How do International Money Transfers Work? SWIFT Network Explained

Ever wondered what happens when you click send on an international money transfer?
In this video, we cover what happens behind the scenes of an international transaction. Is SWIFT network the best way to do it? What alternatives can we use?
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Script: UnknownClown - / unknownclown05
Leapfrog Team:
Shivanshu Madan - / shivanshumadan
Shiv Sakhuja - / shivsakhuja
Chapters:
0:00 - 0:33 - Intro
0:34 - 1:03 - What is SWIFT?
1:04 - 1:54 - How does the SWIFT Network work?
1:55 - 3:01 - SIX entities of an International transfer
3:02 - 4:19 - The Money Flow
4:20 - 5:51 - Alternative to SWIFT?
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#LightbulbMoment #swift #international #money #transfer #nft #blockchain #borrowing #lending #loan #interest #interestingfacts #rate #money #crypto #traditional #finance #tradfi #defi

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How does sender bank transfer money to bank A?

[@fredrickkamau7675]

Sender bank needs to have a commercial account in the recipient bank and vice versa. When the recipient bank receives the swift message, It will debit money from the sender's bank commercial account and credit the recipient account. If the sender and recipient's bank don't have a relationship(no bank account for each bank opened), they will have to use an intermediary bank which has a relationship with both banks.

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