I mean it’s just numbers switching places, why it sometimes take like 2 days? It’s not psyhical paper they are transferring after all.
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SWIFT is a messaging system, and an old one. It’s a compatible one which is not really built for speed, and certainly not built for instant transfers. So all of the following is true:
– There may be intermediary clearing banks involved, depending on currency and destination
– There may be delays for fraud and sanctions checks
– You and / or your bank may be paying less for a slower service
– Depending on where you live, there may be no legislation designed to speed up your payment. (What I mean is, in the EU there are certain ‘fast’ guarantees for low-ish value payments, for example)
– Different countries and banks have different standards so, for example, a payment may arrive at the beneficiary bank, but their systems don’t update until next day to reflect that in your balance.
In short, it’s very old tech, and while it’s robust, reliable, and secure (The most important things for international and / or high value payments) it’s not really built for speed.
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