To find the most efficient ways of working in the banking industry in 1960 by representatives of the 60 largest banks in Europe and America, and began developing a project in which the banking transactions can be done without actual participation of paper, using communication via telecommunications. Thus, in 1973, was created by a worldwide community of SWIFT service worldwide interbank financial telecommunication sector. It uses a special network, in which each participating bank has a special SWIFT - code consisting of 11 or 8 characters. The first 4 digits of the code represent the abbreviated name of the bank, and the rest specify the country code units of the bank and the city in which it is located.
It is through this SWIFT - code international bank transfers are accelerated significantly, and any payment repeatedly simplified.
Every country which has on its territory the banks in the group SWIFT has its own national team members of the system. For example, Russia has ROSSWIFT as the Russian National Association.
If we consider the feasibility of the system in relation to the individual or organization, we can highlight the following aspects:
- during money transfer outside of a country (it does not matter that the recipient will be the legal entity or individual) bank transfer to the SWIFT system will be the most profitable, convenient and fast way for large amounts, since the fee for wire transfer is sometimes not the lowest, with an average of 30-50 U.S. dollars;
- the usual time of delivery to the SWIFT system of 1-3 banking days. This is how the passage of SWIFT messages for interbank communication channels;
- send or receive Wire Transfer can be in the presence of a bank account which is connected to the system SWIFT.
Last change: 31 January, 2013