swift code, wire?

Discussion in 'Financial Terms' started by vmtnezgil, Apr 27, 2006.

  1. vmtnezgil Senior Member

    SPAIN
    I´m waiting for an American company to credit a certain amount into my bank account. As it´s international, I´ve provided them with my IBAN account for the bank transfer.I have received a statement from them saying:"We need your banks SWIFT CODE to process wire. Please provide asap and we will send the wireimmediately" What do they mean by swift code and wire?
     
  2. blue-eyes

    blue-eyes Senior Member

    English - Spain
    Hello vmtnezgil...
    The SWIFT (Society for World-wide Interbank Financial Telecommunications) system is a computer-based message switching system used by most international Banks as a method of making overseas payments. It identifies the bank itself.

    You'll have to ask your bank for the full code (letters and numbers)
    "Wire" is telegraphically making the transfer

    Any clearer?
    saludos@todos
     
  3. hiwelcome Senior Member

    France, Portugal
    France French
    They asked the swift code of your bank: each bank has its own code in the swift system.(its like their address)
    I suggest that you do send them the swift code of your bank together with your Iban number in order that the transfer doesn't take weeks..but only 48 hours...to reach your account.
    Ask them after you mention the swift code of your bank to indicate: Iban of the beneficiary 00.. .... .... ........
    Your IBAN code should be sufficient as the numbers give them all the details:
    the first 4 digits indicates the country..the second group of 4 digits indicated the name of your bank...the other numbers indicated the branch (ususally 4 digits) and then your account number with a key with 2 digits..making a total of 21/23 digits according the countries...
     

Share This Page