How do I transfer money using SWIFT code?

Transferring Money Using SWIFT Code

International money transfers to Vietnam often utilize the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. To ensure a smooth and successful transfer, remitters must adhere to specific requirements.

Participating Banks

SWIFT transfers require remitters to initiate the transfer through a participating bank. It is essential to choose a bank that supports SWIFT transactions to Vietnam.

Recipient Information

Before initiating a transfer, gather the following recipient information:

• Full name of the recipient
• Account number of the recipient
• SWIFT code of the recipient’s bank

The SWIFT code is a unique identifier for the bank, usually an 8-12 character alphanumeric code. For example, “ICBVVNVX” is the SWIFT code for VietinBank.

Bank Instructions

Each bank may have specific instructions for SWIFT transfers. It is crucial to follow these instructions carefully to avoid delays or errors. The instructions typically include:

• Transfer amount
• Currency of transfer
• Transaction fee
• Remittance purpose (e.g., personal payment, business transaction)

Execution of Transfer

Once the recipient information and bank instructions are gathered, follow these steps to initiate the transfer:

1. Visit the participating bank’s website or physical branch.
2. Provide the recipient information and SWIFT code.
3. Complete the transfer form as per the bank’s instructions.
4. Submit the transfer request and pay the necessary fees.

Confirmation

After submitting the transfer request, you will receive a confirmation from the bank. This confirmation typically includes a transaction reference number or tracking code. Keep this information for future reference.

Additional Tips

• Verify all recipient information before submitting the transfer request.
• Allow ample time for the transfer to process, as it may take several business days.
• Contact your bank if you experience any issues or delays with the transfer.