What is a SWIFT transfer?

A SWIFT transfer is an international wire payment that uses the SWIFT network to transmit payment instructions between banks in different countries. SWIFT connects over 11,000 financial institutions globally. It does not move money directly but sends secure messages between banks instructing them to credit and debit accounts to complete the transfer.

How long does a SWIFT transfer take?

SWIFT transfers typically take 1 to 5 business days depending on the countries involved, currencies being transferred, and whether correspondent banks are involved. Simple transfers between major banking centers in developed countries often complete in 1 to 2 business days. Transfers to or from developing countries or through multiple correspondent banks can take up to 5 business days.

What information is needed to receive a SWIFT transfer?

To receive a SWIFT transfer you need to provide: your full legal name and address, your bank's full name and address, your bank's SWIFT/BIC code, your account number (and ABA routing number for USD payments to US accounts), and any reference information such as an invoice number. Include all this information in the payment instructions on your invoice.

What fees are involved in SWIFT transfers?

SWIFT transfers typically involve fees at multiple points: the sending bank charges the sender $20 to $50 or more, correspondent banks along the transfer route may each deduct $15 to $30, and the receiving bank may charge an incoming wire fee. To ensure you receive the full invoiced amount, ask your international clients to send payments using the OUR charge option, where the sender covers all fees.

Is SWIFT safe for international payments?

Yes, SWIFT is considered secure for international payments. The network uses multiple layers of encryption, authentication, and fraud monitoring. The 2016 Bangladesh Bank cyberattack targeted a member institution's local security controls rather than the SWIFT network itself, which led SWIFT to implement additional security requirements for all member banks. Standard SWIFT transfers for freelance payments carry minimal risk.

Business

What is SWIFT Transfer?

SWIFT is the global messaging network that moves trillions of dollars in international wire transfers daily. Learn how SWIFT works, what it costs, how long it takes, and what alternatives exist.

**A SWIFT transfer** is an international wire transfer that uses the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to securely transmit payment instructions between banks in different countries. SWIFT does not move money directly -- rather, it transmits standardized financial messages between member banks, instructing them to credit and debit the appropriate accounts to complete the transfer. The SWIFT network connects over 11,000 financial institutions in more than 200 countries and territories, making it the dominant global infrastructure for international wire payments. Each bank participating in the SWIFT network is identified by a unique SWIFT code (also called a BIC -- Bank Identifier Code) of 8 or 11 characters. When initiating a SWIFT transfer, the sender provides the recipient's bank SWIFT code, the recipient's IBAN (International Bank Account Number) or account number, and the amount and currency. The sending bank transmits a SWIFT message to the receiving bank, which credits the recipient's account after verifying the instructions. For freelancers and small businesses working with international clients, SWIFT transfers are often the primary method of receiving large cross-border payments. Understanding how SWIFT transfers work -- including fees, processing times, and what information clients need to send payment -- is essential for managing international cash flow effectively.

A SWIFT transfer follows a defined sequence of steps. First, the payer initiates the transfer at their bank, providing the recipient's SWIFT/BIC code, account number or IBAN, bank name and address, currency, amount, and payment reference (typically an invoice number). The payer's bank debits their account and sends a SWIFT message to the recipient's bank. For transfers between countries where the two banks have a direct correspondent relationship, the transfer goes directly from the sending bank to the receiving bank. For transfers between countries without a direct relationship, the payment passes through one or more correspondent banks -- intermediary institutions that facilitate the transfer. Each correspondent bank may deduct a fee from the transfer amount. The correspondent bank structure is why SWIFT transfers sometimes result in the recipient receiving less than the full invoice amount -- each intermediary along the chain may deduct a fee of $15 to $30 or more. To avoid this, freelancers can request that clients send payments via SWIFT using the SHA (shared) or OUR charge option. OUR means the sender pays all fees; SHA means fees are split; BEN means the recipient pays all fees. Specifying OUR in your invoice terms ensures you receive the full invoiced amount.

