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; 
  
  

How Do I Receive a SWIFT Transfer?

Receiving a SWIFT transfer is a fairly straightforward process, but it is important to ensure that the information you provide to the sender is accurate and to check your bank account in time while waiting for the transfer. To receive a transfer, MTB Bank suggests following these steps:

1. Provide the sender with the required information. Before you receive a SWIFT transfer, you need to provide the sender (the person or company sending the funds) with the full name of the recipient (as indicated in the bank account), your bank account number (IBAN) and your bank's SWIFT code (if applicable).
2. Wait for the transfer. Once you have sent the sender all the required information, wait for the transfer to be credited to your bank account. The money transfer will be delivered within the specified period, which is usually from 1 to 5 business days.
3. Receive the transfer. You should check your account to make sure that the funds have been successfully credited. If everything is in order, you can confirm receipt of the transfer.
4. Pay the fee (optional). If the sender did not pay the fee, it is paid by the recipient.
5. Track the status of the transfer (optional). If you wish, you can conveniently track it on the official website of the SWIFT payment system.

How Can I Check if a SWIFT Payment Has Been Sent or Not?

To check whether a payment was sent by the SWIFT international payment system, try the following options:

1. Watch your own bank account. If the payment has been sent to your account, you should see the amount in your account after a set time.
2. Contact MTB Bank to check whether the payment has been received on your account.
3. Try also to contact the bank that sent the transfer. Ask them for information about the status of your payment. They can provide you with a payment tracking number.

Is It Possible to Make a Refund of a Transfer I Have Sent?

Here are some steps you need to follow to return a SWIFT transfer:

1. Contact your nearest MTB Bank branch as soon as possible. If you want to return a payment, you should contact your bank as soon as possible. Usually, you have a limited time to make a chargeback.
2. Contact an MTB Bank branch and provide all the necessary information about the payment you want to return. This may include the SWIFT payment number (MT103), the date and amount of the payment, as well as other necessary information.
3. Find out about the terms of the refund. When contacting a bank branch, be sure to find out about the conditions and requirements for making a refund via SWIFT Money Transfers. MTB Bank has its own rules and procedures for making refunds.
4. Fill in the appropriate forms. You will need to fill in the appropriate forms to make a chargeback. Follow all the instructions of the bank and provide all the necessary information.
5. Monitor the status of your refund. After you have requested a refund from your bank, monitor the status of your transfer. 

In What Currency Is the Money Transfer Paid Out?

SWIFT money transfers from abroad are usually paid out in the currency specified in the transfer. That is, if the transfer was sent to the recipient in US dollars or euros, the payment will also be made in the specified currency.

At your request, MTB Bank can convert these funds into the base national currency (hryvnia) at the bank's internal exchange rate. However, before receiving a SWIFT money transfer, it is still advisable to check the currency of the transfer and, if necessary, check with MTB Bank to find out the terms of receiving funds and the possibility of conversion for a particular currency.

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.