International Transfers via iFAST Global Bank Explained

For most people, an international payment is a matter of tapping "send" and trusting it lands. Behind that tap sit two very different systems for moving money across borders:

• Bank / wire transfers

• Money Transfer Operators (MTOs) / remittance

Each method suits a different kind of payment. Here's how they work, and how to decide between them.

Bank / Wire Transfers

The traditional route offered by most high-street banks. Your bank sends funds to a receiving bank abroad, routed through payment systems and correspondent banks on both sides. 

SWIFT
SWIFT is one of the most widely used networks for international transfers. It lets banks exchange payment instructions securely, so funds can move between them reliably across borders.

☑️ Pros: Secure and well-suited for large amounts

❌ Cons: Slower (Typically 2-5 working days), and often more expensive

iFAST Global Bank supports same or cross-currency SWIFT transfers to over 160 countries in 11 holding currencies: GBP, USD, EUR, JPY, CNY, SGD, HKD, CHF, AED, AUD and CAD. 

SEPA
Access to the SEPA network allows clients to send and receive Euro transactions instantly* across the 41-country SEPA zone, offering a secure and cost-effective alternative to traditional wire transfers.

iFAST Global Bank has integrated SEPA into the Multi-Currency Business Account, strengthening its cross-border payment infrastructure for SMEs and international businesses across one of the world's most active trading zones. 

*Subject to the beneficiary bank’s availability.

Money Transfer Operators (MTOs) / Remittance

This route brings in specialised providers offering a mix of transfer methods. You hand funds to an operator or local remittance agent through your bank, and they deliver it to the recipient’s bank account or payment wallet. 

☑️Pros: Faster and more convenient

❌ Cons: Additional fees may apply across the various providers

EzCredit

iFAST Global Bank business transfers via EzRemit handles cross-currency payments to overseas bank accounts, currently supporting INR, PHP, RWF & THB. Both typically process within 48 hours, depending on the recipient country. 

Which transfer method should you choose?

For businesses, four factors are worth weighing before you hit the send button:

1. Transaction amount: For large sums, bank transfers are typically the safer choice, with added security

2. Speed: For urgent payments, MTOs or remittance tend to be quicker

3. Cost: Always compare the FX and transfer fees across both methods

4. Convenience: Paperwork and regulatory requirements vary by corridor and by the agents or platforms on each end

There's no single "best" way to send money abroad

A large, one-off settlement to a supplier calls for the security of a bank transfer; a routine payout to a wallet in another market may be better served by remittance. What matters is matching the payment rail to the amount, the urgency, the cost and the corridor. 

With both bank transfers and remittance options available through a single Multi-Currency Business Account, iFAST Global Bank gives businesses the flexibility to choose the right channel each time, rather than forcing every payment down the same path.