What are SWIFT payments?
SWIFT stands for “Society for Worldwide Interbank Financial Telecommunications”. Also known as an “international transfer” or an “international wire”, SWIFT payments are commonly used to send money across the globe.
While SWIFT payments come with the convenience of being able to send your funds to almost anywhere in the world, they come with some additional fees and usually take a bit longer to reach their destination.
How much does SWIFT cost?
Your bank will likely charge a fee for sending funds to your Lightyear account via SWIFT. This fee generally varies from 15-50 EUR/GBP/USD per transaction but it’s best to check directly with your bank before making the payment.
There’s a chance that your bank will use intermediary banks to complete a SWIFT payment and those intermediaries may have their own additional fees. It’s best to also clarify if this is applicable with your bank before sending.
Lightyear doesn’t charge any fees for receiving SWIFT payments but if there are intermediary fees it’s likely we’ll receive less than you originally sent.
How long do SWIFT payments take?
Generally speaking, once sent, SWIFT payments take 2-5 business days to arrive. Please note that this can vary depending on where you’re sending the payment from. Your bank may have a better estimate on delivery times.