By using international SWIFT transactions you can send money transfers in different currencies to any bank (national or private) in Europe and the world. It is very handy if you work with international partners, or handle business abroad. There are two major problems, the first one is the time to process a SWIFT transfer. The second difficulty is that you will not be told about the cost of the SWIFT transaction in advance. No bank can determine the price ahead, so it is a risk to lose money. As you can see, SWIFT transactions have both pluses and minuses, which we will discuss in more detail in our article.
What Is a Swift Transaction?
Have you ever heard of the Society for Worldwide Interbank Financial Telecommunications? Probably, not. But this is what stands for SWIFT. This international institution has created this convenient way to send money abroad from any personal or business account. You can make such a transfer both at the bank’s cash desk and in the app if you have an online account.
Main Advantages of Swift Transaction: What Are They?
- possibility to send large sums of money;
- the wide availability of SEPA transfer and transfer system around the world;
- ability to send funds to individuals and businesses;
- possibility to make transfers in different currencies (GBP, USD, RUB, CHF, EUR, and others).
Disadvantages of Swift Transaction
- You will need to pay a high price for using SWIFT. Because of its wide availability and accessibility, the price is higher than other types of transfers. As well the multiple intermediates make the price higher, as each of them takes its fee.
- You will also need to wait quite a long time, as the standard SWIFT transfer takes up to 5 days. In fact, it is much slower than other transfer types available. To speed up the transfer, you will have to pay more.
Enjoy Only the Pluses with Genome Online Account
Open an account in Genome, and then you’ll only enjoy the perks of the SWIFT transactions. Fast, reliable, and with low fees! It’s also possible to send money from your eWallet to any other eWallet in different currencies. You will not have to think about long lines at the bank, all you need is to create a transfer, save in templates, and voilà, now you can constantly send money from your online account. If you want to use SWIFT online financial services simply and without stress, we recommend that you open an account in Genome. You can find more detailed information on their website.
