Understanding SWIFT payments

Deborah Tan-Pink

 · 04/08/2021  · 04/08/2021

SWIFT is one of the most common ways to transfer money internationally. Find out how SWIFT can work for you

Back in the ‘80s, the quickest way to get money from friends and family in other countries was if they physically carried that cash to you, on the plane. Things are a little easier now, not to mention more secure.

That’s where SWIFT (Society for Worldwide Interbank Financial Telecommunications) comes into play. SWIFT is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive money transfer instructions. This ultimately allows money to be sent from one financial institution to another, anywhere in the world, and in different currencies.

Today, Revolut supports both outbound and inbound SWIFT transfers.

So, whether you’re sending money to London or receiving money from Hong Kong, you can make these transactions on your Revolut app, like you would with a traditional bank account.

How do I send money using SWIFT?
1. Select ‘Send’ on the home-screen
2. Tap on 'Bank Accounts'
3. Tap 'Add a recipient' on either Individual or Business section
4. Select the country of your recipient’s bank followed by the currency
5. If SWIFT is supported, you will see the option to enter the SWIFT code below
6. Enter your recipient’s bank account details

How do I receive money via SWIFT?
1. Select 'Add money' on the home-screen
2. Tap 'Change'
3. Select 'Regular bank transfer'
4. Select 'SWIFT'
5. Fill in details for the sender so they can transfer money to your Revolut account

Note: You must set up an External Account before you can receive money via SWIFT. Here's how to do it.

Most SWIFT transfers typically take 2 to 5 working days to reach their destination, longer if more intermediary banks are involved.

You don’t need SWIFT to send money to another Revolut user  
Revolut offers almost instant peer-to-peer transfers in any of our in-app supported currencies. Using the app, you can instantly send money to any other Revolut user in the world. Yes, you heard that right - Revolut transfers are instant and completely free*, from the moment you hit 'Send', because our technology takes away the need to go through systems such as SWIFT.

*Up to certain limits for Standard and Premium customers.