7 Never Miss facts of Swift Transfer or money remittance

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1. What is Swift transfer services?

Swift transfers are transfers of money from one country to another with the amount being credited to the bank account. Payments are sent in the form of message codes or Swift codes rather than amount. It is an electronic fund transfer system that involves the transfer of money in the most secure and fast manner. Society for Worldwide Interbank Financial Telecommunications or SWIFT provides safe and secure financial transactions anywhere across the world.

2. How does the swift transfer work?

Money travels from one country to other, through various financial institutions that are within the Swift network. Each financial institution has an assigned 8 or 11 character code swift code or bank identifier code. Transfers from financial institutions are made in the form of messages that are sent for the amount to be credited to the receiver’s account. Swift is rather a messaging system that sends your money in the form of codes to the receiver’s account to get credited within the shortest time.

3. How much money can be sent as a Swift transfer?

  • Send up to 250,000 dollars in a financial year on a personal account

4. What are the charges for Swift transfers?

  • Some meager handling & transfer charges are incurred in the form of service fees which often vary from institution to institution and country to country.

5. What is the time taken for Swift transfer?

  • The estimated time for Swift transfers is 2-5 working days but might be longer due to the number of transfers between banks and countries. The swift transfer network is secured and spread across many countries and financial institutions across the globe.

With Swift transfers done, you can say…

  • Your University fees are paid, to your son studying abroad
  • I will take it up from here, to your friend in an overseas hospital
  • Happy Birthday Mom, to send gift cash overseas
  • I will do the back-up for your film shoot, to your friend filming in foreign landscapes
  • I am here for your PR payments, to your brother in Canada

Take control of all your outward remittance payments as an expert!.

6. What you have to do to send money thru Swift Transfer?
All you have to do ….is share the details of the receiver

  • Bank account number of the receiver/university/ hospital
  • Postal address of the bank
  • SWIFT code that will be given to you on your transaction
  • Required amount & choose the currency

7. How will I or the receiver know?

  • You will get an intimation thru SMS/mail
  • The receiver also gets a notification about the credit into his account

Extend your love for them to cherish!!!!!!!!!!!

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