As you know, to improve interbank communication, especially when making international payments, the SWIFT system was created. Today it is widely used not only in international transactions, but also for interbank communication within the country.
When filling out checks and other payment documents, you often need to enter the SWIFT code of the bank you need in the appropriate box. If you don’t yet know what it is, what a SWIFT code is for and how to find it, let’s figure out this difficult topic together.
What is a bank's SWIFT code?
System SWIFT, or Society for Worldwide Interbank Financial Telecommunications, was formed in 1973. The English expression that stands for the abbreviation SWIFT means international community of interbank communications. This is a highly secure communication network that connects most of the world's banks. When connecting to it, each bank receives its own individual code for quick and reliable identification, or SWIFT code of the bank.
Currently, SWIFT unites almost ten thousand banks from more than two hundred countries around the world. All of them can easily communicate with each other, send and receive payments, and exchange information. Any bank that has a license for foreign exchange transactions in its country can join SWIFT. To join, the bank deposits a certain amount that is needed to support the operation of the system, and then pays for the service.
What does a bank's SWIFT code look like?
Currently, the bank code in the SWIFT system is a combination of eight or eleven characters. Most of them are letters of the Latin alphabet, but there may also be numbers among them. The order of code generation is determined by the rules ISO 9362 – BIC and looks like this:
— 4 characters at the beginning of the code are a letter code assigned to the bank to identify a participant in international payments, formed by abbreviating the name of the bank written in English; 
— the next 2 characters are the country code according to the ISO 9362 standard;
— the next 2 characters are the bank location code, which is assigned to the city and can consist of either letters or letters and numbers (except 0 and 1);
— The last 3 characters are the alphanumeric code of a specific bank branch, and for the head office it is either not indicated or written as XXX.
How can I find out the SWIFT code of the desired bank?
According to banking rules, the SWIFT code of a bank or its branch is not classified information and is freely available. To find out the bank code in the SWIFT system, you need:
— go to the bank’s official website – the SWIFT code must be published among other bank details in the appropriate section;
— go to the ROSSWIFT website (the official website of the SWIFT system in our country) and find on it the code of the bank you need in the list of codes of Russian banks;
In addition, the SWIFT code can be obtained at any bank branch - employees are obliged to provide it to you upon request.
What is the SWIFT code for?
Of course, banks can operate without the SWIFT system, participation in which is strictly voluntary. The bank's activities cannot be stopped due to the fact that it is not a SWIFT participant. But joining this system gives the bank significant advantages, which include:
— accelerated processing of international payments and other transactions;
— increasing the security of money transfers;
— the opportunity to freely work with banking structures of all countries of the world;
— ability to operate with different currencies. 
All these benefits are available only to SWIFT members. That is why it is required to indicate the SWIFT code of the receiving bank in payment details.
Among the various information in the banking industry, an abbreviation such as SWIFT is quite common. The logo of this system is a view of a planet with meridians; the abbreviation itself is located exactly in the middle of the image. What is Swift translation?
The SWIFT system was formed back in 1973 - 239 different banks from North America and Eastern Europe decided to unite to create a community, the name of which stands for the Community of Worldwide Interbank Financial Telecommunications.
Today, Swift participants include more than 10 thousand organizations, of which about a thousand are large corporations. Every day, more than a million different transactions regarding interbank payments, money transfers and securities pass through this system. About 2.5 billion payment orders are processed annually, so SWIFT can safely be called popular and in demand on all continents.
Many people are interested in the question of what a SWIFT transfer is. First of all, it is worth noting that similar actions are carried out all over the world among those banks that are members of this community. You can transfer funds between individual entrepreneurs, individuals or legal entities, but you must know the SWIFT code of the recipient's bank. The client can independently choose the most suitable currency for the transaction, which is also quite convenient.
