What is a SWIFT transfer (international transfer)?
A SWIFT transfer is an international fund transfer routed through the SWIFT network (Society for Worldwide Interbank Financial Telecommunication), a secure interbank network connecting more than 11,000 financial institutions in over 200 countries. It enables businesses to send and receive payments in foreign currencies (US dollars, pound sterling, Swiss francs, etc.).
The costs of a SWIFT transfer generally comprise fixed processing fees and a margin on the exchange rate. Execution times range from a few hours to several days depending on the country and currency. Memo Bank offers international transfers in 104 currencies, with competitive exchange rates via JP Morgan and fully autonomous execution, with no need to contact an advisor.
In how many currencies can an international transfer be made from Memo Bank?
Memo Bank supports 104 issuing currencies and 32 receiving currencies. This covers the vast majority of requirements for businesses with transactions in currencies: USD, GBP, CHF, CAD, AUD, JPY, etc. The full list of accepted currencies is available in the Memo Bank support centre. Transfers are issued from your euro account, and the conversion is managed automatically at the applicable exchange rate.
How does Memo Bank protect against exchange rate fluctuations?
During an international transfer, execution can take several hours, during which the exchange rate may fluctuate. To protect its clients, Memo Bank automatically cancels the transfer if the final amount increases by more than 10% between the moment of validation and the moment of execution. The client is then notified of the cancellation and can re-initiate the transfer at the new rate if it is acceptable. This is a particularly useful safety net for transfers in volatile currencies.
Can SWIFT transfers be executed via API at Memo Bank?
Yes, SWIFT international transfers can be executed via the Memo Bank banking API, in addition to the web interface. This functionality enables businesses to fully automate their cross-border payments from their internal back-office. The API enables international beneficiaries to be created, transfers to be initiated in the available currencies, and real-time notifications to be received on the status of each transaction. This is a significant advantage for businesses managing a high volume of international payments.
Do I need to reach out to my relationship manager if I want to make an international transfer?
No, at Memo Bank, international transfers are executed entirely autonomously. You log in to your workspace, select the currency, amount, and beneficiary, and confirm. The transfer is processed immediately. This autonomy is a significant advantage over traditional banks, where international transfers often require contacting an advisor, signing a paper instruction, or waiting for an internal validation process that can take several days.
How do virtual IBANs work with international transfers?
Transfers routed through a virtual IBAN follow the same processing path as standard transfers, including for certain international transfers within the SEPA zone. Funds are credited to the main account in the same currency. This means you can use virtual IBANs to identify and segment your international euro collections originating from the SEPA zone. For SWIFT transfers outside the SEPA zone, the available options depend on the currency and country of origin. It is recommended to verify compatibility with your Memo Bank account manager.
Which businesses use Memo Bank's international transfers?
Memo Bank's international transfers are used by a wide range of businesses with international operations. These include companies in the climate tech sector (such as Everimpact, which significantly reduced its international transfer costs after switching to Memo Bank), REITs acquiring properties abroad, import-export companies, software publishers invoicing in foreign currencies, and industries paying their suppliers overseas. The combination of transparent pricing, competitive FX rates via JP Morgan, and autonomous execution is particularly appealing to businesses looking to reduce their transaction costs.
