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What are SWIFT transfers and how do they work?

What are SWIFT transfers and how do they work?

SWIFT is a secure network for payment providers to send and receive international transfer instructions. It acts like a postal service, carrying instructions but not moving money itself.

💡 At Holvi, SWIFT is what’s used when you send or receive an international transfers outside the SEPA zone or in currencies other than the Euro.

Note: The information provided in this article only applies to payments made to or received from a EUR account.

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SWIFT payments at a glance

Use Sending/receiving money outside SEPA (Europe) or in non-EUR currencies.
Typical speed 0–5 banking days (can be longer due to holidays or compliance checks)
Holvi fees Fixed service fee (0.5–1€) + currency conversion fee (0.5–1%)
External fees Intermediary bank fees may be deducted by third-party banks before the money reaches its destination.

Receiving a SWIFT payment

đź’ˇ To avoid delays in international payments, ensure the sender has complete and accurate details. Incomplete information is the main cause of failed or delayed SWIFT payments.

Your details checklist:

  1. Full Name & Address: Must match your Holvi account registration exactly.

  2. Your Holvi IBAN: Found on your Holvi home screen.

  3. Bank Name: Holvi Payment Services Oy

Important: Choosing the correct BIC/SWIFT code

Using the correct code is vital. Please use the details that match your IBAN's country code:

If your IBAN starts with FI (Finland & Austria):

  • BIC / SWIFT: HOLVFIHH

  • Bank Address: Kaikukatu 2 C, 00530 Helsinki, Finland

If your IBAN starts with DE (Germany):

  • BIC / SWIFT: HOLVDEB1

  • Secondary BIC: Some sending banks may also ask for an intermediary BIC. If required, use HOLVFIHH as the secondary or "Account with" BIC.

  • Bank Address: Hasenheide 54, 10967 Berlin, Germany

Sending a SWIFT payment

What you'll need from your recipient

Before you start, make sure you have the following from the person you are paying:

  • Full legal name and physical address (P.O. Boxes are often rejected by international banks).

  • IBAN or Account Number.

  • The recipient bank's BIC/SWIFT code.

Accuracy is important — Holvi cannot be held responsible for delays if the recipient information is incorrect.

To initiate a SWIFT transfer in Holvi:

  • In browser: Click Quick Actions > International transfer.
  • In the app: Tap Transfer > International transfer.

Delivery times and cut-offs

  • Most SWIFT transfers arrive on the same business day – many within the hour. Exact timing depends on factors like bank cut-off times, intermediary banks, and the destination country. Please allow up to 5 business days in some cases.
  • Delays can occur due to different time zones, international public holidays, and routine anti-fraud or anti-money laundering checks by any of the banks involved.

Holvi processes outgoing transfers on banking days (Monday–Friday).

  • Example: A SWIFT payment you send on Tuesday evening (August 19th) will be processed by Holvi on Wednesday morning (August 20th). That Wednesday counts as the first banking day of the transfer's journey.

Fees and potential deductions

  1. Holvi Fees: 
    We charge a fixed fee for SWIFT transfers, which you can find on our pricing page. We also charge a small fee for currency conversions. You’ll see the final cost before you confirm the payment.

  2. Important: Other banks may deduct their own fees
    When a SWIFT payment travels between countries, it often passes through one or more "intermediary" banks before reaching its final destination. These banks, as well as the final recipient's bank, may charge their own processing fees.

    This means the recipient might receive less money than you originally sent. These fees are outside of Holvi's control, and unfortunately we have no way of knowing what they will be.

Supported countries and currencies

You can send and receive SWIFT payments in EUR and 17 other currencies to over 50 countries, including the United States, United Kingdom, Australia, Japan, Singapore and Brazil.

➡️ See the full list of supported countries and currencies here.

If you try to send a payment to an unsupported country, it will be automatically returned. For these destinations, we recommend using an alternative provider like Wise.

Important notes

  • Accuracy is crucial: Ensure that all recipient details are correct. 

  • Cut-off times: Holvi processes international transfers according to specific cut-off times. Once your transfer leaves Holvi, it may undergo further checks before being credited to the recipient's account.

  • Currency conversion: When sending or receiving money in a different currency, Holvi converts it using a live exchange rate, which includes a markup. The final amount you pay or receive will always be based on the exact rate at the time of your transaction.

Questions?

If you need assistance with a SWIFT payment or have further questions, please contact Holvi Support.

 

See also:

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