5 Best SWIFT Alternatives for Global Businesses

Why Businesses Are Seeking SWIFT Alternatives

While SWIFT has been an important part of cross-border payments for decades, several limitations are driving companies to explore other options.

High Costs

The expense of SWIFT transfers is a major frustration. Each international transfer typically passes through multiple intermediary banks, with each one taking a cut.

Fees vary significantly by region and bank. They can go as high as $80 per transfer according to FXCintelligence.

The fee structure includes:

• Sending bank fees
• Receiving bank fees
• Intermediary bank fees
• Foreign exchange fees
• Additional service charges

These fees can add up quickly, particularly for small and medium-sized enterprises engaging in global trade, prompting them to seek solutions to simplify their cross-border payouts.

Slow Transaction Speed

According to PYMNTS.com, 59% of businesses identified slow processing times as a major pain point in cross-border payments. And in a world where we expect instant results, waiting 3-5 days for a SWIFT payment to process feels outdated and is simply not acceptable for many companies. These delays disrupt supply chains, stall projects and strain business relationships.

Lack of Visibility

SWIFT’s “black box” nature frustrates many businesses. Once you send an international payment, you often have no idea where your money is, which banks are handling it or when it will arrive.

If a payment you are waiting for is late, or if a vendor is complaining about not receiving a payment, there isn’t an easy way to check where the payment is.

Currency Conversion Challenges

International business requires currency conversion, which often comes with hefty hidden costs. Banks often add markups of 2-5% on currency conversions for international transfers. Currency conversion costs can significantly eat into profits, especially for businesses operating on thin margins.

Limited Operating Hours

The economy runs 24/7, but SWIFT operates on traditional banking hours. This causes delays, especially for businesses working across time zones. If you’re sending funds late on a Friday, the transaction might not settle until Monday or later. That lag can tie up working capital and disrupt time-sensitive payments.

Limited operating hours also create friction for marketplaces, platforms and merchants who need to pay out to suppliers or customers on weekends or public holidays. Even if a transaction is submitted electronically, it still sits in a queue until the next banking window opens.

5 SWIFT Alternatives to Consider

If you need to send money internationally, check out these SWIFT alternatives:

1. Instant Card Payouts: A SWIFT Alternative

Instant card payouts use existing card networks to deliver funds directly to recipients’ debit or credit cards, often in minutes rather than days.

Card networks like Visa and Mastercard have developed special services—Visa Direct and Mastercard Send—that flip the traditional card payment flow. Instead of pulling money from a card (as in a typical purchase), these services push funds directly to cards.

• The payment platform connects to the card network (Visa Direct or Mastercard Send).
• The card network sends the funds directly to the recipient’s card.
• Funds are received within minutes.

These transactions skip the systems that SWIFT relies on and dramatically speed up processing.

Benefits for Global Businesses

Speed is the most obvious advantage. While SWIFT transfers take a couple of business days, card-based transfers often go through within minutes to most destination countries.

Another big plus is reach. With billions of payment cards used worldwide, you can send money to recipients in areas where other payment systems might not work.

Card payouts also offer:

• Predictable fees
• No need for recipients to share bank details
• Weekend and holiday transfers
• Real-time tracking and confirmation

By using instant card payouts, businesses can improve satisfaction among workers and sellers and improve loyalty and operational efficiency.

Limitations to Consider

Card payouts aren’t perfect. The biggest limitation is that not all banks support inbound card transfers. Always check that your recipient’s bank allows incoming pushes to their cards.

Fees vary based on:

• Card type (credit cards usually cost more than debit cards)
• Recipient’s location and bank
• Transaction amount (some providers charge percentage-based fees)
• Currency conversion (for cross-currency transactions)

Transaction limits are often lower than traditional bank transfers. While fine for regular business payments, very large transactions might still require wire transfers.

In some regions, regulatory requirements may add verification steps before funds can be accessed, potentially causing delays.

For businesses looking beyond SWIFT, instant card payouts offer a strong mix of speed, global reach and convenience, as long as you understand their limitations.

2. Real-Time Payment (RTP) Networks

Real-Time Payment networks are domestic systems that enable instant money transfers within a country. Unlike traditional methods that take days to process, these systems complete transactions in seconds.

Major RTP Networks Around the World

Countries have developed their own RTP networks for faster domestic payments:

• Fast (Singapore): The Fast and Secure Transfers (FAST) system, launched in 2014, lets individuals and businesses send Singapore dollar payments across participating banks and financial institutions in seconds, using just a mobile number or ID.
• Pix (Brazil): Introduced by the Central Bank of Brazil in 2020, Pix enables instant payments 24/7. It’s widely adopted for everything from peer-to-peer transfers to retail purchases, using phone numbers, email addresses or QR codes.
• Faster Payments (UK): Running since 2008, this system processes payments almost instantly between different UK banks. It supports transactions between individuals, businesses and government bodies, with most payments settling in under a minute.
• SEPA Instant (Europe): SEPA Instant Credit Transfer (SCT Inst) allows euro payments to be sent across participating European countries within 10 seconds, regardless of the time or day, supporting transactions of up to €100,000.

