Updated time: Mar 08, 2021, 09:03 (UTC+03:00)
The SWIFT network has been a great tool for international money transfer since the day it was created. SWIFT connects more than just financial institutions; it has played a key part in bridging the gap between people and businesses around the world.
As DSBC Financial Europe will officially launch our SWIFT transfer services, here is what you need to know about this remarkably helpful tool.
(SWIFT 101 - All you need to know about SWIFT transfer)
SWIFT is the commonly known name of Society for Worldwide Interbank Financial Telecommunication, an organization established in Belgium. It is fundamentally an information communication network, most specifically, international money transaction orders between financial institutions in a secure, standardized and reliable environment.
3rd May 1973, CEO Carl Reuterskiöld founded SWIFT network which attracted the involvement of 239 banks in 15 different countries. Now, the network has branched to over 11.000 financial institutions in over 200 countries. This makes SWIFT the biggest and most efficient tool for international money transfer, proven by the fact that there are more than 5 billions financial messages sent globally every year.
(SWIFT basic information)
SWIFT provides an array of financial services that caters mostly to banks and financial services. However, the SWIFT network is a product that directly benefits DSBC personal and corporate customers.
SWIFT allows banks as well as financial institutions to exchange payment orders between 11000 member institutions, which helps transfer money from one bank account to another faster and more securely. Thanks to the intricate network with a large number of participants, SWIFT is able to make transactions to almost every bank in every country in the world.
The transaction can be carried out using both your account and card, physically as well as virtually. With SWIFT, you can easily make international transactions by filling out payment orders from traditional banks or payment institutions, or physically paying with your card in foreign countries while travelling or making online transfer via mobile banking.
This provides a particularly helpful solution for anyone who wants to transfer money abroad, from international business owners, commercial organizations, import and export firms, ecommerce platforms, to students studying abroad, to expats sending money home, to travelers discovering different parts of the world, to basically anyone wanting to make online purchases.
SWIFT works by assigning each member institution a unique ID code that identifies not only the bank name but country, city, and branch.
SWIFT operates on sending payment orders between member institutions, which are identified by a specific series of letters or numbers consisting of either 8 or 11 characters called SWIFT code or BIC. This code will be an identifier of the institution, country, location and individual branches of a bank or payment institution.
For example DSBC Financial Europe BIC code is: DSFELT21
(The structure of a SWIFT/BIC code)
Before making a transaction, it is crucial for entering the correct SWIFT code of the recipient’s payment institution
Most international transfers require the involvement of at least 2 banks. SWIFT transfer process can vary depending on the status of the banks’ relationship, the location of each party and the currency involved.
(SWIFT transfer process)
If you and your recipient payment institution have created commercial accounts with one another, the transferral process can be carried out in a much shorter time frame.
This is what the process looks like:
When a payment order is required to be sent between institutions that do not own each other commercial accounts, the process will require the involvement of at least another institution connecting the two together.
The process will look like this:
DSBC Financial Europe has released SWIFT transfer features in both our internet banking and mobile banking platforms. Customers will be able to easily send money abroad with DSBC through the SWIFT network.
(DSBC has implemented SWIFT transfer)
The world is getting more and more connected everyday, using the right tools to expand your international influence is what you need to become a global citizen, DSBC can help you with that. It is time to join DSBC Financial Europe - Your trusted payment partner.
DSBC Financial Europe holds all rights to the Payment Institution License issued by the Central Bank of Lithuania. We are authorized by the Central Bank of Lithuania to conduct Financial Activities specified in our License. DSBC Financial Europe became the trusted choice in terms of SWIFT and SEPA Transfer for individuals and businesses around Europe and over the globe with digital payments and remittance. Customers can use Payment Mastercards for business and personal transactions. Some additional services are international wire transfer, payment Mastercard, foreign exchange service, and merchant account service.
We are always proud of being an experienced Financial Institution in the global financial payment market.
We provide the best payment platform as well as worldwide money remittance service. "DSBC Financial Europe" UAB can assist you with different payment methods, whether it is a personal account or a business account.