Swift money transfer
The SWIFT network is available exclusively to financial institutions. It has a closed membership, which presently numbers over 7400 user banks and other types of financial institutions, in 199 countries. They use a variety of connection types, from dial up to ISDN, x25 and IP. In 2002 this network processed 1.8 billion financial messages. A peak day would see 8.8 million messages exchanged over the network. A message sent over the SWIFT network, say by a sender bank in France to a receiver bank in Brazil, will arrive at its destination, authenticated and encrypted, in a few seconds. Only a few more seconds are required to place the transferred funds in the customer account provided the receiving bank has the automated systems to support this type of function, as most do.
Telegraphic transfer (SWIFT / TELEX) is an easy and fast way to transfer money from abroad. It is a direct, bank-to-bank transaction. The bank that transfers the funds sends the printed instruction for payment to your bank in your country. The instruction is processed and funds made available to the recipient intended.
What are the details that you should provide the bank handling the money transfer?
- The details of our bank's account number
- Other details (like SWIFT Address)
- Name of the recipient of the funds
- Recipient's account number
- The branch where the account is maintained
What information should I provide to recipient bank to trace the transaction in case of delay?
- Date of money transfer
- Currency and Amount
- Name of the bank handling the transfer (Your banker)
- If the bank that is handling the transfer has enabled the transfer through another bank, the name of that bank should also be specified.
- The details of the fund transfer to our account
- The SWIFT address to which the message has been sent (if any)
- Reference numbers if any