How to send finances
The Bank of Russia joined Swift in December 2014. If you need to make a transfer, you should first find out whether the sender's bank and the recipient's bank are members of the international system. The sender will need the following:
- identification document;
- details of the recipient's bank;
- SWIFT code of the recipient's bank;
- application for transfer of money;
- availability of a ruble or foreign currency account.
The transfer can be made with crediting to the account, or without it - receipt in cash, as well as to the current account of legal entities. The most popular are transfers from account to account by non-cash method, since in this case there are no limits on the amount sent. If finances are transferred by non-cash method, then the purpose of the payment must be confirmed with the relevant documents by submitting them to the bank.
If you are interested in what a SWIFT transfer is, you also need to know about some of the standards that are prepared by the Russian National SWIFT Association. According to these standards, in order to send money, the sender needs to know a number of details of the recipient. Among them are the name and SWIFT code of the bank, as well as the full name (patronymic - if available) of the recipient. You will also need to indicate the recipient’s place of residence, or his passport details, the name of the bank branch, the number of the structural unit, as well as the name of the intermediary bank if the money will be transferred using a bank that is not the bank of the sender and recipient.
Information on each of the above details must be provided in English. As a rule, accurate information about the correct English spelling of details can be found on the websites of banks that are members of the Association.
What cases is Swift ideal for:
- payment for the purchase of foreign real estate;
- sending a large amount abroad in foreign currency with minimal losses;
- payment abroad for goods or services;
- sending money abroad to your relatives or friends;
- payment for equipment or materials purchased from a foreign company.
Stages of sending money to SWIFT
First of all, the sender needs to come to any bank branch and present a passport. Then you must provide all the recipient's bank details and data. In this case, the order to send funds and the payment document can be filled out using special forms directly at the branch. After this, the sender deposits the amount of the money transfer and pays the bank commission.
If the situation is the opposite and a person needs to receive money via the SWIFT system, everything is even simpler here. It is enough to come to the nearest bank branch with a passport and, if necessary, a document confirming the legality of the currency transaction, after which you can safely receive the money.
Some detailed information about the bank code
We should also tell you what a bank SWIFT code is. This is a unique identification code that consists of 8 or 11 characters of letters combined with numbers. This code is necessary to quickly read information about the bank name, country, city, and branch code.
Possible disadvantages of such an international translation
Like any other banking system, SWIFT also has some imperfections. Among them, we can highlight the fact that Swift banks do not provide the possibility of canceling a transfer. In addition, if the transfer is credited to the account, then if the recipient withdraws it in cash, he will have to pay a fee for receiving cash from the account. The third disadvantage is that when using an intermediary bank, it will take a commission from the amount transferred, which can be a significant loss for some recipients.
Advantages of SWIFT transfer in foreign currency:
- costs, similar to commissions in other monetary systems, will be minimal;
- It is possible to send money to almost any country in a short period of time – from 1 to 3 days;
- Swift guarantees the security, speed, and confidentiality of every payment;
- the ability to send to the account of both individuals and organizations;
- the ability to send money both from an account and without creating one.
Thus, we can safely say that the international money transfer system SWIFT is considered very popular and quite stable and of high quality. It guarantees fast delivery of funds with complete confidentiality and numerous benefits for both the sender and the recipient. Because Swift is constantly evolving, over the years it covers more and more countries and their banks, while speeding up the money transfer process even more.
Despite the fact that international money transfer systems (IMTS), such as Western Union and MoneyGram, are the most popular way to transfer money abroad, in some cases it is much more convenient to use the SWIFT messaging system. Money transfers through this system are much cheaper and more convenient for paying for services abroad - such as studies, medical care, and hotel room reservations. Such transfers are also used to pay for participation in various conferences or to transfer money to the account of relatives who are abroad. This transfer method is also suitable for regular payments abroad. “International SWIFT transfers are a convenient way to transfer funds from an individual’s account to the account of another individual or legal entity. The advantages are speed, security and the ability to transfer a large amount in comparison with international transfer systems, where there is a limit of up to 15 thousand UAH. (equivalent) in one operating day. Using a SWIFT transfer, it is convenient to make targeted payments for treatment, education, recreation, helping relatives, and paying for purchases abroad,” explains Alexander Stetsko, head of the department for product development and retail business projects.
