Question about Transferring PS3 Save Data

As a PS3 player trying to find out what I need to do to upgrade to the PS4 version for Stormblood I've found there are some things I don't fully understand.

In order to get my current saved cross hotbar & macro setting to be useable on PS4 I need to transfer my save data by hitting the button in the corner of the ps3 launcher window, and then doing the same in the PS4 launcher window.

But what I can't figure out is if I have to transfer the data before I do the PS3>PS4 upgrade process or after.

I think it just copies the data to the cloud and doesn't actually move anything off your PS3, and then you just download the data to you PS4 after you install the game on your PS4.