SWIFT PAYMENTS

LOW COMPLEXITY & HIGH STANDARDS

Do you send money to bank accounts worldwide? Say goodbye to unreasonably high international transfer fees. With Verifo, you can simplify your global business transactions and save money for other important things. Make international payments in 35 currencies while enjoying great exchange rates. It's easy, secure, transparent, and fast!

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What are SWIFT payments?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. Basically, SWIFT is a messaging system for banks. SWIFT payments, in turn, are international transfers sent via the SWIFT payment network. The SWIFT network doesn’t actually transfer funds. Instead, it sends payment orders between banks using specific SWIFT codes. The SWIFT payment network is one of the largest financial messaging systems in the world, comprising over 11,000 participants in 200 countries.

What are the benefits of SWIFT payments with Verifo?

Security

Each transfer is protected by a multi-layered security system regulated by the National Bank of Lithuania.

Velocity

The payment process is finetuned to make all the transfers smooth and fast.

Transparency

Enjoy traceable, same-day cross-border payments backed by real-time notifications.

What do you need to send money abroad?

1. Register

Sign up for Verifo.

2. Go ahead

Log into your account.

3. Enter all the details

To complete a SWIFT international transfer, you’ll need to provide the following specific information: recipient’s name, their IBAN, and recipient’s bank’s BIC/SWIFT code.

4. Finish the transfer

Click 'Send' - and that's it! Your money is successfully transferred.

FAQ

What is SWIFT?
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication - a global messaging system that banks and other financial institutions use to process payments between different countries. SWIFT payments, in turn, are transactions using specific SWIFT codes to quickly, accurately, and securely transfer money overseas. The SWIFT network consists of 11,000+ financial institutions located in over 200 countries.
What is the difference between SWIFT and SEPA payments?
SWIFT and SEPA share the same goal – to provide seamless, secure, and reliable money transfers to businesses and individuals. However, SWIFT enables money transfers internationally, while SEPA payments can only be made within the SEPA zone. Moreover, SWIFT transfers can be executed in various currencies, while the SEPA initiative embraces transfers in euros only.
How long does it take to transfer money?
SWIFT transfers usually take from 1 to 4 business days. SEPA payments take from 1 to 2 business days. Please bear in mind that the transfer time also depends on time zones, currency exchange, bank holidays, etc.
Are there any euro area countries with limited access to SEPA payments?
Yes. There are some countries and jurisdictions, such as Kosovo and Montenegro (though using the Euro as their domestic currency) that do not belong to SEPA. To check whether your country is eligible to process SEPA payments, please follow the link below:
https://verifo.com/sepa/
Are there any limitations regarding SWIFT payments?

Yes. Certain jurisdictions and companies based in these jurisdictions have limited access to SWIFT payments. At this time, we're unable to service payments on behalf of our customers who are based in the following countries and jurisdictions:
Restricted Countries.pdf

We also do not service payments to and from the following countries and jurisdictions regardless of where the customer is based:
Restricted Countries 2.pdf

What are the restrictions connected with Currencycloud?

As a part of our strong commitment to diminish the risk of money laundering and terrorist financing, Verifo has a number of limitations on several types of industries, activities, and countries:
Non-permitted industries:clients:activities.pdf

What are Currencycloud permitted jurisdictions?
Please refer to the table below for a full list of permitted jurisdictions. This list is reviewed and updated regularly.
Permitted Jurisdictions.pdf
What currencies are supported by Currencycloud?

Currently, we can convert the following currencies:
Currencycloud currencies.pdf

*Please note:
Russian Ruble (RUB) is supported as a sell currency only. You can not convert any other currency into RUB for payments. Indian Rupee (INR), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR) and Philippine Peso (PHP) are restricted currencies. They can only be bought by converting another supported currency, and sold back only in exceptional cases.

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