund or payment involves movement between countries. A tax refund sent to a foreign address, an insurance payout to an international account, or a business reimbursement from overseas may take longer partly because it has to move through these central bank channels. The BIS does not cause delays, but it is part of the system that handles the settlement.
The BIS sets rules that affect how your international payments move
The BIS is also home to several committees that write the rules international banks have to follow. The most famous is the Basel Committee on Banking Supervision, which sets standards for how much capital banks must hold and how they manage risk. These rules affect how quickly and safely money can move across borders.
When your bank sends money internationally, it has to follow Basel rules about reporting, verification, and anti-money-laundering checks. These rules slow things down — a wire transfer that would take one day domestically might take three to five days internationally — but they exist to prevent fraud and financial crime.
The BIS also publishes guidance on payment systems and settlement procedures. If you are waiting for a refund from another country, delays often come from these compliance requirements, not from the BIS itself. Your bank or the receiving bank may need extra time to verify the transaction meets current standards.
Who actually owns and runs the BIS
The BIS is owned by its member central banks. The Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan, and the central banks of about 55 other countries all hold shares. No individual or private company owns it, and no government directly controls it — though the central banks that own it do set its direction.
The BIS is run by a board of governors made up of central bank leaders and a General Manager who oversees day-to-day operations. It publishes annual reports and financial statements, so its work is public, but it operates independently from any single government.
What the BIS does not do
The BIS does not issue currency, lend money to individuals or businesses, or hold personal bank accounts. You cannot deposit money there, borrow from it, or receive a refund through it. It does not process tax refunds, insurance claims, or business payments — those are handled by your government agency, insurance company, or employer.
The BIS also does not regulate banks in your country. That job belongs to your national banking regulator — the Federal Reserve and the Office of the Comptroller of the Currency in the United States, the Financial Conduct Authority in the UK, and so on. The BIS sets international standards, but national regulators enforce them locally.
Why you might hear about the BIS when waiting for an international refund
If you are waiting for a refund from another country and someone mentions the BIS, they are usually explaining why the process takes longer than domestic refunds. International payments have to move through multiple banks and comply with BIS-set standards, which adds time and steps.
A refund from a foreign government, a multinational company, or an international insurance provider may take two to four weeks or longer, partly because it has to clear through central bank channels and comply with international banking rules. The BIS is not the bottleneck — it is part of the infrastructure that makes the movement possible.
If you are tracking a refund that involves international movement, contact the organization sending the money and ask for the wire reference number or tracking code. That will let you follow the payment through your own bank, which can tell you where it is in the process and when it should arrive.
Frequently Asked Questions
Can I send money to the Bank for International Settlements?
No. The BIS is not a commercial bank and does not accept deposits or payments from individuals or businesses. Only central banks can hold accounts there. If you need to send money internationally, use your bank's wire transfer service or an international payment provider.
Does the BIS process tax refunds or insurance claims?
No. Tax refunds are processed by your country's tax authority, and insurance claims are processed by your insurance company. The BIS may be part of the infrastructure that moves the money if it crosses borders, but it does not handle the refund itself.
Why does my international refund take so long?
International refunds take longer because they have to move through multiple banks, comply with anti-money-laundering rules set by the BIS and other regulators, and be verified at each step. A domestic refund might take five to ten business days; an international one often takes two to four weeks or more.
Is the Bank for International Settlements a government agency?
No. It is owned by central banks, which are independent institutions, not government agencies. However, central banks are often part of their national governments' financial systems. The BIS itself operates independently and is not controlled by any single country.
What should I do if my international refund is delayed?
Contact the organization that sent the refund and ask for a wire reference number or tracking code. Give that to your bank, which can trace the payment through the international banking system and tell you where it is and when it should arrive.