What are the requirements for SWIFT payment?

So, you wanna know about SWIFT payments? Let me tell you, it’s not rocket science, but there are a few things you need to get right. I learned this the hard way, actually – trying to send money to my cousin in Spain. Boy, did that teach me a lesson!

First off, you absolutely need the recipient’s bank account number. Seems obvious, right? But I almost messed this up! I almost used his old account number, from when he was still in college. Whew, dodged a bullet there. And then, the SWIFT code. That’s like their bank’s secret ID – it’s super important for the money to get where it’s supposed to go. You find that on the bank’s website, usually.

Then, you’ll need their full name – exactly as it appears on their bank account. This is crucial! Don’t shorten it or use nicknames. And their full address, too, of course. I know, a lot of details, but banks are super picky. It’s all about making sure the money gets to the right person – no funny business.

Oh, and don’t forget the amount you’re sending, and what currency it’s in! I mean, that’s kinda essential, isn’t it? I remember once sending euros when I should have sent dollars… that was a fun phone call to my bank. Let’s just say, extra fees weren’t fun.

So basically, it’s like sending a very important letter, but instead of words, it’s money. You need the right address, the right name, and the right amount, all clearly written down. Get it wrong, and things get complicated – and expensive!