What is the SWIFT Network?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the standardized messaging network connecting over 11,000 financial institutions across 200+ countries.
Why Traditional SWIFT Wires Are Expensive
When you send a traditional international wire, your domestic bank sends a SWIFT message (MT103 / ISO 20022). If your bank does not hold a direct correspondent account with the recipient's bank, the payment hops through 1 to 3 intermediary correspondent banks, each deducting a $15 to $35 lifting fee before the recipient receives the funds—on top of a 3% to 5% exchange rate spread. Modern cross-border platforms like Wise bypass SWIFT by connecting local domestic payment rails (ACH, Faster Payments, SEPA, UPI) directly.