In addition to a high level of security, SWIFT transfers have a number of advantages that are not available to senders of funds through international money transfer systems. Firstly, the client has the opportunity to independently select the transfer currency. For example, you can instruct the bank to buy British pounds and transfer them to the account of the school in England where the child is studying. Secondly, there is no need for the individual recipient to spend time receiving the transfer (except in cases where there is a need to cash the transfer). The advantages of this system include the fact that the transfer can be made to the client’s account in almost any bank in the world.
An important feature of the system for many senders is the absence of restrictions on the transfer amount, if the current rules of the currency legislation of Ukraine are not violated.
Finally, transfers through the SWIFT system are an opportunity to send large sums of money abroad at the lowest rates.
Cost of Swift transfers
Compared to international money transfer systems, SWIFT transfers will be much cheaper, but only when sending large amounts. Thus, according to a study by the Prostobank Consulting company as of September 4, 2018, sending 100 US dollars abroad using an international money transfer system with a wide network of points around the world costs 1-2.2 dollars. And sending 100 dollars via SWIFT will cost 10-30 US dollars, depending on the bank (due to the existence of a minimum tariff).
If you send $10,000, then the tariffs for large MSDPs will be $100-200, and transferring the same amount through the SWIFT system can be done for $20, depending on the bank.
According to the Prostobank Consulting company as of September 4, 2018, the cost of transfers through the SWIFT system in retail banks with the largest assets in terms of assets is 0.2-1.5% of the amount, at least 15-50 US dollars (for more details, see the table below ). “The size of the transfer commission depends on the amount of the transfer and the recipient’s country (as a rule, countries that are not part of the euro zone are charged higher), and the tariffs of the correspondent bank,” adds Alexander Stetsko.
However, if we compare SWIFT transfers and international money transfer systems, we should pay attention to other significant differences, in addition to price.
Advantages of Swift translations
In part, many of the capabilities of MSDPs justify their comparative high cost. The first thing you should pay attention to is the transfer deadline. If transfers through international systems reach the recipient from 15 minutes to 24 hours, then transfers through the SWIFT system will take 3-5 working days.
Another feature of SWIFT transfers is their targeting. Most often, sending transfers via international money transfer systems does not limit the recipient to the place of payment of the transfer, but using the SWIFT transfer system, payment of the transfer is carried out in a specific bank, according to the details specified in the payment order.
And the least pleasant feature of SWIFT transfers is the possible appearance of additional costs when sending or receiving funds.
Disadvantages of Swift translations
The first of the surprises that await senders of SWIFT transfers is a possible additional commission. Whether this commission will be or not depends on the country to which you are transferring money, and on the pricing policy of the bank to which you came to process the transfer. Sometimes a transfer can go through 2-3 banks - it all depends on the network of correspondent relations of the sending bank. The more intermediaries, the higher the tariffs. The fact that the sending bank will have some additional commissions is the bank’s problem; it should not concern the client. Therefore, the bank has two options: either set a transfer rate that will exactly cover its costs for all intermediaries, or immediately before the transfer itself, notify the client about the amount of the additional commission for the intermediary.
That is why you can get the most accurate data on the cost of a SWIFT transfer to an account in a particular country only when you contact the bank.
A banking specialist, knowing the name of the country, whether the institution has correspondent banks in this country, and the number of intermediaries involved in the transfer, will tell you whether there will be additional commissions or not. However, many banks with a developed network of correspondent relations set a tariff according to the first scheme - which will definitely cover the costs of intermediaries.