International freelancers -- designers, developers, writers, consultants, and other service providers who work with clients outside the US -- regularly receive payment via SWIFT transfer. While domestic US payments typically use ACH or wire transfers through the US Fedwire system, international clients almost always use SWIFT for cross-border payments. The key practical information a freelancer needs to provide to receive a SWIFT transfer: - Full legal name and address - Bank name and full address - Bank SWIFT/BIC code (usually 8-11 characters, e.g., CHASUS33 for JPMorgan Chase) - Account number or IBAN - For USD payments: ABA routing number in addition to SWIFT code Processing times for SWIFT transfers range from 1 to 5 business days depending on the countries involved, currencies, and whether correspondent banks are involved. International payments taking longer than 5 business days may indicate a compliance hold or a messaging error that should be investigated with both the sending and receiving banks.

SWIFT transfers and ACH payments are both electronic bank-to-bank transfers, but they operate on entirely different networks and serve different use cases. ACH (Automated Clearing House) is a US domestic payment network that processes transfers between US bank accounts. It is inexpensive (typically $0 to $3 per transaction), reliable, and settles in 1 to 3 business days. ACH is not available for international transfers. SWIFT is the global network for cross-border wire transfers. It handles international payments in any currency, connects banks worldwide, and settles transactions typically within 1 to 5 business days. SWIFT transfers are more expensive than ACH -- fees of $20 to $50 are common at the sending bank, plus potential correspondent bank fees. For a US-based freelancer, the rule is simple: domestic clients pay via ACH or US wire; international clients pay via SWIFT. Providing both your ACH routing and account numbers and your bank's SWIFT code covers all client scenarios and ensures you can receive payment regardless of where the client is located.

Steps to prepare your business to receive SWIFT transfers: 1. Confirm your bank participates in SWIFT -- Major US banks (JPMorgan Chase, Bank of America, Wells Fargo, Citibank) all have SWIFT codes. Online banks and credit unions may or may not. Check with your bank directly. 2. Obtain your bank's SWIFT/BIC code -- Available on your bank's website, by calling customer service, or in your online banking account settings. 3. Compile your complete wire transfer instructions -- Include your full name, address, bank name, bank address, SWIFT code, account number, and ABA routing number. 4. Include these instructions on every invoice for international clients -- Put them in the payment instructions section of your invoice so clients have everything needed to send payment. 5. Communicate fee handling preferences -- Specify in your invoice terms whether the client should use the OUR (sender pays all fees) or SHA option to ensure you receive the correct net amount.

Eonebill.ai makes it easy to include international wire transfer instructions directly in your invoice, ensuring international clients have everything they need to send SWIFT payments without additional back-and-forth. Use the [free invoice generator](/free-tools/invoice-generator) to create professional invoices with dedicated payment instructions sections where you can specify your SWIFT code, account details, and fee handling preferences. Eonebill Pro and Business plans at [Eonebill pricing](/pricing) let you track international invoice payment status alongside domestic invoices in one organized system, so you always know which international clients have paid and which payments are still in transit through the SWIFT network.

1. Not providing your SWIFT code on international invoices: International clients cannot initiate a SWIFT transfer without your bank's SWIFT/BIC code. Include it on every invoice sent to non-US clients. 2. Ignoring correspondent bank fee deductions: If you receive less than the full invoiced amount, correspondent bank fees are the likely cause. Specify OUR charges in your invoice terms or adjust your pricing to account for expected fee deductions. 3. Not verifying your bank has SWIFT capability before working with international clients: Not all US banks participate in SWIFT. Confirm your bank can receive international wires before advertising your availability to international clients. 4. Providing incorrect bank details: A single incorrect digit in a SWIFT code or account number can cause a transfer to fail or go to the wrong account. Double-check all banking details before including them on invoices. 5. Not following up on delayed SWIFT transfers: SWIFT transfers occasionally get delayed by correspondent bank compliance reviews. If a payment has not arrived within 5 business days, proactively contact your bank's wire operations team with the sender's transaction reference number to trace the payment.

[ACH payment](/glossary/ach-payment) is the US domestic electronic transfer alternative to SWIFT for local payments. [Wire transfer](/glossary/wire-transfer) is the broader category of electronic bank-to-bank transfers of which SWIFT is the international variant. [Remittance](/glossary/remittance) is the payment action itself, of which a SWIFT transfer is one delivery mechanism. [B2B payments](/glossary/b2b-payments) describes the business context in which SWIFT transfers most commonly occur.