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Many countries (China, Russia, Iran, etc...) have a giant incentive to escape SWIFT and US-centric control over value transfer. Well, the good news on that fro
by gamblor956 6y ago
Many countries (China, Russia, Iran, etc...) have a giant incentive to escape SWIFT and US-centric control over value transfer.
Well, the good news on that front is that most international money transfers use the IBAN system rather than swift, and IBAN is run by a consortium of EU banks.
- ur-whale 6y ago> most international money transfers use the IBAN system Source? And while it may be the case by number of transactions, I'd be very surprised if that was true by volume.
- valdiorn 6y agoWhat would they use other than IBAN/swift?? Edit; I think your parent comment is confusing concepts. IBAN is international bank account number. You enter an Iban as the target address for your swift transfer. I wasn't aware of a different system that also uses IBAN ... is there one?
- ur-whale 6y agoIBAN are a European thing. When you wire money from e.g. Europe to the US, they don't speak IBAN, you have to specify US-centric bank account designations.