How to make a SWIFT payment wise?

Making Wise SWIFT Payments: A Guide to Smart International Transfers

Sending money internationally can feel like navigating a maze. High fees, slow processing times, and currency conversion headaches are common complaints. However, leveraging platforms like Wise, coupled with the ubiquitous SWIFT network, streamlines the process, making international payments significantly more efficient and cost-effective. This article explains how to make a SWIFT payment wisely using Wise, ensuring your money reaches its destination quickly and affordably.

Understanding SWIFT and its Role in International Transfers:

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a secure messaging network used by banks and financial institutions globally to facilitate international money transfers. While SWIFT doesn’t directly transfer funds, it provides the communication channel to authorize and track transactions. This means your bank communicates with the recipient’s bank through the SWIFT network, ensuring the transfer is processed correctly.

Why Wise for your SWIFT Payments?

Many banks charge hefty fees and unfavorable exchange rates for international SWIFT transfers. Wise offers a transparent and competitive alternative. Instead of relying solely on your bank’s system, Wise utilizes its network of local bank accounts in numerous countries. This clever strategy eliminates the need for multiple intermediary banks, which significantly reduces fees and processing times.

Making a Wise SWIFT Payment: A Step-by-Step Guide:

1. Create a Wise Account: If you don’t already have one, sign up for a free Wise account. You’ll need to provide some basic personal information and verify your identity.

2. Specify the Transfer Details: Log in to your Wise account and select “Send money.” You’ll need to provide the following information:

   • Amount to send (in USD or your chosen currency): Wise will clearly display the conversion rate and total fees beforehand, so you know exactly what you’re paying.
   • Recipient’s details: You’ll need their full name, bank account number, and SWIFT code (BIC). Double-check this information for accuracy to prevent delays. Wise will often automatically fetch some of this information based on the recipient’s bank details.
   • Recipient’s currency: Wise automatically converts the money to the recipient’s local currency at the mid-market exchange rate – a much more favorable rate than what many banks offer.

3. Choose your Funding Method: Select how you’ll fund the transfer. Wise typically offers various options, such as debit card, credit card, or bank transfer. Each method may have associated fees, so choose the most cost-effective option for you.

4. Review and Confirm: Before initiating the transfer, carefully review all the details to ensure everything is accurate. Wise will provide a clear summary of the transaction, including the total cost and estimated arrival time.

5. Initiate the Transfer: Once you’ve confirmed all the details, initiate the transfer. You’ll receive a confirmation email with your transfer tracking details.

Tips for Wise SWIFT Payments:

• Check for SWIFT code accuracy: A simple error in the SWIFT code can delay or even prevent your transfer.
• Double-check recipient details: Ensure all recipient information is accurate and complete.
• Understand fees upfront: Wise is transparent about its fees, so review them carefully before proceeding.
• Use the Wise app for easy tracking: The Wise app allows you to track your transfer’s progress in real-time.

By using Wise for your SWIFT payments, you can take control of your international transfers, saving money and time in the process. This smart approach makes sending money abroad a less daunting task, ensuring your funds reach their destination efficiently and securely.