Did you know that bananas and the Swift code have a closely relationship?
You can discover below why bananas do enjoy Swift
Unfortunately new words have expanded our vocabulary because of the war. How we wish it were not for this circumstance. It would be great that only curiosity will arouse our desire to learn new concepts.
In fact, the new war scenario has discovered to many the term SWIFT code. The reason is that the EU and the USA have partially disconnected Russia from this international code. A term closely related to bananas, since they travel all around the world.
To better understand the importance of this bank code, think about the type of flight you would choose to travel. If you think about the fastest way of reaching your final destination, you would take a direct, non-stop flight. Direct flights are always the easiest way to shorten your trip. That’s the same way SWIFT codes work for money.
And since bananas are sold overseas, the fastest way for growers to be paid is to use a SWIFT transfer. Hence, the SWIFT method is a crucial tool for the banana market.
But, what’s a SWIFT transfer?
As you may have already understood, it is an international money transfer. But most important is that it works with a secure and standardized methodwhich allows you to send or receive money from banks anywhere in the world.
What SWIFT stands for?
Its abbreviation stands for “Society for Worldwide Interbank Financial Telecommunication”.
Why is the Swift code so relevant?
The SWIFT system was introduced to offer a secure international payment standard. SWIFT is basically a network for exchanging electronic information between banks. By processing the codes, the system recognizes where the transfer should be sent. It compares the characters in the transfer with the global database. Thanks to the standardized format of SWIFT, confusion between banks and errors can be minimized. In other words, it ensures that your international transfer is received on the correct account with an almost 100% probability of no mistakes.
As already mentioned, foreign payments can also be made faster and easierthrough this standardized method . More than 200 countries and 11,000 institutions use the SWIFT system. This is the largest international payment network in the world.
Moreover, the SWIFT code only communicates the bank identity of the sender and recipient. It does not execute the transaction itself. Therefore, it is very well suited for the secure processing of international payments. By exchanging secure, standardized instructions between two financial institutions, the SWIFT system helps to minimize errors between international banks.
THE IMPORTANCE OF THE SWIFT CODE FOR ECUADORIAN BANANA EXPORTS
So, banana growers and exporters need to ask for their bank SWIFT codes when transferring or receiving money from abroad. And having a look at the large number of countries to which Ecuador exports its bananas, we further realize its relevance:
BANANA EXPORTS (18.14 kg boxes) by DESTINATION: January to December 2021. Source: Acorbanec
As the above graphic shows, the Ecuadorian banana visits numerous countries so that nationalities across the planet can enjoy its flavor. That is why, in Ecuador, we wish that as well as the banana shape draws a smile, that global circumstances can put a smile on everyone’s faces. We hope that this war in Ukraine, which has overwhelmed us, will come to an end. Let PEACE be the protagonist again .
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