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Nowadays, speed, security, and convenience are among the most important criteria in international money transfers. At this point, PayPorter offers its users both widespread and reliable solutions with nearly 500 service points across Turkey. Moreover, through PayPorter, you can send money from Turkey to more than 185 countries within minutes.
So, what is the SWIFT system we often hear about in international money transfers?
When making an international money transfer, speed, security, and convenience are crucial factors. One of the most common ways to send money in foreign currency between banks is by using the SWIFT system.
The term SWIFT is the abbreviation of Society for Worldwide Interbank Financial Telecommunication. Established in Belgium in 1973, SWIFT is a global money transfer platform that connects more than 11,000 banks and financial institutions across over 200 countries.
Sending money internationally through SWIFT is quite simple once the required information and accounts are ready. The steps can be summarized as follows:
Opening a Foreign Currency Account: A bank account suitable for the currency to be sent is opened.
Preparing Recipient Information: The recipient’s name, IBAN, and the bank’s SWIFT code are required.
Initiating the Transaction: The process is carried out via the SWIFT menu at your bank branch or internet banking.
Fees and Approval: A transaction fee is charged, and once approved, the transfer begins.
The transfer duration depends on the time of sending, the number of intermediary banks, and holidays. It usually takes 1–2 business days, while in some cases it may take 3–5 business days.
A SWIFT code is a unique identifier used to recognize banks in international money transfers. It is also known as a BIC code.
• The SWIFT code consists of 11 characters, written entirely in uppercase letters.
• The first 4 characters represent the bank, the next 2 the country code, the following 2–4 (or in some countries 3) the location code, and the last 3 identify the branch.
• If the code does not reach 11 characters, an "X" is added at the end to complete it.
👉 A SWIFT code can be obtained from the recipient, customer service, or the official website of the bank.
Although SWIFT is a common method for bank-to-bank transfers, PayPorter offers significant advantages for those who want faster results.
• Widespread Service Network: Nearly 500 service points across Turkey.
• Fast Transactions: Money transfers within minutes.
• Secure and Licensed: Licensed by the BRSA with a reliable infrastructure.
• Global Reach: Transfers available to more than 185 countries.
For sending money abroad, both SWIFT and PayPorter provide secure and effective solutions. By entering the correct information and choosing reliable channels, you can easily deliver payments to your loved ones or business partners. 💼🌍
• How much does it cost to send money via SWIFT?