Swift Money: How To Make Payment And Perform All Transactions

SWIFT is an acronym which stands for Society for Worldwide Interbank Financial Telecommunication. It was founded in 1973 in Brussels to bring about some common processes as well as standards for financial transactions. SWIFT can be used to make and receive payment across countries. The SWIFT network is an international payment platform.

NOTE: With SWIFT, there are no limit as to how much that can be transacted.

SWIFT requests for transactions received into Nationwide before 1pm (GMT) will normally be actioned the same day. Any requests received after 1pm will normally be processed the next working day.

If you make a request to make a SWIFT payment to European Economic Area, it will normally take a whole business day to get to the destination bank. For requests outside the European Economic Area, it may take a longer time. Payments to India usually take up to three months. The European Economic Area comprises all the 28 European Union member states including Iceland, Norway as well as Liechtenstein.

 

 

How SWIFT Payment System Works

The SWIFT platform does not really transfer funds or money, instead what it does is to send payment orders between accounts of institutions with the use of SWIFT codes. While you make a request to make a payment, you can do it either via online or via branches. SWIFT uses International Bank Account Numbers (IBAN) as well as Bank Identifier Codes (BIC) for a successful transaction. BIC system is owned and managed by SWIFT, this means that it can quickly identify a bank and as well send a payment there without any issue. When you are making payment via branch, endeavour to have the following things at your disposal for easy transaction.

 

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Requirements To Complete Transfer On The Swift Platform

  1. Valid means of identification
  2. The payment destination details
  3. The beneficiary details
  4. Your account card reader
  5. Sort code and account number that you are paying into
  6. Bank code that you are paying into
  7. Country code that you are paying into
  8. Location code that you are paying into
  9. Branch code that you are paying into.

You need the International Bank Account Numbers (IBAN) as well as Bank Identifier Codes (BIC) associated with your bank account at customer service of your bank. You may as well check your debit card if it is printed on it.

 

To make SWIFT payment online

you will need to be an active user of internet banking. If you are an active internet banking user, kindly follow the steps below;

  1. Log in to the Internet Bank
  2. Find ‘Other payments’
  3. In the section ‘Make a payment using SWIFT’ choose your account. Make sure you check links to see the exchange rates of the currencies before you move on.
  4. Select Go
  5. Follow the on-screen instructions.

 

 

Receiving SWIFT Payment

To receive SWIFT payment, you only need to provide details of your account to the sender. You may decide to be charge for the transaction which will show like a withdrawal in your account statement. You may also receive it in either your savings or current account. Below is what you need to supply to the sender.

For Savings account you need to supply;

Your account name

Your account number

Account BIC – NAIAGB21

The SWIFT Intermediary Bank number: MIDLGB22

Account IBAN: GB97NAIA07009333333334

Additional Information: Account Roll number.

 

For your Current Account you need to supply;

Your account name

Your account number

Account BIC – NAIAGB21

The SWIFT Intermediary Bank number: MIDLGB22

Account IBAN (this can be found at the top or your statement).

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