Exchange rates are reference points, not offers. This guide explains the forces behind the numbers you see.
What is the SWIFT Network?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a secure messaging network used by over 11,000 financial institutions worldwide to transmit payment instructions.
A SWIFT code (also known as a BIC code) is an 8 to 11 character identifier specifying the exact bank, country, location, and branch executing the transfer.
IBAN vs ACH vs Sort Code
An IBAN (International Bank Account Number) standardizes bank account identification across Europe and the Middle East, while the US relies on ABA Routing numbers and the UK uses 6-digit Sort Codes.
Why Intermediary Banks Deduct Unexpected Wire Fees
When money travels through the correspondent banking system, one to three intermediary banks may process the payment, each taking a processing fee ($10–$30) directly out of the sent amount before it reaches the recipient.