I emailed Apple on the subject, here’s their reply:
The iTunes App Store makes Applications available for sale to customers around the world. Apple uses various global currencies to pay you, depending on the customer’s location. Apple pays via wire or electronic transfer, using a “SWIFT code” to route these payments. If a SWIFT code is not on file for you, Apple cannot pay you for purchases made by global customers.
If you do not have an account with a bank that utilizes a SWIFT code, Apple recommends you establish such an account at your earliest convenience. Large, international banks utilize SWIFT codes. Credit Unions do not have this capability.
Apple does not recommend any particular bank, and recommends you research to determine which bank will best meet your needs.
Examples of US-based banks that utilize SWIFT codes:
Bank of America
JPMorgan Chase Bank
Wells Fargo Bank
Examples of Canada-based banks that utilize SWIFT codes:
Apple may send multiple payments each month, depending on the regions and currencies in which you had activity. Your bank will handle any currency conversions when payments are applied to your account.
For reference, the locations and currencies are listed below.
United States – USD
Canada – CAD
Europe – EUR
United Kingdom – GBP
Australia – AUD
Japan – JPY
Rest of World – USD
If you have any further questions, please don’t hesitate to contact us.
I hope Arvest has a swift code, otherwise I’ll have to open yet another bank account with yet another company.