Other examples include UPI (India), FedNow (United States) and NPP (Australia).

Advantages for Business Operations

RTP networks offer key benefits for businesses:

• Immediate fund availability: Payments arrive and become accessible within seconds, not days.
• Better cash flow management: Instant payments make financial forecasting more accurate.
• Extended operating hours: Most RTP systems run 24/7/365, free from banking hours or holidays.
• Enhanced data capabilities: Many RTP networks allow detailed remittance information with payments, improving reconciliation.

Cross-Border Limitations

Despite their benefits, RTP networks have important constraints:

• Primarily domestic: Many RTP systems have limited integrations with other RTP networks, making cross-border transfers challenging.
• Developing cross-border capabilities: While some RTP networks are starting to connect with each other (like Singapore’s and Thailand’s systems), truly global capabilities remain limited. However, platforms such as Rapyd have a broad network spanning dozens of countries.
• Technical integration challenges: Connecting to these systems often requires significant IT resources.
• Regulatory differences: Varying compliance requirements across countries complicate international RTP integration.

While RTP networks excel at domestic transfers and are gradually expanding their reach, their national focus means they’re only a partial SWIFT alternative for global businesses. However, sectors like marketplaces and gig-economy platforms can benefit from these real-time payment opportunities.

For truly international transactions, companies often need additional solutions or must continue using traditional cross-border methods.

3. Global ACH

Global ACH offers an important alternative to SWIFT for international transfers. Unlike SWIFT’s single global messaging network, Global ACH connects local Automated Clearing House systems in different countries to enable cross-border payments.

When you send money through Global ACH, your payment enters your country’s domestic ACH system, then crosses to the recipient country’s local clearing system. This approach stitches together domestic payment networks to create international payment capabilities, allowing businesses to reduce costs with ACH and RTP.

The cost structure differs significantly from SWIFT.

Traditional SWIFT transfers pile on fees: sending bank fees ($20-$50), intermediary bank fees ($10-$20 per intermediary), receiving bank fees ($10-$20) and foreign exchange markups (typically 2-5% of the transfer amount). These can total $50-$100+ per transaction.

Global ACH generally costs less, making it an attractive SWIFT alternative for businesses making frequent transfers.

This cost advantage comes with a trade-off. While SWIFT takes 1-5 business days, Global ACH sometimes takes longer, especially between countries with less integrated clearing systems.

If you need immediate settlement, real-time payment networks or card-based solutions might work better.

Ideal Use Cases for Global Businesses

Global ACH works best for specific business scenarios:

• Recurring payments like international payroll, where predictability matters more than speed
• High-volume, low-value transactions where SWIFT fees would eat up too much of the payment
• Business-to-business payments to suppliers in countries with good ACH infrastructure
• Subscription billing for international customers
• Refunds and rebates that don’t need immediate delivery

For businesses operating in multiple countries, setting up Global ACH connections can significantly cut payment costs over time, especially for frequently used payment corridors.

Managing Country-Specific Requirements

One complexity of Global ACH is navigating different requirements across countries. Each local clearing system has its own:

• Format requirements and data fields
• Operating schedules and processing windows
• Currency conversion rules
• Transaction limits
• Compliance and regulatory frameworks

To use Global ACH, you need to understand these differences for each country pair you’re connecting. Many businesses work with payment providers specializing in Global ACH to handle these complexities, as they maintain connections with local clearing houses worldwide and manage technical integration.

While Global ACH requires more setup than simply sending a SWIFT wire, the cost savings can be substantial for businesses with regular international payment needs. The key is knowing when the trade-off between speed and cost makes Global ACH the right SWIFT alternative for your specific requirements.

4. SEPA

SEPA (Single Euro Payments Area) is a European payment integration initiative that enables fast, secure and efficient euro payments across EU member states and several non-EU countries. Created by the European Banking Association, SEPA functions as a regional alternative to SWIFT, specifically designed for euro-denominated transfers within its coverage area.

Unlike SWIFT, which handles multiple currencies worldwide, SEPA focuses exclusively on improving euro payments within Europe. The system works through a standardized framework that eliminates differences between domestic and cross-border payments in euros for participating countries.

