International Transfers Explained: SWIFT, SEPA, and Other Ways to Move Money 

Moving money internationally has become part of everyday life. Whether you are paying an overseas supplier, sending money to family, receiving a salary from abroad or managing savings in different currencies, choosing the right transfer method can make a difference to cost, speed and convenience. 

But what is the difference between SWIFT, SEPA and the other ways of moving money internationally? 

What is SWIFT? 

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global network that enables financial institutions to securely exchange payment instructions. Importantly, SWIFT itself does not move money; it provides the messaging infrastructure banks use to communicate about international payments. 

SWIFT is particularly useful when sending money internationally in currencies or to countries outside regional payment schemes. However, payments may involve intermediary banks, which can affect the final cost and delivery time*. 
*Subject to the beneficiary bank and country's availability. 

At iFAST Global Bank, customers can make international payments through SWIFT in multiple major currencies, while receiving international SWIFT payments is also supported. The bank's Multi-Currency Current Account supports cross-border transfers in 11 currencies, including GBP, EUR, USD, SGD, HKD, CNY, JPY, CHF, AED, CAD and AUD. 

What is SEPA? 

SEPA stands for the Single Euro Payments Area. It harmonises euro payments across participating European countries, making cross-border EUR transfers work in much the same way as domestic payments. 

For EUR payments within the SEPA area, this can provide a simpler alternative to SWIFT. SEPA also includes instant payments*, where funds can be made available within seconds, 24 hours a day, 365 days a year, where the relevant service is supported. 
*Subject to the beneficiary bank's availability. 

iFAST Global Bank offers SEPA transfers for EUR, allowing customers to send and receive euro payments across participating SEPA markets. Its Multi-Currency Current Account also enables customers to manage GBP and EUR alongside other currencies within one account. 

What other ways can you move money? 

Faster Payments and CHAPS: For GBP payments within the UK, domestic payment systems such as Faster Payments and CHAPS can be appropriate depending on the amount and urgency. 

Specialist remittance services: Services designed specifically for international money transfers can be useful when sending money between different currencies. EzRemit, powered by iFAST Global Bank supports cross-currency payments, allowing customers to send local currency to overseas bank accounts or e-wallets, with transfers potentially arriving instantly or within a day depending on the destination. 

Transfers between iFAST Group accounts: For customers with eligible accounts across the iFAST Group, the bank also provides a facility to move money between accounts in the UK, Singapore, Hong Kong and Malaysia. 

Which transfer method should you choose? 

The right option depends on where the money is going, which currency you are sending, how quickly it needs to arrive and the total cost. 
 
 
Understanding transfer fees 

Same-currency payments 

When you send money in the same currency, such as USD to USD or GBP to GBP, a transfer fee may apply depending on the payment method and destination. 

Cross-currency payments 

When you send money in a different currency, such as GBP to EUR or USD to HKD, iFAST Global Bank does not charge a transfer fee for eligible cross-currency payments via SWIFT or EzRemit. The applicable exchange rate will be shown before you confirm your transfer. 

Receiving money 

iFAST Global Bank does not charge a fee for receiving payments via SWIFT or SEPA. However, fees charged by the sending bank or intermediary banks may apply. 

Fee applies for same-currency international transfers. T&Cs Apply. 

Important: Receiving banks and intermediary banks may charge additional fees. Exchange rates apply to currency conversions. Please review the applicable fees and exchange rate before confirming your payment. 

Move money the right way 

With international banking, the cheapest headline fee is not always the lowest overall cost. Exchange rates, intermediary-bank charges and receiving-bank fees can all affect the amount received. Checking the exchange rate, fees and expected delivery time before confirming a payment is therefore essential. 

For customers looking to manage international finances from one place, iFAST Global Bank's Multi-Currency Current Account combines multi-currency balances with international payment capabilities, helping make cross-border banking simpler and more transparent.