To make a SWIFT payment, the following steps are involved:
1. Obtain recipient details: You need the recipient’s SWIFT/BIC code, full name, and International Bank Account Number (IBAN) or account number.
2. Initiate the payment: Log in to your bank's online platform or visit a branch to set up an international wire transfer. Enter the recipient's information, including the SWIFT code and payment amount.
3. Review and confirm: Check all the details, including exchange rates and any additional fees your bank might apply. Confirm the transaction to complete the payment.
Once the payment is submitted, the bank processes the SWIFT payment through the SWIFT network, sending the funds to the recipient’s bank, which credits the recipient’s account.