Rather than being used to transfer money directly, the SWIFT network is used to communicate information between banks using SWIFT codes. Isn't that the same as IBAN? SWIFT codes identify the receiving bank that needs to be sent transfer instructions, while IBAN formats are used for an actual ...
As some have stated already, ACH is the way to go. I work for a small bank and we have customers using ACH all the time. I use it all the time to transfer funds between banks for my personal accounts. And to add to the glory of ACH, you can also put a date on when the trans...