SIC (Swiss Interbank Clearing): Who Qualifies and What You Get
Learn how SIC enables real-time, secure interbank transfers for businesses operating with Swiss bank accounts.
SIC is a secure system used to move money between different banks in Switzerland. It allows for real-time transfers, meaning funds are processed and settled almost immediately.
Who it's for
This system is available to businesses that hold a bank account in Switzerland.
What you get
You get the ability to make and receive secure, real-time interbank transfers. This ensures that money moves quickly and safely between different banking institutions.
What it costs you
There is no separate fee to use this system; instead, you will simply pay the standard fees charged by your own bank for account maintenance or transaction services.
The catch to know
Money is only processed on business days. If you initiate a transfer over a weekend or a public holiday, it will not be processed until the next working day.
How to apply
- Ensure your business has an active bank account in Switzerland.
- Check with your bank regarding their specific process for initiating transfers.
- Confirm the business day schedule to time your payments correctly.