How can I get a SWIFT bank account?
February 10, 2023 6:40 AM Subscribe
I need a SWIFT transfer number for a one-off transfer. Is there an easy way to do this?
I need a bank account with a SWIFT number, which is common internationally, but not in the US. My bank does not use SWIFT numbers.
Is there a way to do this relatively easily without incurring account charges? I have the usual smorgasbord of bank relationships: Chase, Paypal plus my credit union.
I've looked into using Transferwise (now Wise.com) and end up thinking it seems like they want every form of ID imaginable to prove I exist.
What other ways to do this could I try?
I need a bank account with a SWIFT number, which is common internationally, but not in the US. My bank does not use SWIFT numbers.
Is there a way to do this relatively easily without incurring account charges? I have the usual smorgasbord of bank relationships: Chase, Paypal plus my credit union.
I've looked into using Transferwise (now Wise.com) and end up thinking it seems like they want every form of ID imaginable to prove I exist.
What other ways to do this could I try?
Chase has SWIFT and IBAN numbers; talk to someone else at the bank because they should know this.
Source: Me, who has used Chase to transfer internationally.
posted by aramaic at 7:13 AM on February 10, 2023 [6 favorites]
Source: Me, who has used Chase to transfer internationally.
posted by aramaic at 7:13 AM on February 10, 2023 [6 favorites]
You can look up SWIFT codes in various places online. Chase absolutely has one.
posted by emelenjr at 7:19 AM on February 10, 2023
posted by emelenjr at 7:19 AM on February 10, 2023
So, SWIFT is a secure payments network. Usually used for institutional, business, middle market, and high net worth kind of activity - not usually someone on the retail / individual side would deal with.
But - most every bank has some level of SWIFT connectivity because of the bank-to-bank payments network.
There is a difference between a SWIFT code (BIC - Bank Identifier Code), and the account number (IBAN is an example of a bank account number).
But you are asking for a "SWIFT transfer number" which would be more like a transaction number.
Sorting all these different terms out is annoying, I know, especially for people who are not involved in this thing day to day.
I would contact your bank, and tell them that you need to receive a one-time international transfer from another bank, and they are asking for the proper payment instruction details for making a SWIFT network transfer. And that you need to know what SWIFT / BIC code you need to give them, as well as what account number to quote to make sure it gets to you.
posted by rich at 7:24 AM on February 10, 2023 [5 favorites]
But - most every bank has some level of SWIFT connectivity because of the bank-to-bank payments network.
There is a difference between a SWIFT code (BIC - Bank Identifier Code), and the account number (IBAN is an example of a bank account number).
But you are asking for a "SWIFT transfer number" which would be more like a transaction number.
Sorting all these different terms out is annoying, I know, especially for people who are not involved in this thing day to day.
I would contact your bank, and tell them that you need to receive a one-time international transfer from another bank, and they are asking for the proper payment instruction details for making a SWIFT network transfer. And that you need to know what SWIFT / BIC code you need to give them, as well as what account number to quote to make sure it gets to you.
posted by rich at 7:24 AM on February 10, 2023 [5 favorites]
What rich said. However, they're going to charge you.
Wise wants all that ID because international remittances are rife with fraud and money laundering. Western Union is a little less dramatic, but still has safeguards if the ID bothers you. One thing you need to understand is that, unless you're a wealthy client, everyone's going to charge at least one party to the transaction, one way or another, whether it's through an overt fee or a less-than-optimal exchange rate. The nominal costs of a SWIFT transfer are next to nothing, but the infrastructure to allegedly deter the fraud and such is not free, plus for most regular-wealth people, these are rare one-off transactions where the competition is light.
posted by praemunire at 7:31 AM on February 10, 2023 [2 favorites]
Wise wants all that ID because international remittances are rife with fraud and money laundering. Western Union is a little less dramatic, but still has safeguards if the ID bothers you. One thing you need to understand is that, unless you're a wealthy client, everyone's going to charge at least one party to the transaction, one way or another, whether it's through an overt fee or a less-than-optimal exchange rate. The nominal costs of a SWIFT transfer are next to nothing, but the infrastructure to allegedly deter the fraud and such is not free, plus for most regular-wealth people, these are rare one-off transactions where the competition is light.
