Barclays, HSBC, Lloyds and NatWest announced recently that they will be among the first banks in the world to process payments under a new Swift payments framework that will significantly enhance the experience for people sending money abroad or receiving money from overseas.

The new payments scheme is part of Swift's vision to improve the state of cross-border payments for all and it aligns with 2027 goals set by the G20 for the financial community, spanning speed, cost, transparency, choice and access. 

As Nasir Ahmed, Head of Payments at Swift put it:

“Everyone should be able to transact internationally at pace, safe in the knowledge that the full value will arrive with the recipient and that the fees will be affordable and fixed from the start. That is what our community is enabling with this initiative.“ 

Key benefits to consumers include: 

• No unexpected deductions: The full amount sent is exactly what lands in the recipients account. 
• Funds arrive faster: In many cases, money will arrive within minutes. Where local banking systems support it, transfers can arrive instantly. 
• Cost is clear: Before the sender presses confirm, they can see the fee and exchange rate that will be applied. 
• It can be tracked: The sender can follow every step of the transfer until the funds arrive in the recipients acccount.

“This framework,“ noted Swift's UK & Ireland CEO, Adam Bealey, “represents an important step forward for the UK payments ecosystem. As expectations around international payments continue to rise, customers are seeking greater transparency, predictability and confidence throughout the payment journey. Enhanced visibility of payment processing and fees will play a significant role in delivering a more seamless, efficient and trusted cross-border payments experience for businesses and consumers.“

Framework adoption in the UK will initially benefit customers of Barclays, HSBC, Lloyds and Natwest receiving money from Australia, China, India and Turkey, as well as those sending money to Australia. Launched earlier this year, the initiative is already supported by more than 60 banks across 25 countries.

Low cost alternative to High Street banks

Of course, high street banks are not the only option you have for sending money abroad. GlobalWebPay is a UK based, FCA registered money transfer provider that specializes in fast, low cost international payments. They've been helping customers make international money transfers from the UK since 2010.

Not only can you choose to send money in your recipients local currency but alternatively, where available, payments can also be made in USD, EUR or GBP. When doing so GlobalWebPay will make use of the Swift network.

With a low flat fee, competitive exchange rates, and no hidden charges, GlobalWebPay is the smarter choice for making personal, business and charitable cross-border payments from the UK.

So, if you are looking to send some money abroad why not SIGN UP with GlobalWebPay today and pay no fee on your first transfer by entering the FEEFREE promo code at Checkout.

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