Cross border payments, also known as SWIFT payments or wire transfers, are international transfers that are settled between banks that have a correspondent banking relationship. Correspondent banks typically work on a reciprocal basis whereby a bilateral arrangement is agreed for the handling of payment instructions via Nostro/Vostro accounts. Payments instructions are sent over the SWIFT network and routed according to the banks and beneficiary destinations involved.

SWIFT is the primary communications network between banks, it has world-leading levels of security and reliability – it is a pre-requisite that a bank that receives or sends international payments is a member of SWIFT.

Cross border payments typically take longer and are more expensive to process than local payments. There is normally a need for more information to enable the transmission of international payments than would be used within a local payment. In addition to beneficiary information such as account number and bank details, the beneficiary’s bank BIC (Business Identifier Code) or IBAN (International Bank Account Number) may be essential to ensure correct routing of an international payment instruction.

SWIFT payments through the Banking Circle:

  • 24 currencies
  • Cut-off will vary depending on the currency (please see our cut-off times here)
  • Can be sent through the Banking Circle web platform or via our API
  • Account configuration – DK BIC & IBAN
  • No limit to transaction value
  • Correspondent charging options
    • OUR (the sender of the payment pays Banking Circle fees, plus any correspondent fees. It doesn’t include the beneficiary bank landing fees)
    • SHA (the sender of the payment pays Banking Circle fees, and the beneficiary pays any correspondent and their bank fees)

 

Available currencies:

CodeCurrency
AEDEmirati Dirham
AUDAustralian Dollar
CADCanadian Dollar
CHFSwiss Franc
CZKCzech Koruna
DKKDanish Kroner
EUREuro
GBPBritish Pound
HKDHong Kong Dollar
HRKCroatian Kuna
HUFHungarian Forint
ILSIsraeli Shekel
JPYJapanese Yen
MXNMexican Peso
NOKNorwegian Krone
NZDNew Zealand Dollar
PLNPolish Zloty
RONRomanian New Leu
SARSaudi Arabian Riyal
SEKSwedish Krona
SGDSingapore Dollar
TRYTurkish Lira
USDUS Dollar
ZARSouth African Rand
How it works

Unlike conventional business to business cross border payments that incur high bank charges and can take days to arrive, Members of the Banking Circle can enjoy cost and time savings when making or receiving international payments.

Other Solutions
FX

Banking Circle Members can access a global IBAN account infrastructure, through a platform from which they can trade forex and make international payments.

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Lending

Lack of access to funds to keep cash flowing can hold back business growth. Banking Circle provides fast access to cash with flexible repayment options.

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Payments

Banking Circle provides a range of offerings to meet the payments needs of banks, payment service providers, FinTechs, and their customers.

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Get in touch

Email us at info@bankingcircle.com and one of our team will be in touch shortly.