SWIFT
If you’ve ever made an international money transfer you’ve probably already used SWIFT. SWIFT (Society for Worldwide Interbank Financial Telecommunication) payments are international transfers made through the SWIFT network, which is the world’s largest international payments system.
In simple terms, if you send an international payment, SWIFT is a service that securely sends your money from your account to your payee’s account through intermediary banks. These banks can apply extra charges for handling the money, which can be deducted from what your payee receives.
How do SWIFT fees work and who pays them?
With Zing, you’re free to choose how to pay the charges applied by intermediary banks for handling the SWIFT transfer:
You pay the transfer fees
With this option, your payee receives the amount in full, with no extra intermediary bank charges deduced from what they get. This is also known as OUR fee.
Zing displays the fees in full, so you know exactly how much you’re paying when you make the transfer.
If your payment is rejected, your money is refunded. You won’t pay any intermediary bank charges for processing the refund (although the latest exchange rate still applies).
You share the transfer fees
With this option, your payee may get less than you sent if intermediary banks apply charges for processing the payment. This is known as SHA fee.
Zing tells you when your payee is expected to cover these variable fees for your transfer before you pay.
If your payment is rejected, charges for processing your refund may also apply. You could receive less than the amount you originally sent (and the latest exchange rate also applies).
How long do SWIFT transfers take?
SWIFT payments usually take 2–5 working days to reach their destination, depending on the time differences between the sending and receiving country or the intermediary banks involved.
Where possible, Zing’s payment tracker shows you the intermediary banks involved in handling your payment so you know where your money is.
Quick bank transfer
What is a quick bank transfer?
As the name suggests, quick bank transfers are a fast way to transfer money from your bank account to your Zing wallet. The speed and ease make it a common method for everyday top-ups.
How does a quick bank transfer work?
If you open Zing and tap ‘Add money’, quick bank transfer is the first payment method you’ll see. Choose your amount and you’ll be directed straight to your chosen banking app to check the details and confirm the payment. You’ll be transferred back to Zing and your money will show in your wallet.
How long does a quick bank transfer take?
A big benefit of quick bank transfers is that the money usually arrives instantly, but in some cases it can take up to 2 hours.
Other payment methods to know Wallet-to-wallet
Transfer money between your Zing wallets so you’ve always got access to the currencies you need. Just pick the wallet you want to add money to and tap ‘Convert’. You wont pay a transfer fee on Zing-to-Zing wallet transfers, but there are conversion fees when you convert between currencies.
Debit card
If you have it handy, you can top up your account by using one of your other debit cards issued by Visa or Mastercard. You can save your card details, so you don’t have to input that 16 digit card number each time.
Traditional bank transfer
View or share your Zing GBP bank details to receive money into your Zing account from personal and business accounts in the UK. Your money will usually arrive instantly, but it could take up to 1 business day to show up in your account.
Download Zing – the international money app that gives you the freedom to send and spend your way.
