SWIFT

SWIFT (Society for Worldwide Interbank Financial Telecommunications) — international interbank system of information transfer and payment.

Transfer system  SWIFT allows transfers in foreign currency to any country in the world for the benefit of individuals and legal entities.

Transfers using the SWIFT system are optimally used to pay for education, as well as other purposes permitted by the NBU. SWIFT transfers abroad are possible in the following cases :

•  For expenses related to the death of citizens, treatment in medical facilities and
  transportation of patients;
•  For studies on the accounts of educational institutions of a foreign country;
•  To pay alimony;
•  For the purchase of a number of goods abroad within the monthly limit of UAH 400,000 (equivalent at the official rate of the NBU). Such goods include bulletproof vests, hard hats, helmets, military and tactical uniforms, military and tactical footwear, protective clothing, optical surveillance devices, unmanned aerial vehicles, sleeping bags, emergency shelters, and first aid supplies;
•   by non-resident natural persons of foreign currency purchased with funds received in the event of the death of a serviceman, in accordance with the Resolution of the Cabinet of Ministers of Ukraine dated February 28, 2022 No. 168 “Issue of certain payments to servicemen, rank and file officers, police officers and to their families during martial law”
  (with changes);
• military servicemen who are non-residents, funds received as payment of financial support in accordance with the legislation of Ukraine, in an amount not exceeding the equivalent of 400,000 hryvnias per calendar month. Such operations are allowed to be carried out through a bank in which an account has been opened for crediting funds.
  
  SWIFT transfers within Ukraine are possible in the following cases:
  
  
• Between own accounts in another Ukrainian bank;
•  Between accounts of relatives;
•  To a special account of the National Bank of Ukraine for collecting funds to support the Armed Forces of Ukraine and/or to the accounts of the Cabinet of Ministers of Ukraine, ministries and other state bodies of Ukraine; 

Advantages of SWIFT transfers:

• You can make a transfer quickly and safely to almost any country in the world;
• Transfers using the SWIFT system are always sent to the specified account, to a specific bank. The details specified by the sender contribute to the receipt of the target payment clearly as intended;
• The money transfer will be delivered within the specified time. And this, as a rule,  from 1 to 5 working days;
• The transfer fee is quite acceptable, especially when sending  money transfers for large amounts.

The transfer of foreign currency from an individual abroad may be carried out for non-commercial transactions and does not apply to transfers related to business activities.

List of documents confirming the presence of natural persons – of residents   grounds for transfer outside of Ukraine:

• agreements (contracts);
• invoices;
• settlement letters or notification letters of legal entities – non-residents, authorized bodies of foreign countries;
• document on family ties.
• documents confirming the source of funds.

Tariff for SWIFT transfer:

• 0.5% min $25. USA max 350 dollars. USA.