In today's globalised world, making international transactions is not only common-place, but a necessity. Whether it's for business, investments, or personal reasons, we often find ourselves needing to transfer money across borders. But how exactly do these transactions work?
Enter: SWIFT payments. In this guide, we'll explore what a SWIFT payment is and why, for seamless and trustworthy international transfers, choosing Equals Money's services might just be your best bet.
What is SWIFT?
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It's a vast network that allows banks and financial institutions worldwide to send and receive information about financial transactions in a secure, standardised environment. While SWIFT doesn't transfer funds directly, it facilitates the efficient and safe exchange of payment orders between banks.
How does SWIFT work?
- Unique identification: Every bank or financial institution in the SWIFT network has a unique SWIFT/BIC code, which is an 8 to 11 character code that identifies the institution's country, location, and branch.
- Sending payment orders: When you initiate an international transaction, your bank or financial institution sends a payment order to the recipient's bank via SWIFT. This order provides all the necessary details about the transaction.
- Reliable and secure: SWIFT payments are known for their reliability and security. The SWIFT system ensures that transactions are protected through robust encryption and authentication procedures.
Why choose SWIFT payments?
- Global reach: SWIFT connects over 11,000 financial institutions in more than 200 countries, ensuring your money can reach almost any corner of the globe.1
- Speed: As banking processes have evolved, SWIFT transactions can sometimes be completed within a day, depending on the bank and destination.
- Standardisation: With SWIFT, there's a consistent, standardised process that all member banks must adhere to, making international transactions more predictable and streamlined.
Why Equals Money for SWIFT Payments?
With connections to SWIFT, UK Faster Payments, and SEPA, here's why Equals Money should be your first choice if you're looking to make international payments:
- Competitive rates: Equals Money offers competitive exchange rates for over 140 currencies, allowing you to get the most out of every transaction.
- Faster settlements: With same-day and next-working-day transfers, Equals Money make sure your funds reach where they need to go and when.
- Tried and trusted: With years of experience in the forex industry, Equals Money has helped their customers manage and move over £10 billion around the world since starting in 2005.
- Dedicated support: Their team of in-house experts are always on hand to guide you, ensuring your international transactions are seamless.
Navigating the world of international payments might seem daunting, but with a clear understanding of systems like SWIFT and by choosing the right service provider, it can be easier than you think.
Equals Money's international payment service stands out in the foreign exchange market, making your SWIFT transactions as seamless as possible. So, the next time you need to send money abroad, you know where to go.