Local Bank Transfers vs SWIFT transfers

[AmanAnsari]

Hi All,

Hope you are doing well!

I went through a lot of conversations and could find only people who had used Local Bank transfers for payment. If someone has actually used SWIFT transfer can they please share their findings. To help each other out, we can discuss the Pros and Cons of Local Bank Transfers Vs SWIFT transfers, particularly on below topics:

1. Actual Transfer Fees that was deducted when the amount landed in the Account
2. Exchange rate in both the scenarios
3. Ease of getting an FIRC
4. Ease of staying compliant with the laws
5. Any other topics

Many Thanks!
Aman Ansari

[daryldy]

Hey @AmanAnsari ,

This is a great topic! There is a lack of information on the pros and cons on SWIFT vs Bank transfers vs other technologies. On my end being based from the Philippines. I've found SWIFT to be costlier and slower than platforms such as Paypal, Wise, etc. Usually by a factor of 4x. Local banks in my side of the world have fully embraced electronic transfers so it's painless as well with fees usually being as low as USD 0.20 per transfer. When I get my pay from Deel, I usually used direct card transfer or local bank transfer as it's more convenient for my use case and direct card transfer is free.

Best,
Daryl