Swift is a type of foreign or domestic transfer that is made in a foreign currency. The processing time for this transfer is about 3 days. Everything really depends on which type of posting we choose. The cheapest option is Spot (the transfer will appear in the account within three days), a more expensive but faster option is Tomnext (the transfer will appear in the account on the second day after sending the money) and the last most expensive and fastest option is Overnight (the transfer will be in the kitty the same day). Swift transfers were created mainly to simplify the transfer of information and secure international transactions. The whole system was created in the early 1970s and officially launched in 1977.
Why is it worth using SWIFT?
To begin with, it is worth mentioning that the system is widely available and is used by thousands of banks, making it possible to make transfers of this type in almost all countries in the world. The second argument is its reliability and the fact that we can trust it. For me, the biggest benefit is the choice of any currency and sending money in any amount which is often difficult in other types of transfers. The factor that works in favor of and trust in the Swift payments system is its timeliness and the guarantee that if the transfer does not arrive on time, the cost of processing the transfer is covered by Swift.
How to make transfers using SWIFT?
A transfer using the Swift system is extremely simple to make. The first step is to fill in the details of our recipient, first name, last name, company name, etc. Then, of course, the beneficiary's bank account number (necessarily in IBAN format). The next thing to fill in is the Swift codes number of the recipient's bank (BIC code). We will also need the purpose of the transfer and, of course, the amount of the transfer. So, as you can see for yourself, this is child's play so everyone should be able to handle it with ease. SWIFT code is an internationally unique alphanumeric code assigned to a specific banking institution, consisting of letters and numbers, having 8 characters (however, you can also find codes of this type, which have 11 characters). In the case of longer SWIFT codes, the last 3 additional characters are used to identify a specific bank branch.
As you can see, SWIFT transfer is a great solution for currency transfers between different countries. It certainly gives us many benefits and opportunities.