What is a SWIFT bank transfer?

A SWIFT bank transfer is a way to send money internationally between banks and financial institutions. SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is the network that facilitates these transactions.

Key points:

  1. Global Transfers: SWIFT transfers are used for sending money across international borders, making them essential for international trade, finance, and personal transactions.

  2. Secure Messaging: SWIFT uses a standardised messaging system to ensure the secure exchange of payment instructions and financial information.

  3. Currency Variety: SWIFT transfers support various currencies, allowing for international payments in different monetary units.

  4. Common Uses: SWIFT transfers are often used for international wire transfers, business transactions, foreign exchange, and cross-border investments.