How does International Wire Transfer (SWIFT) work?
Most international transfers are executed through SWIFT, a co-operative society, founded in 1974 by seven international banks, which operate a global network to facilitate the transfer of financial messages. Using these messages, banks can exchange data for funds transfer between financial institutions. See SWIFT.
Each financial institution is provided an ISO 9362 code, also called a Bank Identifier Code (BIC) or SWIFT Code. These codes generally are eight characters long. For example Deutsche Bank is an international bank, with its head office in Frankfurt, Germany, the SWIFT Code for which is DEUTDEFF:
- DEUT identifies Deutsche Bank.
- DE is the country code for Germany.
- FF is the code for Frankfurt.
Using an extended code of 11 digits (if the receiving bank has assigned extended codes to branches or to processing areas) allows the payment to be directed to a specific office. For example: DEUTDEFF500 would direct the payment to an office of Deutsche Bank in Bad Homburg.
European banks making transfers within the European Union also use the International Bank Account Number, or IBAN.
The costs of International Wire Transfer (SWIFT)
Gambody charges $35 for each Wire Transfer that is requested. This cost comprises of the fees charged by our bank plus our administration cost. Authors should be aware that depending on the bank or country you are receiving the money from, your financial institution may charge the recipient (you) for receiving money via wire transfer and may deduct their additional charges/commissions from the total amount received. It is your responsibility to ensure that you understand the fees which are charged by your financial institution when receiving SWIFT payments, including those that may be incurred when receiving wire transfers from a Latvia bank.
When can I get my money using International Wire Transfer (SWIFT)?
Once your payment has been processed (assuming that you have provided us the correct account details), you will generally receive the money in your bank account in approximately two business days. However, occasionally the transfer can take up to 5 business days. If you have not received your money after 5 business days from the time you receive our payment confirmation email, then please contact support immediately and we will be happy to assist you.
Important to Note:
Gambody cannot be held responsible for delays, extra costs or financial loss that arises from being provided incorrect account information, so please ensure that you double check the details with your financial institution prior to submitting a request for a SWIFT Wire Transfer.