How does wire transfer work and what is a SWIFT code?

The Fedwire system operates as a transfer network in the United States, in addition other networks facilitate international payments. SWIFT, for example, the Society for Worldwide Interbank Financial Telecommunication, is a global leader amongst transfer networks. SWIFT does not actually transfer funds; their network in fact transmits messages between banks that permits banks to transfer funds between them. A SWIFT code is a bank identifier and the SWIFT system is used to identify specific banks worldwide.

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