Guide: International Payments

A Guide to International Business Payments

Understanding SWIFT, SEPA, CHAPS, Faster Payments, and how to choose the right payment method for your international transactions.

The Main International Payment Methods

SWIFT (International Wire Transfer)

The global standard for international payments. Works between any two banks in the world. Typically takes 1-5 business days and involves correspondent bank fees.

SEPA (Single Euro Payments Area)

Fast, low-cost EUR transfers between 36 European countries. SEPA Credit Transfers typically settle same-day or next-day. Much cheaper than SWIFT for EUR payments within Europe.

Faster Payments (UK)

UK-specific payment system for GBP transfers. Settles in seconds, 24/7. Free or very low cost. Works between any two UK bank accounts.

CHAPS (UK Same-Day High Value)

UK same-day settlement for high-value GBP payments. Typically used for property transactions and large corporate payments. Usually has a fee per transaction.

How to Reduce International Payment Costs

Use SEPA instead of SWIFT for EUR payments within Europe — it is faster and cheaper

Open local accounts in your key markets to receive payments domestically

Use a multi-currency account to avoid unnecessary currency conversions

Batch international payments where possible to reduce per-transaction fees

Compare FX rates before converting — rates vary significantly between providers

Need a Better International Payment Setup?

We can help you find a banking partner that offers the payment capabilities your business needs at competitive rates.

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