What Is the Chime SWIFT Code for International Transfers?
Discover how Chime handles international transfers, whether it has a SWIFT code, and reliable alternatives for global payments.
A SWIFT code identifies financial institutions globally, particularly for international financial transactions. This article explains what a SWIFT code is and addresses common questions about Chime’s ability to handle international money transfers.
Understanding SWIFT Codes
A SWIFT code, also known as a BIC (Bank Identifier Code), is a standardized format approved by the International Organization for Standardization (ISO). Its purpose is to identify specific banks and financial institutions for international wire transfers, ensuring funds reach the correct recipient bank. This system facilitates secure communication between banks worldwide.
The structure of a SWIFT code typically consists of either 8 or 11 alphanumeric characters. The first four characters represent the bank code, identifying the specific financial institution. The next two characters denote the country code, indicating where the bank is located.
Following these, two characters represent the location code, specifying the city or region of the bank. If an 11-character code is used, the final three characters indicate a specific branch; otherwise, an 8-character code refers to the primary office. These codes are fundamental for traditional financial institutions to process cross-border payments.
Chime and International Wire Transfers
Chime operates as a financial technology company and does not directly hold a banking license. It partners with federally insured banks, such as The Bancorp Bank, N.A., or Stride Bank, N.A., to provide banking services. These partnerships focus on delivering mobile-first banking solutions primarily for domestic use within the United States.
Chime does not support incoming or outgoing international wire transfers for its customers. Chime accounts do not have a SWIFT code for international transactions. The services are designed for everyday banking needs for individuals residing in the U.S.
The absence of a SWIFT code for Chime accounts reflects its operational model, which prioritizes accessible domestic banking. Customers needing to send or receive funds from outside the U.S. must explore alternative financial services.
Options for Sending or Receiving Money Internationally
Since Chime does not facilitate international wire transfers, individuals needing to send or receive money across borders must utilize alternative services. Several options exist, each with its own structure regarding fees, exchange rates, and transfer speeds. These services operate independently of Chime’s platform.
Many third-party money transfer services specialize in international transactions. Companies like Wise (formerly TransferWise), PayPal, Remitly, and Western Union allow users to send money online or via mobile applications. These platforms typically offer competitive exchange rates and transparent fees, with funds delivered to the recipient’s bank account, mobile wallet, or for cash pickup within one to five business days. Fees can range from a few dollars to a percentage of the transfer amount, lower than traditional bank wire fees.
Traditional banks with established international networks remain a viable option for sending or receiving international wire transfers. These banks possess their own SWIFT codes and can process cross-border payments, though they may charge higher fees, ranging from $25 to $50 for outgoing international wires. Processing times for traditional bank wires can vary, taking between two and seven business days. Individuals with accounts at these institutions can initiate transfers by providing the recipient’s bank name, SWIFT code, account number, and full name.