SWIFT — Society for Worldwide Interbank Financial Telecommunication
Global bank messaging network for international transfers. On paype: from $15 + 0.45% on Orchestra, to 170+ countries.
Society for Worldwide Interbank Financial Telecommunication — the cooperative that operates the global messaging network used by 11,000+ financial institutions to communicate payment instructions across borders.
How SWIFT works
SWIFT doesn’t move money directly — it sends secure, standardised messages between banks instructing them to move funds through their correspondent relationships. A payment from a US account to a Japanese account may hop through several correspondent banks before landing.
On paype
| Tier | SWIFT outbound fee |
|---|---|
| Melody (default) | $25 + 0.75% |
| Big Band | $20 + 0.60% |
| Orchestra | $15 + 0.45% |
SWIFT reaches 170+ countries. Settlement typically takes 1–3 business days depending on destination and correspondent chain. Inbound SWIFT transfers are free.
SWIFT vs SEPA
SEPA is the right choice for euro transfers within the 36-country SEPA zone — cheaper and faster. SWIFT handles everything else: non-euro transfers, transfers outside the SEPA area, and any currency that SEPA doesn’t cover.