to swift a bank draft

Discussion in 'English Only' started by Xander2024, Dec 8, 2011.

  1. Xander2024 Senior Member

    Southern Russia
    Hello everyone,

    could someone who understands about banking please tell me what the verb "swift" could mean in the following sentence:

    "You can now go to your bank and raise the draft and have it swifted"

    I just can't get my head round it. SWIFT means "Society for Worldwide Interbank Financial Telecommunication" but how can it be translated as a verb?

    Thanks in advance.
  2. Thomas Tompion Senior Member

    Southern England
    English - England
    I've never heard it used as a verb, but it clearly means to have the funds transferred.

    I think the SWIFT code identifies the bank; it is a BIC, a bank identification code. In Europe we often use IBAN codes, which include the SWIFT information, and also give the account information for the bank so identified.

    Outside the IBAN system, I think you need both the BIC (the SWIFT code) to identify the bank, and then the account information.

    Don't take my word for these details; they seem to change quite frequently.
  3. Xander2024 Senior Member

    Southern Russia
    Thanks a lot, Thomas.
  4. entangledbank

    entangledbank Senior Member

    English - South-East England
    Practically any new technology for messages can be used as a verb. We do it as soon as it's invented: I'll wire it to you, fax it to you, e-mail it to you, and so on. In some cases names of transmission services or companies can also do this: I'll FedEx it to you. (But not freely: :cross:I'll post-office it to you, :cross:I'll Western Union it to you, :cross:I'll Skype it to you.)
  5. Xander2024 Senior Member

    Southern Russia
    Thanks for the information, Entangledbank.

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