SWIFT is an electronic payment system made available to the banks operating globally in order to process customers’ instructions to transfer funds in various foreign currencies in favor of accounts held with other banks worldwide.
SWIFT allows a customer to transfer funds in foreign currencies between accounts opened in banks in a secure environment.
Some of its benefits are:
- Lower financial risks achieved by eliminating the need for carrying cash.
- Automated money transfers using IBAN account numbers and banks' Swift Codes guaranteeing speedy receipt of funds by the beneficiary.
Key Requirments
The service is restricted to customers maintaining their accounts with SAIB. The service is not provided to walk-in customers.
75.00 SWIFT charges for personal banking customers (individual) if effected at the branch.
140.00 SWIFT charges for Business Customer - Personal Banking (non-individual) if effected at the branch.
For Corporate customers 115.00 handling charge + 10.00 - 50.00 fees (1 per thousand, min 10.00 & max 50).
Schedule will be followed based on customer segmentation.
SWIFT transfers done through internet banking will be only 50.00 for Personal Banking Customers and Business Customer.
SWIFT instructions can be made via Bank Electronic channels provided that the customer has registered for the service and agreed on the financial limits by signing the "Enrollment Details" form at the Branch.