ELI5- How do countries and large institutions pay each other?

Question

For example when a country pays its dues to the UN or IMF or when a company buys over another company for a large sum. Do they just simply ‘wire’ the funds or bank transfer?

In: Economics

Answer 1

For any of the countries that keep gold in the Federal Reserve vault, they just dolly the gold a couple dozen feet to the recipient country’s compartment.