The SWIFT International Transfer System: What It Is and How to Use It

Recently, Bank CenterCredit launched the SWIFT GO service, becoming the first bank in Kazakhstan to operate with this system. This means your transfers will now be even more secure and faster.

What is SWIFT, and how does the system work? How do you make a transfer? What are the advantages of SWIFT GPI and SWIFT GO services?

SWIFT International Transfers

The acronym SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. Every day, over 30 million transactions are carried out through this system, and more than 11,000 organizations are connected to it.

SWIFT can be compared to a messenger service, where banks exchange messages with each other. These messages follow a standard format.

Thanks to this standardization, requests are processed quickly, speeding up transactions. In other words, one bank sends a payment instruction to another bank (where Bank A has a correspondent account with Bank B, and vice versa) without actually transferring the physical funds. When the receiving bank accepts the payment instruction, it can disburse the money to its customer. It's important to note that these instructions are encrypted, enhancing payment security.

To send a payment instruction to a specific bank, you need to know its SWIFT code (or BIC code). Each bank has a unique code consisting of 8 to 11 characters, including letters and numbers. This code contains the following information:

1. The abbreviated name of the banking organization (4 characters), for example, KCJB for Bank CenterCredit.
2. Country code (2 characters), for Kazakhstan, it's KZ.
3. Region or city (2 characters).
4. Branch code (3 characters).

If there's no agreement between Bank A and Bank B, intermediary banks are involved—this can be one organization or several, possibly in different countries. Typically, transfers take 1 to 3 days, but if intermediaries are involved, more time may be required.

Transfers can be sent in various currencies, but the currency is converted to the destination country's currency upon receipt.

How to Make a SWIFT Transfer in Kazakhstan or From Kazakhstan?

How to Send a Transfer Online?

Performing the operation through the bcc business mobile app takes minimal time and does not require visiting the bank. To do this, go to the "Transfers" section – "International Transfers." Fill in the following fields:

• Recipient's full name
• IBAN account number
• Bank name
• Country and city
• SWIFT code of the bank

Click "Send".

Through a Bank Branch

In this case, you need to bring an identity document and follow these steps:

1. Open an account at the bank. The account must be opened in the currency used for the transfer.
2. Provide the bank employee with the recipient's details. This includes the recipient's full name, IBAN number, the name of the bank where they are served, the country and city, and the bank's SWIFT code.
3. In some cases, documents supporting the payment may be required. These usually include a service contract, invoice, etc.
4. Fill out a transfer application and hand over the required amount to the bank employee.

Bank CenterCredit offers flexible conditions for transactions. For instance, you can transfer up to $100,000 in one go, and various currencies are available—not just dollars but also euros, Russian rubles, and British pounds. Transactions can be made to individuals and companies.

How Long Does a SWIFT Transfer Take in Kazakhstan? The operation usually takes 1 to 3 days, but the time may vary depending on the number of participants in the chain.

Please note that there is often an option to track a SWIFT transfer by its number. This feature is available both through the bank's app and on the official websites of foreign banks. Tracking is done via the official system service—SWIFT GPI Tracker.

SWIFT GPI and SWIFT GO Services

The SWIFT system continues to evolve to meet increasing customer demands.

For example, one of SWIFT's services is SWIFT GPI. It allows for improved service quality and faster transactions. The key feature of GPI is the ability to track payments in real-time, regardless of the number of banks involved in the payment chain. Another advantage is the speed of transaction processing: according to statistics, up to 40% of transfers are completed in just 5 minutes.

SWIFT GO promises even faster transactions—it’s a system for instant money transfers of small amounts. The service is based on the already familiar SWIFT GPI technology. SWIFT GO is positioned as a service for transparent and secure payments for business clients. Entrepreneurs who regularly settle with foreign partners actively use the system today. Almost 200 countries' banking institutions are already connected to the system.

Why SWIFT Is Popular Worldwide. Firstly, it allows for fast money transfers (even instant if using SWIFT GO). Secondly, it ensures transaction security through advanced encryption systems and protection against fraudulent schemes. Thirdly, you can send money to almost any country, as thousands of organizations are connected to the system.

Clients of Bank CenterCredit can also take advantage of the new SWIFT GO service. It allows for quick transfers within a global banking network that connects over 11,000 participants and 4 billion accounts in 200 countries worldwide.

SWIFT GO Features in Bank CenterCredit:
· Transfers up to $10,000 equivalent, credited to the beneficiary's account within 4 hours
· Currencies: USD/EUR/GBP
· Payment tracking via Swift GPI

This article has been translated from its original language using neural network-based translation technology.