The SWIFT system is an abbreviated form of Society for Worldwide Interbank Financial Telecommunication. It is employed in the large number of international transfers. This system was initiated by seven banks in 1974 that have network all across the globe. It has a worldwide network for facilitating the transfer of financial messages. The exchange the data with help of these financial messages is used by the banks for transferring the funds between various financial institutions.
SWIFT is being sanctioned by the United Nations as International Standards Body for the maintenance and creation of the financial messaging standards. Each institution of finance is provided with a SWIFT code that is 8 characters Bank Identifier Code. For example, the SWIFT code for the Deutsche Bank primary office is DEUTDEFF where DEUT is used for identifying the Deutsche Bank, DE is code for Germany and FF is the code for Frankfurt.
In USA, the banks are using the SWIFT for making payments to the banks in countries other than United States. There are certain International Outgoing Wire Transfer Guidelines that requires the customer to have an account in a bank for sending a wire. It maintains that the receiving bank should be contacted by call for receiving the accurate wiring instructions. As a customer, it is the responsibility of the person for providing the proper wire transfer instructions to the sending bank.
The International wire transfer is basically a long and uncertain process that may extend from two days to many weeks for arriving at their destination. Your bank does not have any control over the time frame for receiving the wired money. In case the international wire is recalled then also the funds are recalled after two days to many weeks. Moreover, the corresponding banks will also charge the fees for recalling the transfer of funds.