For many people, paying cash for big ticket items is their best option and in most cases paying cash means that you have to get a proof of funds letter from your bank. If you are constantly paying cash for bigger ticket items, such as houses or vehicles, then you may want to consider opening a bank account that has a Swift MT999 option attached to it. This will allow your bank to issue proof your income and holdings in a much faster time frame than normal. Here are a few bits of information regarding accounts with Swift MT999 options attached to them.
What is SWIFT?
Society for Worldwide Interbank Financial Communication or SWIFT was first invented in 1973 as a way for banks to communicate sensitive financial information in a relatively short amount of time. Before the invention of SWIFT, all bank transactions had to be held via telephone or through courier services. This made the turnaround on time sensitive bank transactions very slow, which affected certain customers a great deal. The invention of SWIFT allowed banks to transfer information to each other with the touch of a button, which increased the overall efficiency of the financial institutions that used this tool.
How Does Swift Benefit the Customer
The SWIFT system allows customers from all walks of life to handle important transactions involving the bank much faster. In the case of a Swift MT999, the person needing this form will be able to get the proof of funds that they need to make their important purchase without the hassle of waiting around on the banks to correspond via telephone or fax. This means that if you are paying for a house in cash and need the proof of funds paperwork, it is available to you with the press of a button.
The Best Option
The non-profit organization known as SWIFT is composed of many different banks and is controlled by the shareholders of those banks. The main goal of SWIFT is to create an efficient and fast way for banks to communicate with each other in a timely manner. Nearly 2.5 million messages are sent each year through the SWIFT system. Without the SWIFT system in place, rapid money transfers and large cash purchases that involve proof of holdings would take much longer. You need to check and make sure that the financial institution that you frequent uses this system because it could save you in the future.
