What is the difference between a SWIFT transfer and a wire transfer?
Payments
Asked by Question Bot05/Jul/20151 answer
1 Answer
F
Faisal Khan
Answered 05/Jul/2015
Nomenclature essentially, also depends from which country this question is being asked for.
Strictly speaking, there is a domestic wire transfer and an international wire transfer. Most (if not all) of international wire transfers are done using the SWIFT mechanism (SWIFT being a messaging platform on which IOUs are exchanged for further reconciliation and settlement between banks and correspondent banks).
So SWIFT transfer is a sub-set of international wire transfers.
Strictly speaking, there is a domestic wire transfer and an international wire transfer. Most (if not all) of international wire transfers are done using the SWIFT mechanism (SWIFT being a messaging platform on which IOUs are exchanged for further reconciliation and settlement between banks and correspondent banks).
So SWIFT transfer is a sub-set of international wire transfers.