The second type of expense that you should prepare for, and which will be important to you if you are sending the exact amount to an individual, for example, your relative, is the expense of the recipient of the SWIFT transfer. The potential size of such costs is clearly visible in the example of tariffs of Ukrainian banks that apply to recipients of SWIFT transfers from abroad. For depositing funds or for issuing cash, Ukrainians who received a transfer from another country will have to pay 0.5-2% of the transfer amount.
Expenses of recipients of transfers through the SWIFT system in 10 leading retail banks by assets, according to the Prostobank Consulting company as of 09/04/2018.
Bank | Recipient's expenses | Minimum commission |
PrivatBank | Enrollment: to an Internet card, a “Universal” card and an individual’s current account - no commission; to the "Card for payments" - 0.5% of the credited amount | |
Oschadbank | min. 5 USD, max. 300 USD at the NBU rate |
|
Ukreximbank | ||
Ukrgasbank | Enrollment: free; withdrawal: 1% | |
Raiffeisen Bank Aval | Enrollment: free; withdrawal: 1% | 1 USD/EUR/GBP to UAH. at the NBU rate |
Sberbank | Enrollment: free; withdrawal: 1.5% | |
FUIB | Enrollment: free; withdrawal: 1%, 2% in RUB | 2 USD at the NBU rate for all currencies except RUB |
Alfa Bank | Enrollment: free; withdrawal: 1% in USD, EUR, RUB | |
UKRSIBBANK | ||
OTP Bank | Enrollment: free; withdrawal: 1% |
Limitations of transfers through the Swift system
According to Ukrainian legislation (namely, clause 2.1. of the resolution of the NBU Board No. 496 “On approval of the Rules for the implementation of transfers of individuals outside Ukraine and in Ukraine for current foreign exchange non-trading transactions and their payment in Ukraine and amendments to certain regulations” ), there are a number of restrictions that apply to transfers through the SWIFT system.
If you want to transfer more than the equivalent of 15 thousand hryvnia, you will need to open an account. In addition, to transfer abroad an amount exceeding the mentioned amount, you will need supporting documents, otherwise you will only be able to transfer 15 thousand hryvnia per day, even if you want to make a transfer to a relative.
If you want to make a transfer to pay for services, then you cannot do without documents. Supporting documents for resident individuals are agreements (contracts), invoices, letters of settlement or letters of communication from non-resident legal entities, authorized bodies of foreign states, letters from lawyers or notaries of foreign states, statements of claim, invitations (calls), etc. .d.
What documents are needed to make a translation?
In order to transfer money through the SWIFT system, you will need a passport and identification code. To make a SWIFT transfer outside Ukraine in foreign currency, the sender needs to know exactly the recipient’s details: the recipient’s name in English, the recipient’s bank details (name, bank SWIFT code), the recipient’s account number and/or IBAN-Number for the countries of the European Union.
In order for the transfer to be successful, you must carefully check the recipient’s details in the payment order prepared by the operator before sending the transfer.
However, many institutions provide the opportunity, for a fee, to send a request to the correspondent bank to make a payment or to clarify the recipient’s details. This opportunity will cost the sender from 250 UAH. ($9) (see table below).
And as a last resort, banks provide requests to cancel a payment. Such a service will cost the same amount as the previous request (see table below).
Expenses of senders of transfers through the SWIFT system in 20 leading retail banks by assets, according to the Prostobank Consulting company as of 09/04/2018.
