The Swift System
Update: 2025-05-24
Description
"SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication — sounds complex, right?
But here’s the deal:
It’s a secure messaging system that banks use to communicate payment instructions. Think of it like the WhatsApp of global banking — but for money transfers."
What Happens If You’re Cut Off?
"Being removed from SWIFT — like what happened with some Russian banks — is a serious sanction. It cuts off a country’s banks from the global financial system.
It’s like being banned from using email in the business world. You can’t trade easily."
No actual money moves through SWIFT — just instructions telling banks where and how to move funds!"
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