It is solely an electronic carrier of messages, transporting messages between two financial institutions while ensuring confidentiality and integrity.
SWIFT provides the communications platform, products and services that allow banks to conveniently exchange financial information securely and reliably.
- Transfer of funds denominated in foreign currency, inward or outward electronically.
- Funds are remitted globally via Equity Bank’s International correspondent bank network.
- Same day sending and receiving of funds through any of our branches countrywide.
- The Bank will process the SWIFT transfers in accordance with its policies and procedures.
- This is a product available to all customers for the purpose of sending and receiving funds in foreign currency, for their business and/or personal needs.
- The customer can choose to transact in any of the currencies the bank currently deals in.
- Remittance will be made through either a Kenya Shillings or Foreign Currency Account. The foreign currency account can be opened at no extra charge.
- Through the interface of Swift & Finacle, message processing time is greatly reduced thus enhancing efficiency.
SWIFT is the most secure payment system because funds cannot be intercepted and/or stolen in the same way as a draft or cash. It is an account to account payment.
- This product is available to all account holders of Equity Bank.
- Availability of cleared funds or an authorized credit facility for outward remittances.
- SWIFT income (inward commission Ksh. 600 flat,outward commission Ksh. 1500 flat
- Foreign exchange income for funds converted to another currency.