SWIFT is a global payment network that Transfer Vault utilizes to facilitate high-value international money transfers.
At Transfer Vault, receiving a SWIFT payment is free, and sending one through our International Business Account costs $1
International money transfers can sometimes seem complex, but they don’t have to be. At Transfer Vault, we aim to simplify things by providing clear information to help you make informed decisions. If you’re curious about SWIFT payments, you’re in the right place.
SWIFT, or The Society for Worldwide Interbank Financial Telecommunication, is an international payment network comprising over 11,000 financial institutions globally.
Founded in 1973, SWIFT has become the primary method for safely, securely, and quickly sending money across borders. Each day, there are tens of millions of SWIFT transactions worldwide
A SWIFT code is a standardized format for a Bank Identifier Code (BIC), ensuring accurate identification of banks and financial institutions worldwide.
The code typically consists of 8-11 characters, identifying the bank, specific branch, and location (country and city). SWIFT codes are used for international wire transfers and when banks exchange messages with each other.
Your SWIFT code is usually found on bank account statements, whether in print or online, and can also be located using online SWIFT code finders.
SWIFT payments usually take between two to five working days to complete, though delays can occur due to time zone differences or the involvement of intermediary banks.
Intermediary banks may be used if your bank does not have a direct relationship with the recipient’s bank, potentially extending the payment process.
SWIFT payments involve various fees, including transfer fees, recipient fees, intermediary fees (if applicable), and exchange rate fees, which depend on transaction size and current exchange rates.
While not always necessary, having both an IBAN (International Bank Account Number) and a SWIFT code can be advantageous for international transactions.
An IBAN standardizes your account number, sort code, and bank information, speeding up transaction times and reducing the risk of errors.
If your business needs to send and receive money overseas, check your eligibility for an International Business Account here.
