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Financial and accounting terms

Terms that you may want to know when your business trades with suppliers and buyers in foreign markets.


SWIFT code, also known as Bank Identifier Code (BIC) is one of the most pertinent parts of the SWIFT transfers instructions that you will need to get your international transfer right. 


SWIFT transfer

SWIFT transfer is usually a cross-border transfer that is instructed using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) electronic messaging network. Actual money is then...

Telegraphic Transfer

Telegraphic Transfer (TT) or wire transfer is a legacy term referring to electronic transfers such as domestic payments via CHAPS (Clearing House Automated Payment System) in the UK or FedWire in the...