Receiving money from overseas to India can sometimes feel complicated. For years, SWIFT transfers were the usual way to go, but new financial technology offers interesting options. In this detailed blog post, we’ll look closely at both SWIFT and BRISKPE. We’ll give you useful information to compare the real cost, the time it takes, and how easy it is to get international funds in India. 

SWIFT: The Old Way for Banks to Talk Across Borders

Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a very secure and reliable network that connects over eleven thousand banks around the world. Think of it as a special messaging system just for banks to share information about money transfers, especially when sending money between countries. When you get money from overseas through a regular bank, it will very likely use the SWIFT network.

How Your Money Moves with SWIFT:

• Sender Starts: The person sending the money needs to give their bank some details about you, like your bank’s name, your full account number, and a special code called the SWIFT code for your bank.
• Secure Message: Your bank then uses the SWIFT network to send a safe electronic message with all the transfer details to your bank. This message tells your bank to put the money into your account.
• Other Banks Help (Sometimes): Sometimes, your bank and the sender’s bank might not have a direct way to send money to each other. In that case, the money and the SWIFT message might go through other banks first. These other banks are like helpers and can charge their own fees.
• Money Arrives: Finally, your bank gets the message and puts the money into your account.

The Real Cost of SWIFT: More Than Just One Fee

It’s not easy to know the total price of a SWIFT transfer by just looking at one fee. Here’s a closer look at the different costs:

• Sender’s Bank Fee: This is the fee that the bank charges for sending the money. For Indian banks sending money to the US, this could be between ₹500 and ₹750, or a set amount in dollars. The person sending the money usually knows about this fee.
• Receiver’s Bank Fee: What you might not know is that your bank in India could also charge a fee for receiving money through SWIFT. This fee can be different depending on your bank and the type of account you have. It’s a good idea to check with your bank about their fees for receiving money from overseas.
• Fees from Helper Banks: If other banks are involved in the transfer, they might also take a small amount of money as a fee for their help. This can reduce the total amount of money you finally get.
• Inflated Exchange Rates: Banks often mark up exchange rates, differing from real-time online rates, to profit from currency conversions. This can lead to significant losses for users, especially on larger transfers.
• Compliance Hurdles: International money transfers through banks involve mandatory compliance procedures and documentation, which can add complexity and potentially cause delays.
• Legal Hurdles: Navigating different international legal regulations can present legal hurdles in cross-border money transfers.
• Lack of Real-Time Exchange Rates: Banks typically do not offer real, live exchange rates, making it difficult for users to know the true cost of the transaction at the moment of transfer.

How Long Does a SWIFT Transfer Take? It Can Take Some Time

A SWIFT transfer usually takes between 2 and 5 working days to arrive. However, it could take longer because:

• Banks Need Time to Process: Every bank needs some time to handle the transfer.
• More Banks Mean More Time: If other banks are involved in the transfer, it will take longer.
• Time Zones Can Cause Delays: If the sender and receiver are in very different time zones, this can slow things down.
• Mistakes Can Happen: If the sender makes a mistake in your bank details, it might take more time to fix.

BRISKPE: A New, Clear, and Helpful Option

BRISKPE is a newer service made to make getting money from other countries simpler and faster than SWIFT. It tries to be very clear about costs and make the whole process easy, especially for people in India.

Why BRISKPE is a Better Choice Than SWIFT to Receive Money in India:

• Lower and Clearer Fees: BRISKPE has fees that are easy to understand and often lower than the total cost of a SWIFT transfer. You can see exactly what you will pay on their website (https://www.briskpe.com/).
• Get Your Money Quickly: BRISKPE usually gets your money to your Indian bank account within 24 hours after it is sent. This is much faster than waiting several days with SWIFT.
• Real Exchange Rates: Get the Most Money: BRISKPE uses the live exchange rate. This means you get the actual amount when it is converted to Indian Rupees.
• Easy to Use: BRISKPE’s website is simple and easy to understand. Getting money from outside India is a straightforward task.
• BRISKPE’s website is simple and easy to understand. Receiving international payments is a straightforward process.
• BRISKPE simplifies required documentation for international payments, automatically generating necessary paperwork for every transaction. This can often be a complex process with traditional methods.

Making the Smart Choice for You:

When you need to decide how to receive money from overseas, think about these things:

• How often do you receive money, and how much is it?
• How quickly do you need the money?
• How important is it to know exactly how much you will pay in fees?
• How easy do you want the process to be?
• If you are in India, how important is help with the FIRA paperwork?

Making the Smart Choice: A Detailed Comparison 

To help you make an informed decision, here’s a detailed comparison of SWIFT and BRISKPE:

Feature	SWIFT Transfer	BRISKPE
Fees	Can be high and include sender fees, receiver fees, intermediary fees, and exchange rate markups.	Lower and fully transparent fees displayed upfront.
Transfer Time	Typically 2-5 business days, can be longer.	Usually within 24 hours.
Exchange Rate	Banks often apply a markup to the mid-market rate.	Uses the real, mid-market exchange rate with no hidden markups.
Ease of Use	Can involve complex banking procedures and paperwork.	Simple and intuitive online platform.
Transparency	Costs can be opaque, with hidden fees and exchange rate markups.	Highly transparent pricing with clear fees and real exchange rates.
FIRA (for India)	Recipient typically needs to request this from their bank, can be a separate process.	Automated digital FIRA provided for every transaction.
Intermediary Banks	Often involved, adding to cost and time.	Aims for direct transfers, minimizing the need for intermediaries.

Conclusion: Choose the Easier and Faster Way with BRISKPE

While SWIFT has been the standard way to send and receive money internationally for a long time, it can sometimes be expensive and slow. BRISKPE offers a better option for people in India to get money from other countries. 

It has lower and clearer fees, faster transfers, real exchange rates, and an easy system. This makes BRISKPE a smart choice for your international money needs. Need to get your money from overseas quickly and without any fuss? Visit BRISKPE today to see how BRISKPE can help you.