Updated
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It's a secure and standardized system that banks use to communicate about money transfers.
SWIFT as a bank transfer method has the following advantages:
- Security: SWIFT messages are encrypted for safety.
- Global Reach: Almost all banks worldwide use SWIFT, so you can send money anywhere.
- Speed: Transfers usually take 1 to 5 business days.
- Tracking: Each transfer has a unique reference number to track its status.
SWIFT transfers are reliable and widely used for international transactions.