The SWIFT (Society for Worldwide Interbank Financial Telecommunication) transfer system helps to securely and confidentially make payments between accounts located in different countries. SWIFT transactions are ideal for paying for purchases made abroad, paying for education, vacation or medical treatment, as well as for transferring money to family and friends.
Swift Transfers on The Genome Platform
The system of SWIFT transactions allows Genome to send and receive information about financial operations in a standard way. It is important to note that your money is not actually sent via SWIFT, but only instructions for debiting it from your online account and adding it to the recipient’s account.
All over the world, the system of SWIFT transactions operates according to the same standards. Using it, clients transfer money in any required currency (be it USD or EUR) to any online account, to any corner of the planet. No more problems with cash and queues at banks – everything is simple, clear, and most importantly safe, thanks to built-in Genome protection. The rest is up to you – open account and use the services of SWIFT transactions.
The BIC Bank Identification Number consists of 8 or 11 characters. The international code of the recipient of the transfer (IBAN) contains information on the SWIFT code and consists of 34 digits. This is the all information about online account you need to make a SWIFT transaction using e-wallet.
As for the timing of implementation the SWIFT transaction, it all depends mainly on the time difference between countries (America, Europe, CIS countries), on currency exchange processes and on possible holidays or weekends. Usually SWIFT transaction takes 1 to 3 business days for a transaction.
How to Issue a SWIFT Transfer
3 easy steps to transfer money abroad using Genome:
1) Register, open account, choose the type of e-wallet (personal or business)
2) Enter the full name of the recipient
3) Enter the BIK code and IBAN of the recipient
We hope this information helps you to understand what SWIFT transactions mean and why they are so useful nowadays. Therefore, making a conclusion, we can say with confidence that this is an ingenious system for transferring funds abroad.