As foreign trade volumes increase, payment methods are diversifying. Banks use the SWIFT method to facilitate payments in exports and imports. It's used for transfers from bank foreign currency accounts so that banks can recognize you. You can also use the SWIFT method to make foreign currency transfers when buying and selling goods and services. In this article, we will provide detailed answers to the questions: What is the SWIFT method, and how can I find my SWIFT code?

What is the Swift method?

The SWIFT method, used for sending foreign currency in exports and imports, is also used for domestic foreign currency transfers. SWIFT stands for World Interbank Financial Telecommunication Association. What is the SWIFT method and how does it work?

Transfers to different foreign currency accounts can be made using a SWIFT code. This service offered by banks uses a code that identifies your account. Individuals or businesses wishing to transfer funds from a foreign currency account need to obtain their bank's SWIFT code.

What is SWIFT code? What is it used for?

In the SWIFT method, a SWIFT code is needed to ensure that money is sent to the correct account, bank, and city. Domestic and international currency transfers cannot be processed without a SWIFT code. SWIFT codes allow banks both domestically and internationally to communicate with each other. The SWIFT code ensures that the money goes to the correct bank and branch.

A SWIFT code generally consists of 11 digits. The code identifying the bank is found in the first four digits, the next two letters indicate the country where the bank is located, and the remaining letters identify the local code. The length of the SWIFT code can vary depending on the city code and name of the bank. In our country, city-based codes have been eliminated and the designation "2A" is used instead to facilitate faster currency transfers.

How to Learn Swift Code?

The SWIFT code used for currency transfers varies depending on the bank, country, and branch. How to find your SWIFT code: In Turkey, SWIFT codes generally consist of 8 digits, with " XXX" added to complete them to 11 digits. You can find your SWIFT code, which you will use for domestic and international currency transfers, through mobile banking or internet banking.

To make your transactions easier, here are the Swift codes of the most commonly used banks in our country:

Ziraat Bank Swift Code: TCZBTR2A

Vakıfbank Swift Code: TVBATR2A

Garanti Bank Swift Code: TGBATRIS

İş Bankası Swift Code: ISBKTRIS

Akbank Swift Code: AKBKTRIS

In international money transfers, " XXX" is added to complete the codes to 11 digits.

How to send money using SWIFT?

You can use the SWIFT method to make or receive payments for goods and services bought or sold abroad. How to send money using SWIFT?

To send money via SWIFT, you need to know the SWIFT code you will be using. If you are sending money via internet banking or mobile banking, you can complete the transfer after entering the SWIFT code, the recipient's account information, and the amount you want to send.

The recipient's name or company name, the recipient bank's Swift code, the recipient's account number or IBAN number, the recipient's bank name, postal code, and city information are the necessary details for the Swift payment method.

How much does Swift cost?

In SWIFT currency transfers, a total of three banks are involved: the sender, the recipient, and the intermediary bank. The money transfer is completed to the account abroad. The intermediary banks charge commissions from both the sending and receiving banks. These commission fees are passed on to the sender or recipient. In agreements with banks abroad, the intermediary may not be used, thus reducing the transfer cost.

Swift transfers made through internet and mobile banking have very low fees. Transfers made through bank branches incur fees between $15 and $30. Swift fees vary depending on the amount of money sent and whether or not an intermediary bank is used.

In this content prepared by the GoTradeGo team, we have provided detailed information about the Swift payment method used in international trade. You can check our blog posts for more information about payment methods and foreign trade.

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