RBC Investments Named Top 5 Banks With Favorable Rates For SWIFT Transfers

RBC Investments analysts compared the list of currencies available for transfers, countries where funds can be withdrawn, as well as transaction fees at banks confirming that the service really works and highlighted the top 5 credit institutions for SWIFT transfers.

The leaderboard included:

“solid bench”

• Transfers are possible in US dollars, Yuan, Euro, Yen and other currencies.
• Transfer fee: 0.11% of the amount (with different limits on the minimum and maximum commission amounts).
• Translation countries: Azerbaijan, Armenia, Bangladesh, Cambodia, Kyrgyzstan, China, Lithuania, Mexico, Malta, Moldova, Mongolia, Puerto Rico, Namibia, Tajikistan, Turkey, Montenegro, Tanzania, Uzbekistan, Thailand, Laos, and Belarus.

“Bank of China”

• Transfers in US dollars and euros.
• Commission for – 0.3%, but not less than $20 and not more than $200.
• Countries of transfer: anywhere in the world (all payments are processed individually, additional information may be requested).

“Tinkoff Bank”

• Transfers in US dollars, euros, yuan, Hong Kong dollars, Turkish lira, etc.
• Transfer fee: 1% of the transfer amount or a flat rate for various currencies.
• Translation countries: China, Mongolia, Hong Kong, Turkey, Serbia, Azerbaijan, Armenia, Georgia, Kyrgyzstan, Uzbekistan, Tajikistan.

“Cipher Bank”

• Transfers in US dollars, euros, as well as Kazakh tenge, Chinese yuan, Turkish lira, Azerbaijani manat, Armenian drams (subject to certain conditions).
• Transfer fee: 0.45% of the transfer amount, but not less than $50 or the equivalent in the payment currency (premium fees apply).
• Countries for translation: Kazakhstan, Armenia, Georgia, Tajikistan, etc.

raiffeisenbank

• Transfers in US dollars, euros, yuan, etc.
• Transfer fee: 2-3% of the amount, but not less than $200 and not more than $300; the minimum transfer amount is $10,000 or the equivalent in the currency of transfer. In addition, an intermediary bank commission is paid.
• Countries for transfer: any.

In total, 40 banks participated in the study, whose website contains information that offers customers the service of transferring funds abroad through the SWIFT system.

However, communication with support services showed that many of them have in fact suspended their activities in this regard.

Remember that today the following are disconnected from the SWIFT system: Sberbank, VTB, Otkritie Bank, Novikombank, VEB.RF, Promsvyazbank, Rossiya Bank, MCB, RSHB and Sovcombank.

At the same time, those banks that were not officially sanctioned still experience difficulties with cross-border transfers, as some foreign financial institutions have introduced internal restrictions on working with SWIFT transfers from Russia.