Banking
SWIFT
SWIFT is the international messaging network banks use to instruct cross-border payments. A SWIFT code, also called a BIC, identifies a specific bank. SWIFT carries payment instructions rather than money itself, which is why international transfers pass through correspondent banks.
In plain terms: The messaging system banks use to tell each other to move money internationally.
Why it matters
Understanding that SWIFT moves messages, not funds, explains why international transfers take days and why fees appear from banks you never chose — each correspondent in the chain can deduct one.
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