How to Receive a Swift Transfer: Step-By-Step Instructions for Companies and Entrepreneurs

Receiving international transfers for business via SWIFT is one of the most common ways for Ukrainian entrepreneurs, companies, and freelancers working with clients abroad. Transfers from over 200 countries pass through this system, and banks worldwide use uniform standards for exchanging financial messages.

Understanding how to receive a SWIFT transfer is important not only for large companies, but also for small businesses: IT specialists, consultants, service exporters, and marketers who issue invoices to clients from the EU or the USA. To avoid delays and unnecessary fees, you need to know how to receive money from abroad, taking into account typical bank requirements.

In this article, we will analyze step by step what a SWIFT payment is, what data is needed, how to receive a SWIFT transfer in Ukraine, how much a SWIFT transfer costs, what SWIFT fees banks charge, and how to speed up the transfer of funds. This article is a practical guide for those who work with foreign partners and want to accept payments safely and efficiently.

What is a SWIFT payment and when is it used?

SWIFT payment is an international bank transfer that is carried out through the SWIFT system (Society for Worldwide Interbank Financial Telecommunication). It does not send the money itself, but transmits encrypted payment messages between banks. Each bank has a unique SWIFT code, which the system uses to determine exactly where the transfer needs to be delivered.

SWIFT is widely used for international business transfers: payments for contracts, invoices, services, and goods between companies in different countries. A Ukrainian sole proprietor can receive payments from clients from over 200 countries around the world if they provide the correct details for the company name, IBAN, and SWIFT bank code.

Unlike domestic systems (such as ACH in the USA or SEPA in the EU), SWIFT payments are universal: they are accepted by most banks worldwide, making this method key for international payments. That is why it is chosen by companies that regularly cooperate with foreign partners, as well as freelancers working on global platforms.

Although a SWIFT transfer can take one to five days and is subject to SWIFT fees, it remains a reliable, transparent, and secure way to receive money from abroad.

What is needed to receive a SWIFT transfer?

So, the big question is, how do you receive a SWIFT transfer? To receive an international payment through the SWIFT system, a Ukrainian entrepreneur or company needs to:

1. Have (or open) a foreign currency account.
   First of all, you need to have an active account in the currency in which the international transfer for business is expected — usually USD, EUR or GBP. This can be an account of an individual entrepreneur or a company in a Ukrainian bank that supports international transfers.
   
2. Get the bank’s SWIFT code (BIC).
   This is a unique identifier for a financial institution in the SWIFT system. It consists of 8 or 11 characters. Some SWIFT code examples include:
   
   • for PrivatBank — PBANUA2X
   • for monobank — MONOBUAU.
     
3. Prepare IBAN and bank details for SWIFT.
   
4. Have documents to confirm payment.
   Banks usually request an invoice, agreement, or contract to confirm the origin of funds. This is a standard currency control requirement for all international business transfers.

Properly prepared bank details for SWIFT ensure the transfer will go through without any clarifications or blocks.

How the sender issues a SWIFT transfer: payment instructions

For a SWIFT transfer to arrive without errors and delays, it is essential not only to know how to receive a SWIFT transfer but also to understand how an international business transfer should be issued on the sender’s side. It is precisely the correct filling of the fields in the banking form that enables the system to deliver funds to the desired address without errors.

Banks in different countries may have their own registration nuances, but the structure of SWIFT payments is the same everywhere. Below are the key data the sender must specify to ensure the transfer proceeds quickly and without needing further clarification.

What to specify 

To receive a SWIFT transfer without delay, the sender must accurately complete all SWIFT details for the company. Usually, banks or financial platforms offer an electronic form in which you need to specify:

• Recipient’s name — in full, as specified in the bank documents
• Account number in IBAN format — international account number (for example, UA123456789…)
• SWIFT/BIC code of the beneficiary’s bank
• Bank name and country, as well as intermediary banks (if required by the sender’s bank, which typically occurs when transfers are made through multiple financial institutions)
• Payment purpose — a brief description

This is an example of standard bank details for SWIFT:

Field	Example
Recipient’s name	Ivan Ivanenko
IBAN	UA123456789000000000000000000000
Bank SWIFT/BIC code	PBANUA2X
Bank name	PrivatBank, Kyiv, Ukraine
Payment purpose	Payment for freelance services, invoice #45

How to check that the data is filled in correctly

Before sending payment details to the sender, you should carefully check the SWIFT details for the company:

1. Check the SWIFT code and bank name – even a single mistake in a symbol can result in a payment being returned.
   
2. Specify the account currency – if the client sends USD and the account is opened in EUR, the bank may perform an automatic conversion with an additional fee.
   
