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What is a SWIFT transfer?

A SWIFT transfer is a method of transferring money electronically across international borders. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, which is a global messaging network used by banks and other financial institutions to securely and quickly exchange information and instructions related to financial transactions.

As SWIFT transfers are delivered through intermediaries rather than directly from bank to bank, they can be relatively costly and can take a few business days. CFPS strives to provide SWIFT payments at the lowest rate and within the shortest time possible – typically from 3 to 5 business days.

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