What is SWIFT?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) allows banks to exchange messages including payment instructions.
Our bank's SWIFT Code is its unique address in the SWIFT network.
Your Telegraphic (Wire) Transfer instruction will be converted into a SWIFT MT103 message and will be sent to our bank.
SWIFT messages are formal. They use standard fields. Your banking software or the paper payment instruction form does not usually tell you which field will be converted into which SWIFT MT103 field.
The following SWIFT MT103 fields are of interest:
- 54A Beneficiary's Correspondent Bank SWIFT Code - equivalent of "Via Bank", "Intermediary Bank", "Correspondent Bank" or similar
- 70 Remittance Information - equivalent of "Payment Reference", "Message to the Beneficiary" or similar
- 71A Details of Charges - equivalent of "Charges", "Charge to", "Fees paid by" or similar