The initiative from Swift will initially benefit customers receiving money from Australia, China, India and Turkey, as well as those sending money to Australia; image credit: Funtap/shutterstock

Barclays, HSBC, Lloyds and NatWest will be among the first banks in the world to implement a new initiative from Swift and the first in the UK. Between them, the improved experience will initially benefit customers 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.


Key benefits include

  • The full amount arrives. If someone sends money from overseas, the amount they send is exactly what lands in the account, with no unexpected deductions.
  • It arrives faster. In many cases, money will arrive within minutes. Where local banking systems support it, transfers can arrive instantly.
  • The cost is clear from the start. Before the sender presses confirm, they can see the fee and exchange rate so there are no surprises.
  • It can be tracked. Like tracking a parcel, the person sending the money can follow every step of the transfer until it arrives.

Adam Bealey, Chief Executive, UK & Ireland at Swift, said: “This framework 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.”

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Mark Evans, Global Head of Payment Products at HSBC, added: “HSBC has always been focused on making international money movement simpler, faster and more transparent. The new Swift consumer payments initiative is an important step forward for all UK retail customers. We’re proud to help pioneer this initiative and set a higher standard for transparency, confidence and customer experience, ensuring international payments are as predictable as local payments.”