What is SWIFT?

SWIFT, short for the Society for Worldwide Interbank Financial Telecommunication, is a global messaging system that enables secure and standardized communication between financial institutions. At 3S Money, we use the SWIFT network to help clients send and receive high-value international payments efficiently and securely.

At 3S Money, we like to keep things as simple as possible, giving you all the information you need to make an informed decision. So if you want to know what a SWIFT payment is, you’re in the right place.

What is the SWIFT network?
 

Established in 1973, SWIFT connects more than 11,000 banks and financial institutions across over 200 countries, making it the most widely used infrastructure for international wire transfers. While SWIFT doesn’t hold or transfer funds, it facilitates the process by sending secure payment instructions between institutions.

Why SWIFT still matters:

• Global reach across virtually every major financial institution

• Secure, encrypted communication for payments and confirmations

• Standardisation of messages helps avoid errors and delays
  

Millions of SWIFT messages are exchanged daily, making it a cornerstone of international business payments.

What is a SWIFT code?

A SWIFT code (also known as a BIC – Bank Identifier Code) is a unique identifier assigned to financial institutions. It ensures the correct bank—and often the specific branch—is used in a cross-border payment.

SWIFT code structure:

A SWIFT code contains 8 to 11 characters, formatted like this:

• 4 letters: Bank code

• 2 letters: Country code

• 2 letters or numbers: Location code

• 3 optional characters: Branch identifier

Example:

This structure allows payment systems to route transactions precisely, reducing the chance of misdirected funds.

Your SWIFT code will usually be found on your bank account statements, either on a paper copy or in your online banking. There are also online SWIFT code finders.

How long does a SWIFT payment take?

A SWIFT payment typically takes 2 to 5 business days to reach the recipient. However, several factors can influence the timeline:

• Time zones between the sending and receiving countries

• Intermediary (correspondent) banks used when direct relationships don’t exist

• Weekends or bank holidays in either country

Delays may occur if additional compliance checks or intermediaries are required.

What are the costs of SWIFT transfers?

SWIFT transfers are generally reliable but can involve multiple layers of fees, including:

• Transfer fee from your sending institution

• Recipient bank fee for receiving the funds

• Intermediary bank fees if third-party/intermediary banks are involved

Forex rates depend on the currency, exchange rates, transaction size and payment provider.

Do I need both an IBAN and a SWIFT code? 

You don’t need to use a SWIFT and an IBAN to make or receive a payment, but an IBAN is useful for providing additional information when conducting international transactions. 

 While a SWIFT code identifies the bank, an IBAN (International Bank Account Number) identifies the specific bank account. Together, they help ensure accurate and secure transfers.

• SWIFT = which bank to send to

• IBAN = which account at that bank

Although some payments can be made using just one of these identifiers, using both improves transaction speed, accuracy, and compliance, especially in cross-border contexts.

Need help understanding or locating your IBAN number? See our full guide: What is an IBAN?

You don’t need to use a SWIFT and an IBAN to make or receive a payment, but an IBAN is useful for providing additional information when conducting international transactions.

Why use SWIFT with 3S Money?

At 3S Money, we simplify international finance by combining the global power of SWIFT with business-first payment infrastructure that supports:

• An international business account with local GB, NL, and LU IBANs.

• Foreign exchange solutions in 65+ currencies, including USD, GBP, AED, and EUR.

• Local payment SWIFT payment solutions in 190+ countries and territories.

• A dedicated Relationship Manager and client support in 12+ languages.

• Multi-currency batch payments, unlimited API integrations, and more.

Our transparent fee structure and expert human support help your business grow globally—without the complexity of traditional banking.

Ready to simplify global payments?

If you run a business and have to send and receive money overseas, check if you're eligible for an International Business Account or contact us to learn more.

Last updated: 28/05/25