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Swift

Swift payments


SWIFT payments, also called international financial messaging, abbreviation for Society for Worldwide Interbank Financial Telecommunication (SWIFT) are a type of international transfers sent via the SWIFT network. 

The SWIFT international payment network is one of the largest financial messaging systems in the world. 

REMEETA uses the above method to send or receive some currencies, or to service certain payment instructions.

We send SWIFT when instructed to pay local currencies to other countries, for instance, when transferring US DOLLAR outside the USA or, GBP outside the UK, or EUR outside the EU.

Fees for SWIFT payments

When you send SWIFT payment to pay for the transfer or to prepay REMEETA Account, your bank will certainly charge you their fees. 

In addition, when the money is in transit, correspondent banks in between may also deduct their handling fees. Your bank should be able to advise what those would be.

If you send money via SWIFT, you will be asked how you want any transfer fees to be paid. 

There are three types of SWIFT Service Fees: 

  • BEN (Beneficiary)- the beneficiary will incur all of the payment transaction fees;
  • OUR- the Payer/ Sender will bear all of the payment transaction fees;
  • SHA- each side will be liable for their own transaction fees . 

 

SWIFT payments may take 1-2 working days to reach their destination, however it is possible that they can take longer due to time differences between the sending and receiving country, or multiple intermediary banks involved with delivering your money to us.