D-2-3- The swift transfer and its advantages and drawbacks

2-3-1- The SWIFT transfer: definition

The SWIFT transfer is a payment tool/instrument The exporter is credited when the importer requests a SWIFT (society for Worlwide Interbank Financial Telecommunication) transfer from the bank. The two banks are connected electronically. The Swift transfer is a proven payment tool used worldwide.

Consult the website at www.swift.com

2-3-2- The SWIFT transfer: advantages

The advantages of the SWIFT transfer within the scope of international transactions include:
  • it is simple to use
  • it is quickly implemented,
  • its price,
  • it is widely used.

2-3-3- The SWIFT transfer: drawbacks

Risks are dependent on the contract signed between the importer and the exporter. The SWIFT transfer costs can be considered a drawback.