Bank | The transfer fee | Minimum commission (if any) | Request to the correspondent bank about making a payment, clarifying details | Payment Cancellation Request |
PrivatBank | Sending a SWIFT payment (abroad): 0.5% of the amount, min. 5 UAH, no more than 500 USD + 12 USD in UAH at the NBU rate; | 5 UAH+12 USD - abroad 20 USD - within Ukraine | The commission for payments in dollars and euros is USD 75, for payments in Russian rubles - USD 25. | The commission for payments in dollars and euros is USD 55, for payments in Russian rubles - USD 25. |
Oschadbank | Sending a SWIFT payment (abroad): 1% of the amount, min. 15 USD, no more than 500 USD in UAH at the NBU rate | 1 min. 30 USD | 1 min. 30 USD |
|
Ukreximbank | Sending a SWIFT payment (abroad): 1.5% of the amount, min. 20 USD, no more than 500 USD | |||
Ukrgasbank | USD: min. 30 USD, max. 250 USD; EUR: min. 30 EUR, max. 250 EUR; RUB: min. 2000 RUB, max. 8000 RUB; other currencies: min. 30 EUR, max. 250 EUR | |||
Raiffeisen Bank Aval | min. 20 USD/EUR/GBP (if the transaction is in another currency - the equivalent of 20 USD), max. 500 USD/400 EUR/400 GBP (if the transaction is in another currency - the equivalent of 500 USD); additional 25 USD for transferring a guaranteed amount without deduction of any commissions by correspondent banks (Guaranteed OUR) | for payments up to 1 month old: 30 USD; more than 1 month old: 50 USD | ||
Sberbank | min. 20 USD/ 30 EUR/ 300 RUB, max. 500 USD/ 500 EUR/ 5000 RUB | |||
Alfa Bank | min. 25.00 USD, max. 1000.00 USD (y.e. transfer currency - USD, EUR, RUB), commission is withheld in hryvnia at the NBU rate | |||
0.8% (USD, EUR, RUB, GPB, CHF) / 750 UAH. - other currency | USD: min. 30 USD, max. 100 USD; EUR: min. 30 EUR, max. 100 EUR; RUB: min. 1000 RUB, max. 3000 RUB; GPB: 30 GPB, max. 80 GPB, CHF: 30 CHF, max. 100 CHF | 50 USD/EUR, 40 GBP, 1000 UAH. - other currencies |
||
min. 500 UAH, max. 1000 UAH | ||||
Prominvestbank | min. 30 USD/EUR, max. 1000 USD/EUR | |||
min. 30 USD, max. 200 USD | ||||
VTB Bank (Ukraine) | up to 10,000 USD/EUR: 1%, from 10,000 USD/EUR: 5% | |||
Pivdenny | min. 25 USD, max. 250 USD | |||
ProCredit Bank | min. 20 USD/EUR, max. 150 USD/EUR | no data | no data |
|
Kredobank | min. 25 USD, max. 150 USD | |||
TASKOMBANK | ||||
BANK CREDIT DNEPR | min. 10 USD, max. 1000 UAH | |||
Megabank | min. 30 USD/EUR | |||
International Investment Bank | min. 30 USD/EUR, max. 100 USD/EUR | 100 UAH + commissions of other banks |
Today, the international payment system SWIFT is the most reliable way of financial communications with anywhere in the world. But for this you need to use the payment details correctly and clearly understand what the bank’s SWIFT code is.
Swift code is a unique identifier of a participant in the SWIFT system (Society for Worldwide Interbank Financial Telecommunications, Society of Worldwide Interbank Financial Telecommunications). To make an international money transfer, the sender and recipient codes are required. The terms SWIFT-BIC (Bank Identifier Codes), SWIFT ID and BIC code are also used.
The SWIFT payment system was founded in 1973 for the purpose of standardizing and speeding up international payments between banking institutions, commercial organizations and individuals. As of the beginning of 2016, about 100,000 banking and commercial entities from 209 countries were registered in the system.
BIC code structure
So, what is a bank's SWIFT code? This is an alphanumeric combination from 8 to 11 characters long, including the following mandatory elements: bank identifier according to the ISO 9362 specification and a two-letter country code determined according to ISO 3166. Only Latin capital letters are used, including in the first and last names of the sender and recipient!
Purpose of symbol groups:
BBBB- a unique four-character code to identify a participant in the payment system. It is an abbreviation of the English-language company name. Several examples of Swift abbreviations for banks of the Russian Federation (highlighted in red):
CC is a two-character Latin abbreviation of the name of the country, according to the ISO 3166 standard. Examples of names and SWIFT codes: RU - Russia, US - USA, DE - Germany, KZ - Kazakhstan.
