Big banks launch faster global money transfers
Canada’s two largest banks have started processing international money transfers under a new global standard that improves speed, cost, and transparency for recipients.
Royal Bank of Canada and TD Bank Group became the first financial institutions in North America to adopt the system, introduced this year by Swift. The network connects over 11,500 banks and financial firms across 200 countries.
The new standard removes common frustrations with cross-border payments. Money sent from abroad will arrive in full without hidden fees deducted during transfer. In many cases, funds will land in Canadian accounts within minutes or instantly where local banking systems support it.
Senders will see the exact fee and exchange rate before confirming the transaction, eliminating the uncertainty that often accompanies international transfers. The changes initially apply to payments originating in Australia and Belgium, with additional countries expected to join later.
These banks are among the first 60 globally to implement the system. The rollout responds to growing demand for efficient cross-border payments in Canada, where nearly one in four residents was born outside the country—the highest proportion in over 150 years.
Bank representatives described the move as a response to customer needs. Sebastian Becerra, Managing Director of Global Transaction Banking at RBC Capital Markets, said the adoption advances goals outlined in the G20 Roadmap for modernizing international payments. He noted that Canadian consumers and businesses increasingly expect cross-border transactions to match the speed and clarity of domestic transfers.
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Christopher Chazin, Head of Transaction Banking Product at TD Securities, shared a similar view. “As Canada’s connections to global markets continue to grow, efficient and transparent cross-border payments become more important,” he stated. TD highlighted the initiative’s role in improving visibility and predictability for customers.
For many Canadians, the change could reduce delays when receiving money from family overseas or paying international suppliers. The current system often leaves recipients waiting days for funds to clear, only to find unexpected fees have reduced the amount. That uncertainty has made some reluctant to rely on cross-border payments for urgent needs.
Leigh Amaro, Swift’s Chief Executive for the Americas, said the new standards address rising expectations. “Canadians want international payments to be as transparent and predictable as domestic ones,” she explained. “This framework will create a more trusted experience for businesses and consumers.”
The Swift initiative uses technical and operational standards that participating banks agree to follow. When a sender initiates a transfer, the system calculates the exact fee and exchange rate upfront, displaying them before finalizing the transaction. Funds move through Swift’s network, which routes payments directly to the recipient’s bank.
The process avoids intermediaries that traditionally slow cross-border payments, allowing transfers to arrive much faster. Speed depends on whether both banks support real-time processing, but Swift estimates most transactions under the new standard will complete within minutes.
Neither RBC nor TD has disclosed specific fee structures for the service. However, the upfront cost transparency means senders will know the total expense before committing to the transfer. This could reduce disputes over unexpected charges, a frequent issue for individuals and small businesses.
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Their early adoption of the standard may push other Canadian financial institutions to follow. While these two banks are the first in the country to implement it, Swift expects broader participation as more institutions recognize the competitive advantage of offering faster, more reliable international payments.
For now, the service covers only incoming transfers from Australia and Belgium. Both banks have indicated plans to expand the list of supported countries. The timing aligns with a global regulatory push to modernize cross-border payments, a priority in the G20’s roadmap for improving financial infrastructure.
The changes arrive as Canada’s ties to the global economy strengthen. Immigration has driven record population growth, and many newcomers maintain financial connections to their countries of origin. Small businesses increasingly depend on international suppliers, making efficient cross-border payments essential to their operations.
Success will partly depend on how quickly other countries adopt the same standards. For Canadians receiving money from the first two participating markets, the experience should already feel different—and likely better.
As compliance priorities shift, banks must also ensure these faster payment systems meet regulatory requirements without adding complexity for users.
