SWIFT transfer
An international funds transfer via the SWIFT network (Society for Worldwide Interbank Financial Telecommunication), the global standard for interbank messaging.
A SWIFT transfer is a funds transfer executed via the SWIFT network (Society for Worldwide Interbank Financial Telecommunication), connecting over 11,000 financial institutions in 200 countries. SWIFT does not transfer money directly but transmits standardised messages between banks.
The most common payment message is the MT103 (customer transfer) containing essential information: ordering party, beneficiary, amount, currency, purpose. Migration to the ISO 20022 format (MX messages) is underway for richer, more structured data.
SWIFT transfer characteristics:
- Speed: 1 to 3 business days depending on corridors
- Traceability: each message has a unique identifier (UETR)
- Security: advanced encryption and authentication protocols
- Cost: EUR 15 to 50 per transfer depending on the bank
The SWIFT transfer is the simplest payment method in international trade but offers no payment guarantee. It is suitable for trusted partners or as a complement to a guarantee (SBLC, credit insurance).