SWIFT

WhiskyInvestDirect both takes deposits and makes payments back to you using the SWIFT system.

SWIFT is the standard system for international bank-to-bank payments, and has been for many years.  Bank customers instruct their bank to make a SWIFT payment, and the bank makes it on their behalf, direct to the receiver's bank account, via a purpose built secure bank network which spans the globe.

WhiskyInvestDirect prefers SWIFT to retail payment systems for several reasons:-

• SWIFT offers cleared money immediately upon receipt.  This means you can buy whisky sooner and receive the proceeds of selling sooner.
• Your bank is more careful about authorising and executing an outward transfer of your money than the millions of businesses with access to point-of-sale retail payment systems. 
• SWIFT usually costs a fixed fee, while most other systems charge a % fee.  For the sums of money involved in buying an investment in whisky SWIFT is more cost-effective than normal card-based or internet based retail payment systems.
• No internet banking solutions are yet sufficiently international in scope for WhiskyInvestDirect.

SWIFT allows international transfers in all convertible major currencies.  Your bank will know what to do with your completed instruction to send money by SWIFT.  If you are concerned about the system your bank will be able to answer your questions about it independently of WhiskyInvestDirect.

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.
 

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