What is SWIFT?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a secure global network enabling banks to exchange financial information for international transactions.
How SWIFT payments work
SWIFT payments facilitate international money transfers through a coordinated network of financial institutions. When sending funds abroad, your payment may route through intermediary or correspondent banks before reaching the destination account—commonly known as cross-border payments.
Payment Processing Timeline
International transfers require multiple processing steps. Once initiated, your payment is sent from your bank (debtor agent) to an intermediary bank, then forwarded to the recipient's bank (creditor agent), before finally being credited to the beneficiary's account. While domestic payments often feel instantaneous, cross-border transactions are inherently more complex and require additional processing time.
To ensure same-day processing, please submit your SWIFT payment requests before your financial institution's daily cut-off times for the currency. Cut-off times vary by institution. Requests received after cut-off times will be processed on the next business day. We recommend submitting time-sensitive transfers well in advance to allow for any necessary clarifications or additional documentation requirements.
Common reasons for delays
International transfers may experience delays due to:
- Operating hours: Account updates are limited to local settlement system hours in each jurisdiction. Follow your financial institutions cut-off times for processing Swift Payments.
- Compliance requirements: Mandatory security and regulatory checks, particularly when payments cross multiple countries and jurisdictions
What this means for you
Understanding these processes helps set appropriate expectations for international transfer timelines. Your financial institution works diligently to ensure secure, compliant delivery of your funds across borders.