How International Transfer Works (Wire Transfer)

Описание: How International Transfers Work? 👇👇👇

Wire transfer or SWIFT Transfer is the most popular method of international money transfers across the world. It was established in 1973 and is more than 50 years old!

Here's how a Wire Transfer works?

1️⃣ Sender: You (the sender) provide your bank with your KYC Documents and recipient’s details (name, account number, SWIFT code, etc).
2️⃣ Sending Bank: The bank verifies your identity and documents and accepts the money from you to be transferred. It'll also collect fees for providing the money transfer service in the form of a margin on the exchange rates and a bank fee.
3️⃣ Secure Messaging: A secure message is sent to SWIFT Network from the sending bank. In this message all the details of the sender, the beneficiary and the amount to be transferred is mentioned.
4️⃣ Intermediary Bank: The intermediary bank receives the SWIFT message and verifies the authenticity of the transaction by checking the details of the sender and the beneficiary. The SWIFT message is then routed to the Beneficiary Bank. The intermediary bank may collect a fee for routing the payment.
5️⃣ Beneficiary Bank: It receives the SWIFT message and verifies the beneficiary details. Once the details are verified, finally, the recipient’s bank deposits the funds into their account, completing the transfer process.

It’s a fascinating system that enables businesses and individuals to send money worldwide securely and (relatively) quickly. Depending on the direct relationship between the Sending Bank and Beneficiary Bank a Wire Transfer may take anywhere between 4 - 48 working hours to get processed. As technology evolves, we’re seeing more innovative solutions like blockchain-based transfers and real-time payment apps. Still, SWIFT remains the backbone of global remittances.

Have questions or experiences about international transfers? Drop them in the comments!

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