Benefits for Businesses Operating in Europe

For businesses with European operations, SEPA offers several significant advantages:

• Standardized fee structure: SEPA transfers typically have predictable, low-cost fees compared to SWIFT’s variable pricing model.
• Faster processing: SEPA Credit Transfers are usually completed within one business day.
• Simplified reconciliation: The standardized format makes payment tracking and reconciliation more straightforward.
• Single payment process: Businesses can use the same payment method for all euro transactions across the SEPA zone, eliminating the need for country-specific payment systems.
• Reduced administrative costs: The harmonized approach reduces the complexity of managing multiple payment processes.

Limitations Outside the Eurozone

Despite its benefits, SEPA has important limitations that businesses should consider:

• SEPA only processes euro-denominated payments, making it unsuitable for transactions in other currencies.
• While SEPA covers 36 countries (including all EU members and some non-EU countries), it cannot support payments outside this zone.
• Unlike SWIFT, which offers worldwide coverage, SEPA is regionally focused on Europe.
• SEPA primarily handles credit transfers and direct debits, whereas SWIFT supports a broader range of financial message types.

For businesses operating primarily within Europe and dealing in euros, SEPA provides an efficient SWIFT alternative.

However, companies with global operations will likely need both SEPA and SWIFT (or other alternatives) to cover all their payment needs, using SEPA for euro transactions within Europe and other systems for international payments involving different currencies or regions.

5. Mass Payout Solution Providers

Mass payout solution providers have changed cross-border payments by creating platforms that let businesses send and receive money globally using a variety of payment methods including bank transfers, instant card transfers, real-time payment networks and e-wallets. 

These solutions fix many problems with traditional international transfers while offering better features.

Benefits of mass payout solution providers include:

• Faster processing: Many fintech platforms can process transactions within 24 hours, some even instantly.
• Greater transparency: Understand exactly what you will pay before sending a transfer and lock in favorable FX rates. 
• Simpler integration: Many fintech solutions provide developer-friendly APIs that connect easily with your existing business systems.

Several fintech companies stand out in the cross-border payment space:

Rapyd

Rapyd offers an end-to-end fintech solution combining alternative payment methods, global payouts and compliance tools. It gives you the tools to send payouts worldwide with one platform. 

You can disburse funds in local currencies to bank accounts, cards and ewallets, reaching over 190 countries. Where some providers focus on a single region or offer limited payout types, Rapyd covers more markets with a wider range of methods—so you don’t need multiple partners to reach your recipients.

Airwallex

Airwallex supports global payouts through APIs, with a focus on card payments, bank transfers and digital wallets. It’s a solid option if you’re sending funds in major currencies or operating in markets like China and Australia, where their infrastructure is strongest.

However, coverage across Africa, parts of Latin America and smaller markets in Asia can be limited. 

If your business needs to reach a broad set of countries with local payout methods, you may need to combine Airwallex with other providers.

Payoneer

Payoneer is widely used by freelancers, marketplaces and businesses that need to pay individuals or small suppliers, especially in regions like Eastern Europe, South Asia and parts of Latin America. It’s well suited for cross-border payments to Payoneer accounts, which recipients can link to local bank accounts or cards.

That said, Payoneer’s reach depends heavily on its own account network. If recipients don’t already use Payoneer, they may need to sign up before receiving funds, which can add friction. Coverage of local payout methods is also more limited compared to providers that support direct-to-bank or wallet payments globally.

Keep in mind that not all payout solution providers cover the same territories. Some excel in specific regions but have gaps elsewhere. Before choosing a provider, make sure they support all countries and currencies your business needs.

And while fintech solutions typically integrate more easily than traditional banking systems, you may still face technical hurdles when implementing these platforms:

• Legacy system compatibility issues
• API integration complexities
• Data mapping between different systems
• Staff training and process changes

Despite these potential challenges, modern fintech solutions offer the benefits of faster processing, lower costs and better transparency.

Choosing the Right SWIFT Alternative for Your Business

When evaluating which SWIFT alternative is right for your business, consider these factors:

• Transaction volume and frequency: High-volume businesses may benefit more from solutions like Rapyd that support a variety of payout methods, including global ACH, real-time payment networks (RTP), instant card payouts and more.
• Geographic footprint: Consider where your business operates and which alternative provides the best coverage in those regions.
• Integration capabilities: Assess how well the solution will work with your existing systems and what technical resources you’ll need for implementation.
• Regulatory requirements: Ensure the solution meets payment processing compliance standards in all relevant jurisdictions.
• Cost structure: Compare not just the base fees but also currency conversion rates and any hidden charges.
• Speed requirements: If you need instant delivery, a provider that supports real-time payment networks and instant card payouts may be your best options.

Finding the best international payment system ultimately depends on your business model and operational priorities. For many companies, researching different cross-border payment platforms can inform an ideal approach that involves using multiple solutions strategically.