Every day a lot of remittances take place between various countries, ensuring the stability of business processes and interaction between organizations. The development of technology made SWIFT-translation as comfortable as possible and simple, allowing you to deliver money around the world as soon as possible. To enjoy international translations, it is necessary to understand the purpose and features of the SWIFT system: what it is and what is the procedure for the implementation of transactions.
The interbank SWIFT system with high accuracy and minimum commission transfers accounts. To send the payment, you will need to accurately indicate the account details, the recipient. Due to the fact that several intermediary structures can be involved in each transaction, incorrect details may cause money in the system on the account of a correspondent bank.
How to decipher SWIFT?
With the help of the SWIFT system, organizations and individuals can translate money in any required currency on profitable and comfortable conditions.
Created in 1973, the Swift system united a large number of leading banks of America and Europe. The number of financial organizations involved in the Swift system at the creation stage immediately exceeded two hundred banks. The purpose of the union into a single payment system was the desire to quickly and safely transmit funds from one bank to another, regardless of the boundaries between countries and other obstacles.
The headquarters are located in Belgium, and the number of incoming organizations is already more than 10 thousand. The system allows you to serve customers in 220 countries of the world, i.e., almost without restrictions. Millions of transactions are performed daily - transactions, payments. System services are in demand among brokers, depositarians, stock exchanges.
The SWIFT abbreviation is decrypted as the "Community of Financial Interbank World Telecommunications". Swift involves the possibility of fast delivery of funds and exchange of financial information between various countries and organizations.
To work with the Swift system, it is important to know the bank code according to the adopted international classification. The analogue of the value in the Russian Federation is the bik of the bank. Work in the system involves a lot of customer opportunities, guaranteeing financial protection and high security.
Features of the SWIFT system
Swift assumes the possibility of transferring funds between all banking structures, which are included in the community.
- organizations;
- individuals;
- individual entrepreneurs.
The main condition for a successful transaction is to correctly indicate the Swift Code of the Bank, in which funds will be received, as well as the entry of banks of senders and recipients to this international community.
It is not necessary to open accounts to translate money, the operation is performed through the transit accounts of the participants in the system.
The features of the service include a longer period of transformation and lower fee compared to instantaneous translations of Western Union or Contact. On the execution of one operation can take up to 1 week. The minimum period of execution is 1 day or the same day if the transaction passes through the cortex of leading financial organizations of world importance.
The main conditions for monetary translation in the Swift system include:
- Low tariff. The service is carried out with the challenge of a specific commission. In various circumstances, the amount submitted from translated funds is 10-20 dollars per 1 operation. To the recipient, funds are already coming with a deduction of a fixed amount.
- Monetary calculation unit. Payments are most in demand in the most common currency - USD or EUR.
- Restriction on operations. Each state establishes its own lists limits by fixing them at the legislative level. When using the account, the sending limit is usually higher than when operating without an open account.
Working with the system requires compliance with certain rules:
- The international system requires filling in the details in English. You can get them at the recipient. It is recommended to send scakopy with the details of the Swift payment to eliminate incorrect data introduction.
- It is provided for sending from its own account or a simple listing by details without the use of the account. The transfer rate is often higher than usual. If the enumerations occur often and on a regular basis, it is recommended to open an account, saving for payment of the tariff.
To perform operations, the ownership of accurate information on details in the Swift System is required:
- the name of the bank and its Swift code;
- name of corresponding bank (if any) and Swift code;
- an invoice to which should be admission, as well as a transit account (in the absence of an account with the recipient);
- the exact information about the facial receiving facial (without the use of the account indicates not only F. I. O., but also the data of the main document identifying the identity of the recipient).
There are no single tariff nets for maintenance in the SWIFT system through various banking structures. Each organization, which is part of the international community, establishes individual rates for services.
The most frequent option is bilateral payment of the service - when sending and receiving money. However, even the total number of payment is significantly lower than the commission for instant translations of other payment systems. Low tariffs, large amounts, the need for the operation in the bank, the presence of a minimum fixed collection (at least 10 dollars) are the reasons for the fact that the Swift system is more often used for large listings (no less than a thousand US dollars). In other situations, evaluate the advantages of Swift translation will be difficult - instantaneous money transfers are more convenient for small amounts.
When sending funds through Russian banks, the Commission pays the sender:
- VTB 24 implies payment in the amount of 1.5% of the total amount of transfer, but not less than 15 y. e. (The currency type depends on the main transfer) and not more than 350 y. e.;
- Sberbank removes up to 1% for the transfer service in dollars (at least 15 and no more than $ 200);
- sberbank ruble translations occur with charging up to 2% (ranging from 50 to 1,500 rubles per operation);
- the discovery will be charged to 1% of the amount, but not less than 30 y. e. In foreign currency. The maximum collection of the bank is not a bough 200 US dollars or the euro.
For the delivery of funds to the recipient using the Swift system goes around a day. The minimum time to execute the application is within one day. The maximum term is 3-7 days. The speed of the translation depends on the circumstances - using the current account or without it.
If you have a need to list through an international payment system, the sender should follow a specific scheme, how to transfer money:
- To appear in the department of the Bank, which is among the SWIFT participants. The overwhelming majority of Russian credit institutions are included in the list of participants.
- Inform the operational details of the translation (depend on whether the payment is made from the current account or transaction is carried out without it).
- Put your civil passport employee of the Bank, as well as transfer the details of the Swift translation.
- Make an application for transfer to the form of the organization of the established form.
- The required amount is made through the Bank's cashier with the maintenance fee.
Due to the lack of restrictions, more often, citizens use the SWF-translation options from the sender's account: a smaller rate is charged for them, and there are practically no restrictions on the amounts.
Do not rush to get money immediately after sending. First you need to check whether the means for the recipient's account came or the transit account. This information is received by telephone from a specialist branch of the bank. When connecting the Internet bank, the information can be found in the Personal Account remotely, without additional visits to the department.
Receiving funds occurs in the following sequence:
- Visit the department of financial institution, to which the translation should come. If the money is sent without using a specific account, you can choose any branch of the bank.
- The operational is a passport and remove funds from the account or receive them without the use of the account.
- If the Commission was not written off automatically before receiving, it is paid in the official currency operating in the country of receipt.
- Translated means are obtained in the currency in which they were sent, but at will, they can be exchanged for the current course installed in the bank at the time of treatment.
If the transfer amount is large enough, it is required to order it in advance so that there are enough funds at the box office.
The use of the international SWIFT system has its own positive and negative sides. The advantages of swift transfers include:
- Ensuring a high level of security when transferring funds between states.
- High speed processing client.
- A wide range of amounts that can be translated between countries.
- Availability of calculations in any form of currencies.
- Minimum service cost.
- Receiving translations in almost any corner of the planet - wherever there are banks.
- Financial protection implies full compensation of losses if the system fails when the operation occurs.
When using the Swift system, negative moments may occur. In some cases, the translation is performed long enough, up to 5-7 days. In addition, due to the involvement of several participating banks, any error may occur.
