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How to Make International Transactions with SWIFT Payments?13 min read

How to Make International Transactions with SWIFT Payments?13 min read

Reading Time: 5 minutes

To start international transactions via SWIFT payments, you should start by being sure that you have the necessary information from the recipient including the SWIFT/BIC code of their bank and account data. 

You should get in contact with your bank in order to be informed about SWIFT transfer services and give them the recipient’s information. Thanks to the security systems of The Guardian Bank, your information is in safe hands.

Then your bank will contact the recipient’s bank safely by using the SWIFT network and ease the fund transfer. To avoid any mistake that leads to delays or complications, it is important to check it twice. You should not forget that SWIFT payments may have a transaction fee.

On the other hand, you should be aware of the rates of currency exchange, and be informed about the costs of the transaction. SWIFT payments are a safe and commonly used method for safe cross-border transactions.

What are SWIFT Payments?

A standardized messaging system used by banks and various other global financial institutions safely and effectively conveys information about financial transactions known as Society for Worldwide Interbank Financial Telecommunication payments or in other words, SWIFT payments.

SWIFT payments offer a standardized model for these messages and provide a common language for international money transfers, trade finance and other financial transactions. SWIFT/BIC code is assigned to each bank participating in the SWIFT network and in this way, both sender and receiver’s identification becomes easier.

The flawless transmission of funds beyond boundaries is made achievable by this standardized and secure communication technology, which also enhances the reliability of international financial contacts. SWIFT payments play a vital role in connecting diverse bank and financial organizations and thanks to this network, the international finance system functions flawlessly; one example is B2B payments.

swift payments

How Does SWIFT Payments Work?

SWIFT payments work through a standardized messaging system that enables secure communication between banks and financial institutions worldwide. The sender initiates the transaction by giving extensive information to the recipient’s Bank’s SWIFT/BIC

code and account information.

Then the sender’s bank formulates a SWIFT message that includes all information about the transfer using a standardized format. This message is transmitted safely via the SWIFT network, a broad communication system that links banks to each other. After receiving the message, the recipient’s bank decodes and processes it to make a fund transfer happen to the specified account.

SWIFT network acts as an important tool that facilitates communication and verification between the sender and recipient banks. The standardized structure of SWIFT payments has a crucial role in providing consistency and reducing potential errors during international transactions.

SWIFT network’s security is of great importance, it protects sensitive financial data and increases the safety of international transactions. All in all, SWIFT payments provide a steady framework for effective and secure financial worldwide communication.

How to Make International Transactions with SWIFT Payments?

Facilitating international transactions through SWIFT payments includes several basic steps. You should start with gathering information about actual account details and his/her bank SWIFT/BIC code from the recipient. Make contact with your bank and get information about SWIFT transfer services. This step Is quite important for the whole process.

Then you should give the recipient’s information to the bank and specify the amount and currency for the transaction. Then, your bank will initiate a SWIFT message involving transaction details in a standardized format. This message is transferred securely to the recipient’s bank account through the SWIFT network. 

It is important to confirm all of the information to prevent possible errors or delays. Another important point is to be aware of associated fees for the SWIFT transfer and consider currencies that might affect the final amount received by the recipient. 

SWIFT payments connect banks across the world via a network designed to maintain the straightforward flow of financial information, enabling a reliable and standardized approach to conducting secure international transactions.

swift payments

How Do I Make an International Payment through My Bank?

Making international payments easier via SWIFT payments, especially SEPA payment and Euro payments, includes some primary steps. First of all, you should collect information from the recipient including the name of the bank, account number and International Bank Account Number (IBAN) if she/he has. Also, you should obtain the recipient’s bank’s SWIFT/BIC code that is uniquely identified for international transactions. You should call your bank and get information about the SWIFT bank services. 

You should use an online banking platform like The Guardian Bank that offers great services to its customers or visit the bank to initiate the payment. You should provide the bank collected recipient details by determining the transfer amount and currency. Your bank, then, facilitates transactions, converts the currency if needed, and processes the payment through safe channels.

In this process, you should not forget international transactions may have fees, so, be informed about the costs. Also, in order to be sure, you should check the information twice and reduce the risk of delay or complication. 

How Do I Make International SWIFT Payments?

International SWIFT payments necessitate a systematic approach. The system of The Guardian Bank is the best that works. Different from obtaining the recipient’s bank account information and their bank’s SWIFT/BIC code, you should also get information about the expected transaction time for your SWIFT payment, due to it depends on relevant banks and target country.

On the other hand, some of the banks offer an accelerated transaction option for a faster transfer, despite having an extra cost. Here, what distinguishes The Guardian Bank from others is that it does not charge its customers transfer fees. You should learn the fees about the process of exchanging currency and if you’re uneasy about possible fluctuations in exchange rates, you may consider looking into the option of protecting the risk.

Many banks have online platforms or mobile applications enabling customers to follow the processing of their SWIFT payment in real-time. The online banking platform of The Guardian Bank is easy to use, it is fast and secure, and these features are the reasons why it is always customers’ number one preference. You also should be informed about your bank’s specific policies on SWIFT transactions, including transaction limits or daily if applicable. 

Finally, during the process of international SWIFT payment, you should keep open communication with your bank‘s customer service to remove your concerns. Being universal and prudential ensures a problem-free and efficient experience when going around complications of cross-border transactions.

How to Send and Receive International SWIFT Payments Online?

Initially, in order to receive and send digital SWIFT payments globally, you should sign into your online bank’s safe banking platform. Then, you should select the international payments or wire transfer option. 

And then, you should input the recipient’s information including full name, account number and the bank’s SWIFT/BIC code. And, in the next step, you should specify the transfer amount and currency.

You might be able to pick a currency exchange rate, or your bank may offer one. You should make sure that all information is correct by verifying it. Some of the online banking platforms display real-time information to track the process of your SWIFT payment. 

If you’re receiving a SWIFT payment, give the sender your own account data and your SWIFT account. Both sending and receiving SWIFT payments may have fees, that’s why you should consult your bank to be transparent about costs. 

Using online banking for SWIFT payments has advantages such as facility, efficiency, and managing cross-border transactions from the comfort of your own digital space.

Create your account online at The Guardian Bank to carry out your international transactions with SWIFT payments.