The place of receipt identifier allows you to uniquely identify banking institutions with the same names, but from different countries. So in the figure above, different Alfa Banks have different final reductions. A complete list of country letter abbreviations can be found on the official ISO 9362 standard page.
LL - alphanumeric identifier of the territorial location of a bank or organization within the state. Inactive organizations are indicated by two ones; for testing or debugging SWIFT connections, LL consists of two zeros.
DDD is an optional element representing the bank branch code. If the system contains a head office code, the value is not set, and for international payments, XXX is indicated in the corresponding field. This code is also often used for cross-border payments within the settlement network of the Bank of the Russian Federation or within the framework of interstate agreements, such as the Customs Union.
A complete directory of 11-character identification codes for SWIFT participants for domestic and international payments (SWIFT BIC) is available on the official website of the Bank of Russia and the National Association "ROSSWIFT".
The SWIFT code of any financial institution is not considered classified (or secret) information and is freely available. Anyone can find out (and decipher) it on the official website of any bank in the “Details” section.
In the case of regular SWIFT transfers with a regular sender and recipient, as well as if the payment from abroad was made by a legal entity, the bank may require additional documents to confirm the presence or absence of signs of commercial activity. Also, the bank accepting the transfer is not the recipient’s tax agent and is not responsible for possible non-payment of taxes and other violations of the law.
Money transfers to the countries of the European Union and the European Economic Area (ES/EEZ)
According to EU Directive No. 2560/2001, from January 1, 2007, for making international payments whose recipients are private individuals, a situation may arise that the bank's SWIFT code will not be enough, and it will be necessary to additionally indicate the recipient's personal code IBAN (International Bank Account Number) . This procedure is also mandatory in the case of bank transfers from the EU zone outside its borders.
Currently, payments using IBAN are supported by 45 countries, including those outside the Eurozone: Georgia, Kazakhstan, Moldova and others. An exception is made only for the Russian Federation - indicating the recipient’s IBAN is not yet required.
The IBAN contains no more than 34 capital English letters and numbers. Example of full details:
- DE- country identifier of the recipient bank according to ISO 3166-1 alpha-2, in this case Germany;
- 89 - a unique IBAN check number calculated according to the ISO 7064 standard;
- 3704 - the first 4 digits of the international bank code BIC. BIC codes on the Bank of Russia website are used only for transfers within the Russian Federation!!;
- the remaining characters are the client's bank account number in the receiving country.
It should be noted that formally, registration of banks in the SWIFT system is voluntary, but today the use of Swift code is a necessary requirement for conducting international payments, speeding up the processes of sending/receiving information and funds, as well as increasing the security of any financial transactions.
Welcome to Financial Genius! The topic of today's publication is payment system SWIFT (SWIFT). In it I will briefly describe what this payment system is in general and will dwell in more detail on how to send and receive SWIFT money transfers (SWIFT) for individuals.
Payment system SWIFT.
SWIFT is a leading international payment system intended for making interbank payments and transmitting information messages of a financial nature. The name SWIFT comes from the abbreviation Society for Worldwide Interbank Financial Telecommunications, which means Society for Worldwide Interbank Financial Telecommunications.
The SWIFT payment system was founded in 1973, when its founders were 239 banking institutions from 15 countries. Today, more than 10 thousand financial corporations from more than 210 countries are connected to the SWIFT system. The main office of the SWIFT payment system is located in Brussels, and the system itself has the legal status of a corporate company owned by its members.
Every day, more than a million transactions are carried out in the SWIFT payment system, and annually the system processes about 2.5 billion money transfers.
Each bank that is a member of the SWIFT payment system is assigned its own unique Swift code, which serves as an identifier for transferring money between different banks in different countries.
Today, the SWIFT payment system is the undisputed world leader in the field of international financial payments: it is with its help that money transfers occur between banks and their clients (legal entities and individuals) from different countries.
