How to Make a Fast SWIFT Transfer Through a Digital Bank?11 min read

Performing a SWIFT transfer in digital banking have become very popular in recent years. As digital banking has a lot of advantages for its users, people do not prefer going to a bank physically and they use digital banking instead. When an individual or corporation needs to transfer money to another bank, they will need to use SWIFT bank transfer. 

Thankfully, people can make SWIFT money transfers through their digital SWIFT accounts. If your bank has all permissions from you, you will be able to log in to your online SWIFT account and make your transfer within minutes.

 If you are not able to make a SWIFT transfer through your digital SWIFT account, you can talk to your bank and give them all the necessary permissions so that they can give you access to make your SWIFT money transfers online. Besides, it would be better if users ask their bank to get some information about SWIFT transfer procedures to avoid making mistakes while making a payment.

What is a SWIFT Transfer?

There have been lots of payment methods for many years. SWIFT transfer is also one of them and it is quite popular nowadays. SWIFT word stands for “Society for Worldwide Interbank Financial Telecommunications”. SWIFT transfer allows you to send or receive electronic payments internationally by using an intermediary bank. 

The SWIFT network does not move cash. Instead, it communicates payment instructions between banks using SWIFT codes. SWIFT is a massive communications network used by financial organizations to send and receive information such as money transfer instructions securely. In addition to this, SWIFT, or the Society for Worldwide Interbank Financial Telecommunications, facilitates the vast bulk of worldwide international transactions.

What is the EU SWIFT Account in Digital Banking?

You can have your SWIFT account anywhere in the world. Almost all banks provide SWIFT account opportunities. An EU SWIFT account is a type of SWIFT account that you created in Europe. In Europe, some countries require only IBAN and some other countries require both IBAN and SWIFT. The Guardian Bank is also one of those banks that accepts SWIFT payments. You can choose The Guardian Bank for your EU SWIFT account needs.

We can list those countries that require both IBAN and SWIFT as Germany, Czech Republic, Hungary, Poland, Netherlands, Luxembourg, Andorra, Belgium, Austria, Estonia, Finland, Greece, Ireland, Italy, Malta, Monaco, Portugal, San Marino, Slovakia, Switzerland, Montenegro. As those countries need both SWIFT and IBAN, you can have your EU SWIFT account in one of those countries listed above.

How Do I Send Money Using SWIFT Transfers?

Does sending money by using a SWIFT transfer sound confusing? Let’s take a closer look at the process and see how simple it is. Firstly, you need to determine if you want to make your transfer online or by walking into the bank. You can trust me, it will be easy in both ways. However, using a digital SWIFT account would be a lot better than walking into the bank to avoid spending time and effort.

So let’s start with how to begin the transfer process. Firstly, you should have an active SWIFT account. In addition to this, you should have the SWIFT account information of the other bank where you want to transfer money. After you log in to your account, you need to find the international transactions section and provide SWIFT account information such as account number and recipient name. 

After that, you will need to determine the amount you would like to send. After this step, it will be quite significant for you to double-check all the information that you provided to transfer your money to the correct SWIFT account. Once your information is confirmed, your bank will start your transfer process after your permission.

How to Transfer Money to a SWIFT Account?

SWIFT accounts are used to transfer money internationally and it is a very common method for both businesses and individuals. Therefore, you may need to start thinking about using the SWIFT transfer method for both your personal and business needs. You can transfer money in 2 ways when you want to use the SWIFT transfer method. 

The first option is simply to walk into the bank and request a SWIFT transfer by filling out the form with the necessary information and letting your bank start the process. The second way is to have the digital app of your bank and make your transaction through your mobile device. As already mentioned, this will be a faster way to send your funds to another bank. You just need to have an active SWIFT account and you need to be familiar with sending money online. 

However, you do not need to worry as it is not a difficult process to learn. You just need to navigate to the international payments section and start your process. Having all the necessary information is the most crucial step of the process. 

To learn what kind of information you need while making a SWIFT transfer, you can call your bank and ask for information or visit the website of your bank to see what kind of information you need from your receiver. If you feel you are ready to provide all the necessary information, you can easily transfer your money through the digital app.

What are the Regulations to Send Money Using a SWIFT Account?

Following certain guidelines ensures that international financial transactions are safe, legitimate, and transparent when sending money using a SWIFT account. These rules are enforced by financial authorities and regulatory agencies to stop money laundering, fraud, and other illegal actions.

If both the sender and the recipient have bank accounts with financial institutions that are SWIFT members, they can make SWIFT transfers. The process’s most crucial step is this one. This guarantees that trustworthy channels are used throughout the whole transaction. The sender’s and recipient’s banks are correspondent banks to guarantee a seamless money transfer.

The standards also restrict how SWIFT transaction expenses are disclosed. All costs, including those imposed by the sender’s bank, are communicated to the sender, as well any charges imposed by receiving or intermediate institutions. Every expenditure associated with a transaction is now provided to the sender.

Some nations may also impose limitations or fines on certain persons, communities, or countries. To avoid illicit or prohibited transfers, financial institutions that use SWIFT transfers must comply with these penalties, which include validating transactions against restricted party lists.

By opening a SWIFT account, you can visit The Guardian Bank‘s website and create your account online to have a dedicated IBAN and to send and receive money internationally as you wish.