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Swift Transfers: No More Hidden Fees!
5 Aug
Summary
- International transfers will arrive faster, often within minutes.
- Customers will see exact fees and exchange rates upfront.
- Bank of America and J.P. Morgan are initial adopters.
Bank of America and J.P. Morgan are pioneering a new Swift initiative aimed at transforming international money transfers for individuals and small businesses. This global effort introduces a new standard for retail cross-border payments, prioritizing speed, transparency, and cost clarity.
The initiative promises that the full amount sent will be received, without hidden deductions. Transfers are expected to arrive significantly faster, with some reaching near-instantaneous delivery where supported by local banking systems. A key benefit is the upfront disclosure of fees and exchange rates before a transaction is confirmed.
Over 60 banks from 25 countries are supporting this initiative, which recently went live. Initially, Bank of America and J.P. Morgan will offer these enhanced services for payments originating from countries including Australia, Brazil, China, India, South Africa, South Korea, Spain, and Turkey.
