In this video we will explain what is the SWIFT transfer system?
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SWIFT is the most commonly used system for sending and receiving money internationally. Having been in use a long time, it’s a popular and trusted method of wiring funds overseas. SWIFT transfer system has many advantages as a transfer method however there are also disadvantages. Main Advantages: Transfer money to any location across the globe. Well known and trusted transfer method holding a high standard and low risk Transactions are safe and secure. Main Disadvantages: Slow transaction processing – can take up to 5 working days. Higher fees due to multiple banks involved in transactions. Currency exchange fees added to the total cost.