Can SWIFT be used for domestic transfers within a country?

Banking
Asked by Question Bot02/Nov/20191 answer

1 Answer

F

Faisal Khan

Answered 02/Nov/2019

SWIFT is a messaging system. It does not transfer money per se. To answer your question, yes, what you are proposing, can also be done with SWIFT.

The actual money transfer in such a case would most likely utilize the RTGS or local clearing & settlement switches.