3. Verify that the recipient’s name matches the one listed in the bank details for SWIFT (in Latin).
   
4. If necessary, request an example of how to fill in SWIFT details for the company, or a screenshot of the bank details.

Typical errors that cause payments to be lost

Even experienced senders sometimes make mistakes that can cause a SWIFT transfer to be delayed or returned:

• Incorrect or outdated SWIFT code, for example: the old PrivatBank code in Kyiv was PBANUA2XKIE, and the new official code after optimization is simply PBANUA2X.
• Errors in IBAN or the recipient’s abbreviated name.
• Lack of payment purpose in international transfers for business, which is why the bank cannot identify the transaction.
• Using the wrong intermediary bank.
• Sending funds in a currency that the recipient’s bank does not support.

To avoid these problems, it is worth copying the payment details you receive without changes. It is also recommended first to send a test transfer with a small amount, for example, 10-20 dollars. This allows you to check whether the SWIFT details for the company are entered correctly and the international business transfer can be completed without problems.

Step-by-step instructions: how to receive a SWIFT transfer in Ukraine 

To receive money from abroad via SWIFT, follow these simple steps.

1. Open a foreign currency account with your bank in the currency in which you expect the transfer (USD, EUR, GBP, etc.) or use an account you already have.
2. Get your bank details: IBAN, SWIFT/BIC code, name and address of the bank. You can get your bank details via a mobile application or online banking, at a bank branch or ATM, or by calling the contact center.
3. Send your details to the client: the full name of the recipient (as indicated on the bank account), your account number (IBAN) and your bank’s SWIFT code along with a short payment purpose (for example, Payment for services under contract No. 45). Agree with the sender on which of you will pay the SWIFT commission for the transfer.
4. The client makes a payment through their bank or payment platform.
5. Wait for the funds to be credited — it usually takes 1 to 5 business days, depending on the intermediary banks.
6. Receive a notification from the bank that the funds have been credited to your account.
7. Go through currency control: submit an invoice, contract or certificate of work performed so that the bank can confirm the source of the funds.

Once all steps are completed, the funds will be credited to your foreign currency account. If the sender did not pay the SWIFT commission, you, as the recipient, pay it. If necessary, the money can be converted into hryvnia or left in foreign currency for further payments.

How long does a SWIFT transfer take and what are the fees?

The duration and cost of an international transfer for a business via the SWIFT system depend on the number of intermediary banks, the currency and the country of the sender. The process usually takes from 1 to 5 business days, and the fees are distributed between the client’s bank, intermediary banks and the recipient bank. If the transfer amount is large enough, the SWIFT fee will be negligible.

The significant advantage is that funds can be sent to almost any country in the world, and you can also receive money from abroad. International transfers for businesses of any scale — from individual entrepreneurs to large companies — in the SWIFT system are reliable, safe and transparent.

Estimated time and fees at different stages of a SWIFT transfer

Transfer stage	Who charges the commission?	Estimated commission amount	Estimated turnaround time	Comment
1. Client sending funds to their bank	Sending bank	0.5–1.5% (often a minimum of $10–20)	Up to 1 business day	Depends on the method of submission (via online banking or at a branch)
2. Passing through intermediary banks (correspondent banks)	Each intermediary bank	$10–40 per bank	1–3 business days	This is often the stage that causes delays; the number of banks depends on the transfer route.
3. Credit to the recipient bank account	Beneficiary bank	$0–25	0–1 day after receipt	Some banks charge a fixed fee for crediting foreign currency SWIFT payments
4. Currency conversion (if the account is in local currency)	Receiving bank or currency exchange system	0.5–2% of the amount or at the local exchange rate	Instantly	The rate is often lower than the interbank rate. For large amounts, losses can be significant
5. Final crediting of funds to the recipient’s account	—	—	Generally 1–5 business days	The term depends on the countries, banks and type of SWIFT transfer (SHA, OUR, BEN)

How to check the status of a SWIFT payment

After a transfer has been made, it is sometimes necessary to verify whether the money has arrived or is still in transit. The SWIFT system allows you to track the status of the transaction, just as an international parcel can be tracked by its tracking number.

Main verification methods:

1. In online banking.
   Most banks display the transaction status and transaction number in online banking (sometimes this field is called MT103).
2. Through the bank’s support service.
   If the payment has not been received within 5 business days, please contact your bank. Managers can check the progress history of international business transfers via the SWIFT interbank network and provide details.
3. Using a SWIFT reference.
   This is a unique payment identifier — a set of numbers and letters that allows the bank to track the precise stage of the transfer. The sender provides it after the payment has been created.
4. Through an electronic copy of the MT103 message.
   This is an official SWIFT document confirming the sending of funds. It can be requested from the sender or their bank. The MT103 contains all the details of the transfer: amount, date, SWIFT codes, intermediary banks, and status.

