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SWIFT Transfer

An international bank transfer using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network.

Full Explanation

SWIFT is a secure messaging system used by banks to facilitate international money transfers. When you do a wire transfer through your bank, it typically goes through SWIFT. Each bank has a SWIFT code (also called BIC code) used to identify it in the network. SWIFT transfers are reliable but can be slow (1-3 business days) and expensive ($15-50 per transfer).

Related Terms

Wire Transfer

An electronic method of transferring money directly from one bank account to another, usually internationally.

IBAN

International Bank Account Number - a standardized international bank account identifier used across European and many other countries.

Frequently Asked Questions

What is a SWIFT code?

An 8 or 11 character code that identifies a bank internationally. Required for wire transfers.

How long do SWIFT transfers take?

Typically 1-3 business days depending on banks and time of day.

Why are SWIFT transfers slow?

SWIFT is a messaging system, not a real-time payment system. Banks batch process and may take time.

What are typical SWIFT transfer costs?

Banks charge $15-50 per transfer plus 1-2% FX markup.