Money transfers via the SWIFT system between individuals can be sent both between accounts and without opening an account, through transit accounts of banks participating in the system.
Unlike instant transfer systems without opening an account (like, etc.), SWIFT money transfers take longer, but are cheaper. The processing time for a SWIFT transfer averages from 1 day to 1 week, usually 1-3 days. However, if the transfer goes through a correspondent account in one of the leading banks in the world, this time is reduced to a minimum (sometimes the transfer arrives even on the day of sending). At the same time, the correspondent bank most often takes its own additional commission. It is a fixed amount (usually 10, 15, 20 dollars), so the recipient of the transfer receives the amount minus this commission.
In general, tariffs for sending and receiving SWIFT money transfers are set separately by each member bank of this payment system. Thus, in different banks, and, moreover, in different countries, these tariffs may be different. Most often, both participants pay the commission for a SWIFT transfer: both the recipient and the sender. But even in the aggregate, rates tend to be cheaper than using instant money transfer systems, in which the fee is paid only by the sender. SWIFT money transfers are more suitable for sending large amounts (for example, $1,000 or more), since the tariffs often contain the so-called. “minimum” (for example, 0.5%, minimum $10), which makes using this payment system to send small amounts expensive and impractical.
SWIFT money transfers are sent primarily in US dollars or Euros; the maximum amount of a possible transfer is set in accordance with the legislation of the country from which the transfer is sent. When sending a transfer from an account, the maximum possible amount is usually greater than when using the SWIFT payment system without opening an account.
How to send a SWIFT transfer?
To send a SWIFT transfer, you must first know the full SWIFT details of the recipient. They include:
– name of the receiving bank;
– Swift code of the recipient’s bank;
– name of the correspondent bank (if any);
– Swift code of the correspondent bank (if available);
– recipient’s account number (or bank transit account number if the recipient does not have an account);
– Full name of the recipient (if the recipient does not have an account, you must also indicate his passport details).
All SWIFT details must be in English, they are issued at the recipient's bank, therefore, in order to avoid mistakes, it is best for the recipient to give the sender a scanned (photo) copy.
The sender can use his current account to send a SWIFT transfer, or he can send a transfer using the details without opening an account. The second option is usually more expensive. Having opened a current account, it can be used repeatedly in the future to send and receive SWIFT money transfers and to perform other necessary banking transactions.
To send a SWIFT transfer, you need to go to a bank that is a member of this system (this is almost any bank), select a sending method (through an account or without an account), present your passport and SWIFT details of the recipient, if necessary, open an account, deposit the amount into the cashier transfer and commission for sending it.
How to receive a SWIFT transfer?
To receive a SWIFT transfer, you first need to make sure that the funds have arrived in your account or in the bank’s transit account. You can find out by calling the operator of your branch, or, if you have an account and a remote access system (Internet banking), using this system yourself.
Then you need to go to the bank branch where the account was opened, or to any branch if the transfer was received on the bank’s transit account, with your passport, withdraw money from the account and pay a commission for depositing and/or withdrawing funds if it was not written off automatically. Most often, the commission is calculated and paid in national currency at the rate of the country’s Central Bank, while the transfer itself is paid in the currency in which it was received. If desired, you can exchange it for national currency at the commercial rate.
When you receive a SWIFT money transfer in a large amount, you must order it in advance from the bank, since it may simply not be available at the cash desk.
Today, SWIFT money transfers in most cases are the most cost-effective way to transfer large amounts between different countries, especially if such transfers are made regularly - in this case, both the recipient and the sender should open current accounts in order to. At the same time, for a one-time transfer of a small amount, using the SWIFT payment system is inappropriate, especially if there is a correspondent bank commission. In such a situation, it is better to use instant money transfer systems.
Now you have an idea of what the SWIFT payment system is, how it functions, how to send and receive a SWIFT money transfer and in which cases it is better to use this option. I hope this information was helpful to you.
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