Does anyone know about the process of getting a SWIFT code for internation wires, typically how big of a bank (asset size) does it make sense to get one? Is it a hard and expensive undertaking, or am I over complicating it?

SWIFT Sales Support
support@swift.com
Tel: +1 540 727 1717
Fax: +1 540 825 7819

Do you if the average size banks that use Swift?

we use Travelex for our int'l wires/drafts and check collections.

If you want full SWIFT membership it is expensive, $200k to join and hefty monthly fees. However, they have a product called SWIFT Alliance Lite that can be less than $1000 per month, depending on your volume.

Swift.com or the numbers Randy gave above for info.

If your international wire volume is minimal, you may be better served using a correspondent bank to transact these

That's what we do. I apologize, but my question is veering from the original poster's question.

In a recent BSA Audit, it was recommended that the bank monitor for the MT 202 COV code and make sure that the appropriate fields are completed. Would this ever apply to us with since we're not a member of the SWIFT network? Wouldn't these codes and fields be part of the SWIFT messaging that we're not a part of? We simply use a correspondent bank, but the fact that we look up and put the SWIFT number of the foreign bank on the wire has got the auditor convinced that we're doing this. She believes that we will see these codes on the transmittal sheets for the funds transfer.

The level of reporting that your correspondent provides will determine if you have access to the 202 field. Showing your auditor your current reports will quickly answer that question.