SWIFT
Bank-to-bank messaging
A BIC names the bank. Correspondents pass the message along. The destination is a bank account, not a person in an app.
ID Remit vs SWIFT
Skip the SWIFT form.Send with Account ID.
SWIFT is how banks message each other. You route a BIC, not a person. ID Remit sends with Account ID — arrival within 1 second, transfer fee S$ 0. Different currency? Send it directly. Conversion is automatic, or convert yourself first, with no extra fee.
Two rails
A bank network vs an ID send
SWIFT is how banks talk to each other. ID Remit is how you send with Account ID.
They are not the same hop. SWIFT is a message meant to credit a bank account. ID Remit is built to land with Account ID — remittance and same-currency on the same send.
ID Remit
Account ID, then send
Find the Account ID, confirm the name, send. Arrival within 1 second. Transfer fee S$ 0. You are not filing a SWIFT instruction.
What you enter
A SWIFT form vs two checks
A SWIFT instruction routes a bank. ID Remit confirms a person.
Typical SWIFT send
- SWIFT / BIC code
- IBAN or account number
- Bank name
- Often address or correspondent details
ID Remit
- Account ID
- Name shown in the app
On the way
Correspondent hops vs one send
A SWIFT credit is handed across banks before it lands. Each extra party can add time and a charge.
Your bank, a correspondent, then their bank — that is the usual SWIFT shape. ID Remit does not travel that chain: you confirm, and it arrives within 1 second.
You send
02Your bank
03Correspondent
04Their bank
They receive
Speed
Business days vs 1 second
A SWIFT credit waits on banking days. ID Remit arrives within 1 second after you confirm — not the next business day.
1–5 daysTypical SWIFT credit
Bank daysWeekends and holidays sit out
Within 1 secondID Remit after you confirm
Same sessionNot the next banking day
SWIFT timing varies by bank and corridor. One to five business days is the common retail window, not a quote for a specific pair.
Cost
Intermediary charges vs S$ 0
Correspondents can take a cut, and FX is often inside the quoted rate. ID Remit charges S$ 0 to send, and conversion has no extra fee. See the full price list
| ID Remit | SWIFT | |
|---|---|---|
| What you enter | Account ID + name | BIC, IBAN/account, bank, often address |
| Speed | Within 1 second | Typically 1–5 business days |
| Transfer fee | S$ 0 | Extra banks on the path can each add a charge |
| Conversion | No extra fee, rate shown first | Often buried in the bank rate |
FAQ
SWIFT, asked directly
Whether you need a BIC, how long a SWIFT credit takes, and whether ID Remit is SWIFT.
Do I need a SWIFT or BIC code to send with ID Remit?
No. Send with the recipient’s Account ID and confirm the name shown in the app. You do not fill a BIC, IBAN, or bank address form.
How long does a SWIFT credit take vs ID Remit?
SWIFT credits often land in one to five business days. ID Remit arrives within 1 second after you confirm.
Why is SWIFT expensive?
Each extra bank on the path can add a charge, and FX is often inside the rate. ID Remit charges S$ 0 to send with Account ID, and conversion has no extra fee.
Is ID Remit a SWIFT transfer?
No. ID Remit is an Account ID send, not a SWIFT message between banks. You confirm the name on screen instead of routing a BIC.
What if they only have a bank account?
A payment that must credit a bank account still travels on SWIFT. ID Remit is for sending with Account ID — within 1 second, transfer fee S$ 0.
Send from Starryblu
Open an account. Send with Account ID.
No BIC to chase. Arrival within 1 second. Transfer fee S$ 0. Conversion with no extra fee.