Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system is messaging network used by financial institutions to transmit information/instruction via standardized 8-11 char identifier codes (aka bank identifier code (BIC)/ SWIFT code/SWIFT ID which is part of ISO 9362).

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The SWIFT code comprises institute code (4 char), country code (2 char), location/city (2 char). For a list of banks and their corresponding SWIFT codes in 24 countries (3). For SWIFT codes of Singapore financial institutes (5)

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Requester send instruction via SWIFT syatem to its designated recipient. Once matched, the recipient bank clear/credit the fund as instructed. Fee applies.

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The success of SWIFT system is due to its subscription rate. Currently it has more than 10k of financial institutes.

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The cost of wiring (SWIFT) money is among the higher money transfer services (8). According to the author, Rob Rawson, most frequent value for money (depending on conditions) are TransferWise (https://transferwise.com/sg), Money Gram, and Western Union. Transferwise apps is available in Android and Apple phones.

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Reference

1. How the SWIFT System works (Investopedia, 10 Feb 2019)
2. SWIFT (wikipedia, accessed 26 Feb 2019)
3. Bank SWIFT code of 24 largest economies by IMF (bankswiftcode.org)
4. IMF
5. The SWIFT codes of finncial institutions in Singapore (theswiftcodes.com)
6. Interbank rate (Investopedia) -short-term loan and forex (foreign exchange) for spot/forward with narrower spread.
7. interbank forex rate (oanda.com)
8. Send money overseas -5 options cheaper than paypal (Time Doctor, undated)