Swift Bank Transfer
Swift is a banking system which is used on an international level, Swift stands for Society for World wide Interbank Financial Telecommunications). The system is a computer based one which uses message switching in order to make transfers. It is used by the majority of international banks, they use it in order to make payments which are going overseas.
There is a minimum amount of information which is required in order to make a bank transfer using this system. This information which is required is the recipients account number, the name of the recipient and the address of the bank which will be receiving the money. As well as this information each bank is provided with a Swift code, this is unique to the bank and will be required in order to make a transfer using this system.
Certain countries also have other legislation in place which means that some bank transfers will require extra information. For example the governments of India and Thailand state that any money which is being transferred to these countries must also be provided with information in relation to what the money is being used for.
These bank transfers can be made using different currencies including British sterling or local currency.