SWIFT, or Society for Worldwide Interbank Financial Telecommunication, is a global messaging network that financial institutions use to securely send information and instructions for financial transactions. When you pay via SWIFT, your funds transfer through this network, enabling reliable and traceable international payments.

SWIFT costs more than local payment rails, so it adds an extra fee compared to free methods. Although SWIFT transactions can cost more than direct payment methods, they provide access to a vast global network, connecting you with economies otherwise hard to reach.

Note: Payments via the SWIFT network generally process within 1 to 3 business days.

Why is this page important?

Knowledge of SWIFT is important for clients engaging in international transactions, as it impacts the speed and security of their payments.

Next Steps

1. Ensure your bank supports SWIFT transactions.

2. While Creating a Recipient, you can select payment method - 'SWIFT'.

3. While creating a Payment, select the correct recipient with SWIFT payment method.

4. Review on the Payment Confirmation that correct payment method is displayed. 

Other Useful Articles

• What is OFX Direct?

• How do I update the recipient from SWIFT to OFX direct?