Glossary entry

SWIFT

SWIFT is a messaging network that banks use to send secure payment instructions to each other internationally. It does not hold money itself; it carries the instructions that tell banks what to pay and to whom. A transfer sent this way may pass through several banks, each of which can take a little time or a small charge. Many people meet the word through the SWIFT/BIC code that identifies a bank, which some quotes ask for alongside the account details. See also: SWIFT/BIC code, correspondent bank, IFSC code, and the guide How to Read a Money Transfer Quote.