SWIFT
The SWIFT (Society for World-wide Interbank Financial Telecommunications) system is a computer-based message switching system used by most international banks as a method of making overseas payments and The Co-operative Bank uses this method where possible.
The minimum information required to make a SWIFT transfer is the account number, the name and address of the receiving bank and the name of the beneficiary. In addition all bank's have a SWIFT code and if this is known for the recipient bank this should be quoted. (There is a requirement imposed by the Indian and Thai governments that any transfers to India and Thailand must include the reason for the transfer ie gift, house purchase etc)
SWIFT payments can be made in Sterling or local currency so giving the customer the decision on which exchange rate is used, either the UK rate or the receiving country's rate.
Important information
Changes in anti-terrorism legislation in the USA have meant that the US government has now increased rights of access to information held by banks about their customers, and to details of funds transfers.
As all SWIFT payments are processed through the USA, any details processed on these payments may be disclosed to the US Department of Treasury.
The Data Protection Authority in Belgium has ruled that this is a breach of the Data Protection Directive. This means that the sender of the money must be made aware and be given the option not to proceed with the transfer if they do not agree to this sharing of information.
If you request a SWIFT payment to anywhere in the world, you will be need to confirm that you accept the following:
We may need to disclose limited information to third parties where reasonably necessary. This is for the purposes of the prevention and detection of crime, prosecution of offenders, for the purposes of national security or where required by law. This may mean that the information could be transferred to countries that do not provide the same level of data protection as the UK.
How to make a payment
For all payments coming into The Co-operative Bank customers should quote their name, sort code, account number and the bank's SWIFT code CP BK GB 22. Customers should quote the bank's head office address as the address of their bankers, which is The Co-operative Bank PLC, 1 Balloon Street, Manchester, M60 4EP.
Customers can arrange a SWIFT payment by calling our Customer Service Centre or sending a signed fax to the bank's foreign department on 0161 872 0850 (If the amount that is being transferred is over £10,000 a fax must be received.)
Please note if you require us to send a non standard payment i.e. Sterling to Europe or where the beneficiary account details you have given us are found to be incorrect, we will charge you the fee levied by the overseas bank to repair the transaction, which may be an amount of up to £25.
