International Payments

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Only applicable to customers enabled for payments via SWIFT

Payments received via SWIFT crediting customers who are not enabled for SWIFT will be returned. This will cause inconvenience as there are not standard timescales for returning payments via SWIFT.

Our International Payments product offering allows customers to send currencies to countries other than the one they are domestic to. For example, sending USD to a person or business in the UK, rather than the US.

Many businesses, even if they are not located in the countries associated with the currencies, often conduct their operations in non-domestic currencies.

Our Products

At Modulr we offer International Payments using the global financial messaging system 'SWIFT'.

The SWIFT network is a global system used by banks and financial institutions to securely and efficiently exchange information and instructions for international money transfers and other financial transactions.

It plays a crucial role in facilitating cross-border payments and ensuring standardised communication among financial entities worldwide.

We currently offer:

• SWIFT Inbound in 11 currencies (GBP, EUR, CZK, DKK, NOK, PLN, SEK, CHF, USD, HKD, JPY)
• SWIFT Outbound in 11 currencies (GBP, EUR, CZK, DKK, NOK, PLN, SEK, CHF, USD, HKD, JPY)

Other Information

It should be made clear that SWIFT transfers are not instant; they often take one to three business days for settlement.

This delay is due to the multi-step process involving correspondent banks in different countries, which can impact the speed of international payments.