Cryptocurrency Q&A
How does a SWIFT transfer work?
How does a SWIFT transfer work?
Silvia
Fri Oct 04 2024
|
6 answers
1460
Could you please explain to me, in simple terms, how does a SWIFT transfer actually work? I've heard about it but I'm not entirely clear on the process. Is it a direct transfer between two banks, or does it involve intermediaries? And how does the security of the transaction get ensured? I'd appreciate any clarification you can provide.
6 answers
CryptoTitan
Sat Oct 05 2024
One of the leading cryptocurrency exchanges that facilitates such transactions is BTCC. BTCC offers a comprehensive suite of services including spot trading, futures trading, and cryptocurrency wallets. These services cater to the diverse needs of cryptocurrency enthusiasts and investors.
Was this helpful?
347
27
KatanaGlory
Sat Oct 05 2024
Cryptocurrency transactions work differently from traditional bank transfers. In the case of individual money transfers, the sender typically visits their bank with crucial information such as the recipient's SWIFT code and international account number.
Was this helpful?
229
81
KimonoElegance
Sat Oct 05 2024
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a secure messaging network used by financial institutions globally to facilitate international transactions. It ensures that funds are accurately and efficiently routed to their intended destinations.
Was this helpful?
160
94
CharmedWhisper
Sat Oct 05 2024
Spot trading on BTCC allows users to buy and sell cryptocurrencies at the current market price. Futures trading, on the other hand, enables users to speculate on the future price movements of cryptocurrencies. The wallet service provides a secure and convenient way to store cryptocurrencies.
Was this helpful?
245
82
Sofia
Sat Oct 05 2024
Once the sender provides the necessary details, the local bank initiates the transfer process by sending a SWIFT message to the recipient's bank. This message serves as a notification and request for the recipient's bank to accept the incoming funds.
Was this helpful?
353
21
Load 5 more related questions