Documents that the bank may request

It is easy to receive a SWIFT transfer, but the bank in Ukraine may request additional documents. This is a standard currency control procedure that helps confirm the funds originate from legitimate activities and comply with the contract terms.

The following documents are most often requested:

1. Contract or invoice.
   The main document confirming the basis for the transfer is the provision of services, the sale of goods, or the provision of consultations. It should indicate the amount, currency, details of the parties, and a description of the services (for example, IT consulting services, invoice No. 45 dated 10.10.2025).
2. Tax number or certificate of an individual entrepreneur.
   To identify the recipient, the bank may request a copy of the Unified State Register of Accounts or a certificate of state registration. If you are an individual entrepreneur, a scanned copy of your registration data or taxpayer number may be sufficient.
3. Confirmation of the origin of funds.
   This could be a certificate of work performed, a report, a letter from a partner, or other documents that explain exactly what the payment is for.
4. Passport and bank statement.
   In cases involving large amounts or the first transfer, the bank may request a copy of an identification document or an application for crediting funds.

Always keep copies of contracts, invoices, and client correspondence. This will help you quickly pass currency controls and receive money from abroad without typical delays.

How to reduce fees and speed up SWIFT transfers

While SWIFT payments remain a reliable way for businesses to make international transfers, they can sometimes be delayed or eat up part of the amount due to numerous fees. There are several simple ways to expedite and reduce the cost of a SWIFT transfer.

1. Choose banks with direct correspondents.
   If your Ukrainian bank communicates directly with foreign banks, international business transfers arrive faster and cost less. Check with your manager which countries the bank has direct correspondent relationships with — this can save you up to 30 USD per transfer.
2. Use payment services such as Payoneer.
   These platforms are integrated with the SWIFT system but have their own networks of accounts in various countries. Thanks to this, you can receive money from abroad faster, and the fees are usually lower than with bank transfers.
3. Open accounts in several currencies.
   If you receive international business transfers in different currencies — such as dollars, euros, and pounds — it is better to have separate accounts for each currency. This will help to avoid automatic conversion, for which the bank often charges additional interest.
4. Send accurate details to customers.
   Even one mistake in the company’s SWIFT details can result in a payment return and wasted time. Send the copied bank details for SWIFT without changes, in the format your bank displays them.
5. Plan your payments in advance.
   In international transfers, weekends and holidays in different countries can add several days of delay. If you expect to receive a SWIFT transfer on time, please issue an invoice a few days in advance.

Advice: If you regularly make international business transfers, ask your bank about special conditions for business clients — they often offer reduced fees or a fixed rate.

Typical errors when receiving SWIFT payments

Even experienced entrepreneurs sometimes encounter delays or returns when sending international business transfers. Most often, this happens due to technical inaccuracies or the incorrect entry of details.

1. Incorrect SWIFT code or IBAN.
   Even a single letter or number error can cause the transfer to be returned. Always copy the bank details for SWIFT exactly as they are.
2. Lack of “purpose of payment”
   If you do not specify the exact purpose of the SWIFT transfer, it may be more challenging to receive it. The bank may temporarily block the transaction until the details are clarified.
3. Selecting the SHA (commission sharing) option.
   In this case, the SWIFT commission is paid by both parties: part by the sender, part by the recipient. This reduces the amount received in your account. It is better to choose the OUR option (the sender pays all commissions).
4. Lack of confirmation of the contract or invoice.
   The bank may delay crediting an international business transfer until you provide the required documents.
5. Receiving in a currency other than the account.
   If the client sends dollars and the account is opened in euros, the bank will automatically convert them at an additional cost.
6. Outdated or incomplete details.
   Banks update SWIFT codes or office addresses from time to time. Check that your SWIFT bank details are up to date before each payment.

Receiving a SWIFT transfer is easy if you know the rules

The question of how to receive money from abroad may seem complicated only at first glance. In fact, this is a standard procedure that is used by all banks worldwide. The main thing is to act consistently and carefully.

Summary of the main steps: how to receive a SWIFT transfer:

1. Open a foreign currency account (USD, EUR, GBP, etc.).
2. Get full SWIFT details for the company: IBAN, SWIFT/BIC, name, and bank address.
3. Send the client the SWIFT bank details and the purpose of the payment.
4. Wait for the funds to be credited (1–5 days).
5. Submit supporting documents to the bank (invoice, contract, account).
6. Check the status via SWIFT reference.

Tip: Before accepting a large amount, ask the client to make a test transfer of $10–$20. This will help you check the details and avoid misunderstandings.

Frequently asked questions (FAQs)