SWIFT, which is the acronym for “Society for the Worldwide Interbank Financial Telecommunication”, is essentially a payments solution that facilitates payments between international entities. SWIFT was founded in 1973 and was created for the establishment of a global communications network in financial industries and for data processing of financial information for international financial transactions. SWIFT now facilitates numerous types of international transactions between their member banks from around the world. The primary function of SWIFT is to deliver messages and payments as quickly and securely as possible. The SWIFT organization acts as a third-party payments processor by facilitating the transactional information that is sent to them by their member organizations. Currently, SWIFT provides communicational and payments services to over 7000 financial organizations located in close to 200 countries worldwide.show more
SWIFT provides both online trading brokers and their traders numerous benefits for the facilitation of payments. See some of the key benefits offered by SWIFT international payments below.
Global – Traders who wish to make deposits through SWIFT can do so with numerous bank accounts. Swift has a global presence and is compliant with over 7000 financial organizations in close to 200 countries.
Fast Transactions – International deposits can be completed very quickly with SWIFT payments integration. The SWIFT technology and protocol is built to handle international bank payments very swiftly.
Safe & Secure – SWIFT is trusted worldwide by millions of people and facilitates the latest security measures for the protection of their user’s financial information and transactions. SWIFT has been in business for a very long time and are very experienced and trusted in the financial transactions field.
Low Fees – SWIFT offers traders a very affordable method for making international deposits directly from their bank account. While SWIFT may not be as cheap as some services such as e-wallets and credit cards, the service offers unbeatable fees in the bank transfer industry.
SWIFT makes depositing funds to your online trading account very simple and easy. The steps are very intuitive and straightforward. See below, the steps for depositing funds through SWIFT’s bank transfer deposit method.
As far as international payments go, SWIFT offers one of the easiest and most secure methods of payment for international traders.