The Future of International Wire Transfers
In this video we will explain what is the SWIFT transfer system?
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.