A lot of people nowadays like to go abroad to earn money.No such thing as a money transfer for a long time and came into use in earnest citizens of different countries.In most cases the acute is the question of remittances.The choice of transfer, payment of fees - all this falls on the shoulders of working abroad.That's why the layman a lot of questions.One of the most popular networks for the transfer of money today is the transfer system SWIFT.But what is it and how to use it?SWIFT - what is it?
General information
system SWIFT transfers - what is it?What is the history of this network?The meaning of SWIFT - an abbreviation under which the Community is necessary to understand the world interbank financial telecommunications.The system transfers SWIFT - an international system for transmitting information, make payments.It was founded in the early seventies of the twentieth century in Belgium.The headquarters is located in Brussels.According to official figures, this network consists of two hundred and twelve countries, and more than ten thousand facilities.Through this system are more than twenty million different transactions in a single day.Among them are interbank payments, financial reports and other remittances.
SWIFT system - it's not just remittances
Sending and transmission of any data due to a system such as SWIFT has become much faster.Accordingly, reduced cost, and transactions.To deliver the message, you need to spend twenty minutes, for an extra charge, you can do it in five minutes.For comparison, the transmission of information via telegraph takes more than two hours.
SWIFT - what is it?It is the largest international network of information transmission.It is absolutely safe, efficient, secure and perfect messaging, cash transfer system.The participants of this network include brokerage firms, banks, stock exchanges, central depositories, dealing centers, securities companies, investment mutual funds.On the territory of the Russian Federation there is an association "RossSvift", which consists of nearly six hundred members.Large lending institutions are thirty percent of this amount, and they are carried out with the system nearly eighty percent of all their calculations.
benefits of using SWIFT transfer
transaction system described above is advantageous if the amount is more than one hundred dollars of the United States, as has already been fixed commission begins.If the transfer is scheduled less than a hundred dollars, it is recommended to use the other options Instant transfers: MoneyGram or Western Union, for example.SWIFT - what is it?What are the benefits it provides?Main vivid contrast of the network to other alternatives - is the choice of the widest range of currencies, address transfers.All this makes working with the amount of finance is much safer.
What are the disadvantages of the system SWIFT?
Naturally, that any, even the best, the system will have its negative aspects.But when it comes to SWIFT, it is for the shortcomings?
Firstly, it must be said about the high commissions in some banks and countries.For the transfer of funds in certain states, some banks charge an additional fee.The chain of the intermediary banks can already increase the cost of translation in the case if the currency of the procedure differs from that of the national currency, which receives a transaction.Secondly, there are commissions that are charged to the recipient.Since the funds get to the beneficiary at his bank, there is a certain fee for cashing procedure.I would also like to add that SWIFT (translation) takes much longer (up to several days) than many other types of payments (which takes an average of half an hour to a day).
What is needed for the transfer of SWIFT?
for money transfers via the network abroad necessary to carry an identification code, the passport and the following documents:
- code - SWIFT bank, which will be translated.
- international code format of the bank account (IBAN), or account number to which the transaction occurs.
- Company name, company or name of the recipient, the benefit of which will be carried out the transfer of funds.
- name of the institution to which the receipt of money.
- SWIFT code and the name of the correspondent bank, if the currency in which the transfer is different from that considered in the recipient country national.
This type of translation today offer a more or less large banks.
This handy transfer system SWIFT?
Despite the popularity of such remittance systems internationally as "Unistream", "ManiGram", "Western Union", in some cases, much more convenient to use SWIFT as the network sharing.All money transfers using this system are much cheaper and more convenient to pay for a range of services, whether it be health care, education, reservations or orders, payment of purchases.SWIFT-transfer is widely used to transfer money to relatives, miscellaneous activities (participation in conferences, tours).
Who pays for the translation?
feature such thing as a transfer system SWIFT - is that the transfer is for the means of the recipient.The main consumers of such transactions - a regular customers, providing a regular transfer.It therefore developed a number of advantages in terms of choice of currency translation, the absence of any limits on the amount (if this will not be violated laws of the country from which the transfer arrives, and the one where the money goes).As mentioned above, the main positive points are based on the fact that the SWIFT system is designed to perform transactions with large sums.Hence, low tariffs, and payment by the recipient, which distinguishes this network from its competitors and the more rapid transfer of the systems, which focus on working with small amounts.
cost transfers SWIFT
Compared to competitive networks of money international transfers, SWIFT offers a much cheaper transaction.However, it's really good is only noticeable when you send large amounts as a progressive scale of commission charges.For example, to send one hundred dollars of the United States through any other system of international transfers will cost ten to twenty dollars.A transfer of the same amount through the SWIFT network will cost several times more expensive - up to fifty conventional units.By the way, a lot depends here on the bank, which executes the transaction.
But when translating thousands of dollars through major MSDD Commission will be up to fifty dollars.Then look favorably transfer system SWIFT, which charges for similar-sized amount of commission just ten or fifteen conventional units.It becomes most noticeable difference when the amount rolled over ten thousand.Here the Commission has in large MSDD be in the range of one hundred to three hundred and fifty United States dollars.But if the client would like to transfer money to a relative abroad, purchase or pay for their studies, to pay for a guided tour with the help of the network, as the international transfer system SWIFT, it will have to pay for the transaction in the amount of a maximum of ten thousand one hundred dollars.
