SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a payments network used by banks, financial institutions, and large corporates to communicate with each other securely about cross border financial transactions.

Founded in 1973, Swift is set up as a co-operative, run by and for its more than 11,500 members  of banks, financial institutions and large multinational corporates. Its vast payments network covers more than 40,000 possible payment routes, and in 92% of the world’s countries and territories there are at least three institutions that are connected to its network.

Every day more than 35 million SWIFT transactions t

and there are more than 35 million SWIFT transactions taking place every day. SWIFT has become the most dominant and standardised method for sending money to recipients in different countries safely, securely and relatively quickly.

How does a cross border payment over Swift work?

In simple terms, when a customer makes an international payment through their app or bank platform, their bank will send a message over the Swift network to the recipient bank. The recipient bank then processes the payment and sends the money to the customer account – but exactly what the recipient bank does will depend on varying factors: where the money has come from and local regulations will all impact exactly what the bank does before crediting the customer’s account.

What does it cost?

How long will it take?

Several key factors determine the speed of your transfer:The Route & Intermediary Banks: If your transfer requires intermediary (correspondent) banks to reach the final destination, each bank adds its own processing and compliance checks.Currency: Major currencies (like USD or EUR) process faster—often in 17 to 23 hours—than exotic or emerging market currencies.Cut-off Times & Business Days: Transfers initiated after a bank's daily cut-off time, or on weekends and public holidays, will not begin processing until the next business day.Security & Compliance: Anti-fraud and anti-money laundering checks can add time, especially for large transfers or if information (like the recipient’s BIC/SWIFT code) is missing or incorrect.

Choose the right payment provider

GlobalWebPay make every effort to ensure that your payment is sent via the quickest route possible. 

Their human only support team are there to assist whenever an issue occurs with a payment and they will resolutely work with their partners to resolve these.

With a low flat fee, competitive exchange rates, and no hidden charges, GlobalWebPay is the smarter choice for making personal, business and charitable cross-border payments from the UK.

So, if you are looking to send some money abroad why not SIGN UP with GlobalWebPay today and pay no fee on your first transfer by entering the FEEFREE promo code at Checkout.

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