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.

Answered By:

Most Viewed Q&A

Related Articles

Go Mobile

Get the Best Exchange Rates, Important Remittance Information and
Special Promotion Alerts on the go! Download Our Mobile App on your Smartphone or Smartwatch.

google play apple app store

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App