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Full Version: What Is Swift's Fee?
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Most people don't know about Swift. There may even be those who have heard this word for the first time, because those who are not interested in foreign accounts do not have enough knowledge of what it means. But in most areas of globalized life, foreign currency transfers are increasing every day. So we're trying to keep up with it. Then let's make sure you know about all the questions that have been asked about Swift.

What Is Swift?

The code system that provides the standard for the transfer of electronic funds in foreign currency within the international banking system is called Swift. Swift was founded in 1973. This system attempts to minimize the duration of fund transfers that banks make between themselves. Letters of credit notified within these codes do not require a different confirmation. Therefore, this system identifies all banks thanks to Bank Identifier Codes.

How Does The Swift System Work?

The system is divided into 3 groups as receiving bank, intermediary bank and sending bank. 3 banks are included for transactions, and the transfer is more expensive than a normal transfer or EFT in terms of taking place between banks in different countries. Your own bank, the intermediary bank and the receiving bank each charge a commission fee.

Due to the fact that the transfer travels through 3 different banks, it sometimes takes weeks for the transfer to reach its place. But because of the agreements between the banks themselves, this can sometimes be within a few hours, sometimes minutes.

Although very rare, this period can be even longer if your money is stuck under the supervision of the Central Bank.

How to Transfer with Swift code?

In order to make a currency transfer transaction, you must first have a currency account and a TL account where the transaction fee can be deducted. If you want, you can learn the swift code from the bank, if you want, you can also make a swift transaction with the first letter of the bank in the country with the information about the country in which the bank is located, along with the first 3 letters of the bank or branch in which the currency transfer will take place.

In addition, you can also make these transactions using internet banking... you can access the branches and branch numbers of banks entered into the swift system that meet the requirements found on the information screen. If the bank to which you will transfer foreign currency is not included in the list, you can go to your branch and get detailed information.

When does the money sent with the Swift code arrive?

If the entry time in the Swift transaction occurred before 17:00, the currency transfer is made within 2 business days, if it occurred after 17: 00, it is made within 3 business days. However, some banks may be able to make Swift transactions even faster by requiring additional payments before 13:45 for transfers such as euros, dollars and pounds to pass on the same day.