The Society for Worldwide Interbank Financial Telecommunications (SWIFT) provides safe and secure financial transactions. The Swift transaction method solution offers fast, efficient cross-border payments or global transactions ranging from days to seconds.

Want to deposit via SWIFT?

First, head to your dashboard. Click on the deposit tab, then select your desired currency, choosing the SWIFT option.

How does SWIFT work?

Swift works by assigning banks connected to the existing cross-border payment system with a unique ID code that identifies not only the bank name but country, city, and branch.

SWIFT can interact by opening and managing current and correspondent accounts. The main condition for the system’s smooth operation is its member users. So as to have the ability to organize and synchronize the information on account balances.

Geographical Location

Geographical locations of participating banking institutions can take a longer time for transaction processing. Hence, international transfers normally take between one and two days and if several intermediary banks are involved in a transaction, it sometimes takes as long as up to a week or 10 business days. Thus, the intermediary banks add the fee for the total cost of the fund transfer.

Blockchain contributions for SWIFT

The evolution of blockchain technology has contributed tremendously to SWIFT transaction options to many banking institutions and customers alike due to it being cheaper and faster.

Participating banks of SWIFT can be the node of the blockchain which automatically replicate data for all member participants in the system. The cryptographic technology protects any phishing threats or fraud attempts to accounts associated with SWIFT.

SWIFT VALUE

As banks can now operate as a p2p network, there will be no need to use many intermediaries for transactions.

Member partners or users of SWIFT can engage in more organized and transparent transactions, so as to manage personal information.

Instant international money transaction is now possible with a low transaction fee.

Our 24/7 live Customer Support team are available around the clock and are dedicated to answering any questions or feedback you may have. Simply click the blue chat bubble in the bottom right-hand corner to contact us! If you cannot see the chat bubble, please disable browser plugins.

Alternatively, feel free to also email us at hello@coinmetro.com - we will respond within minutes!

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