posted by praemunire at 7:31 AM on February 10, 2023 [2 favorites]
Best answer: Can you use Revolut? It’s easy enough where I am in Europe to set up account numbers in different ways and I just checked and they’ve launched in america.
posted by pairofshades at 9:05 AM on February 10, 2023
posted by pairofshades at 9:05 AM on February 10, 2023
Best answer: xe.com will want a lot of ID but I am almost certain I have used it for SWIFT transfers. They are trustworthy and very cheap.
posted by wnissen at 9:59 AM on February 10, 2023
posted by wnissen at 9:59 AM on February 10, 2023
SWIFT is not a separate account. It's simply an encrypted secure message system among banks.
Simply head into a branch and talk to a "personal banker" about bank transfer or wire transfer, and they'll give you a brochure or whatnot that has the bank branch's SWIFT code, also sometimes called BIC code. If the banker has no idea what you're talking about, just say "I want to do a wire transfer" and they should figure it out.
ALL banks and credit unions should have one. THERE WILL BE A FEE.
posted by kschang at 10:20 AM on February 10, 2023
Simply head into a branch and talk to a "personal banker" about bank transfer or wire transfer, and they'll give you a brochure or whatnot that has the bank branch's SWIFT code, also sometimes called BIC code. If the banker has no idea what you're talking about, just say "I want to do a wire transfer" and they should figure it out.
ALL banks and credit unions should have one. THERE WILL BE A FEE.
posted by kschang at 10:20 AM on February 10, 2023
Best answer: In my experience, for all of its annoyances, using Wise for outgoing transfers is vastly more straightforward than trying to find a person at the average US bank branch who even knows what a SWIFT code is. Have not used Wise for incoming transfers, which might be more of a pain -- not sure what kind of transfer you are trying to do here. But my guess is that you'd be best off sticking with that or a similar service for which these transactions are routine, rather than trying to roll your own solution with bankers who don't understand what you're doing or why.
As a note, many smaller banks and credit unions in the US are not connected to SWIFT. In fact (as I have verified just now) all but one of the banks I have ever used in the US do not have a SWIFT code. This doesn't actually mean they can't send/receive money internationally but good luck explaining that to the average non-US client. Chase definitely has a SWIFT code but that doesn't mean it will actually work for your account/branch, etc. etc.
posted by Not A Thing at 11:57 AM on February 10, 2023 [1 favorite]
As a note, many smaller banks and credit unions in the US are not connected to SWIFT. In fact (as I have verified just now) all but one of the banks I have ever used in the US do not have a SWIFT code. This doesn't actually mean they can't send/receive money internationally but good luck explaining that to the average non-US client. Chase definitely has a SWIFT code but that doesn't mean it will actually work for your account/branch, etc. etc.
posted by Not A Thing at 11:57 AM on February 10, 2023 [1 favorite]
I take it you're trying to receive an international wire transfer? Almost any bank can do this. As I recall, small banks/credit unions usually use an intermediary bank to handle the international component.
Just ask to speak with the wire transfer department of the bank where you want to receive the funds and they can give you instructions. From there it should be easy peasy.
Re: cost, there may be a small wire transfer fee on your end.
posted by toastedcheese at 3:04 PM on February 10, 2023 [1 favorite]
Just ask to speak with the wire transfer department of the bank where you want to receive the funds and they can give you instructions. From there it should be easy peasy.
Re: cost, there may be a small wire transfer fee on your end.
posted by toastedcheese at 3:04 PM on February 10, 2023 [1 favorite]
Response by poster: I finally did get through the Wise setup process which seems a bit easier to pull off now than in previous attempts.So I'm good to go there.
posted by diode at 6:06 AM on February 12, 2023
posted by diode at 6:06 AM on February 12, 2023
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Otherwise I would talk to Citi and HSBC because I'm fairly sure both will do foreign currency accounts and that suggests they know a bit more about the international system (plus I know they both operate outside the US).
Also check if your sender can do IBAN. It's possible you bank knows your IBAN even if SWIFT confuses them.
(I would still recommend doing the Wise thing - it's not a huge amount of trouble if you have a passport unless things have changed, and I did everything with scans from my phone camera.)
posted by How much is that froggie in the window at 7:11 AM on February 10, 2023 [1 favorite]