Delivery Methods

Last updated: July 22, 2026

Delivery Methods: EFT vs SWIFT Wire

When you send a cross-border payment through PayRecs, you choose between two delivery rails: a SWIFT wire, sent over the SWIFT and correspondent banking network, or EFT, sent over local in-country clearing channels (SEPA, Faster Payments, Global ACH, Interac, and similar rails). Both move funds internationally. They differ on speed, cost, traceability, and the kinds of payments they suit best.

Note on terminology: EFT is PayRecs' name for the low-value, local-rail delivery method. Other providers and banks may call the same category "international ACH" or "low-value payments." When you see those terms elsewhere, they refer to the same rail as EFT here, not a separate product.

What is EFT?

Our EFT solution is a more cost-effective alternative to international wire transfers. Instead of the SWIFT network, it uses a variety of in-country clearing channels. These channels are particularly useful for low-value, less time-sensitive cross-border payments. We support a broad list of currencies through EFT (see the matrix below).

When to use each rail

Send a SWIFT wire when:

  • The payment is urgent or has a same-day cut-off.

  • The destination uses a currency with no local-rail (EFT) support.

  • The payment requires detailed regulatory or remittance references.

  • The beneficiary bank or counterparty requires SWIFT.

  • The amount is high value, where wire is the economical choice.

Send via EFT when:

  • The payment is routine and not time-critical.

  • You are paying repeatedly in the same currency or corridor.

  • You want to minimize fees across many smaller payments.

  • The corridor supports a local rail and the amount is within that rail's limits.

How the two rails compare

SWIFT Wire

EFT (local rails)

Speed to beneficiary

Same-day to 1–2 business days for major corridors sent before cut-off.

Typically 1–3 business days. Some corridors (SEPA Instant, Faster Payments) are near real-time. Accepted or rejected quickly when account details are correct.

Settlement

Real-time gross settlement. Each payment moves individually through SWIFT and correspondent banks.

Batched local clearing in the destination country. Funds are netted and settled in scheduled cycles.

Cost

Higher. Correspondent and lifting fees may reduce the amount the beneficiary receives.

Lower. Lifting fees and charges are reduced, so more of the payment reaches the beneficiary.

Amount limits

Suitable for any amount; no practical upper limit.

Best for routine and lower-value payments. Individual currencies have their own caps (see country limits below).

Reach

Global, wherever a SWIFT correspondent network exists.

Limited to corridors where a local rail is supported (see supported currencies below).

Traceability

End-to-end tracking, including status and intermediary detail.

Limited. Status is available at clearing milestones rather than end-to-end.

Amendment and returns

Recall can be requested through the bank; success is not guaranteed and depends on the beneficiary bank and timing.

A payment cannot be amended once approved and sent for delivery. A payment may still be returned by the beneficiary bank under that rail's return rules.

Action needed before publishing: confirm the two rows flagged below against PayRecs' actual EFT capability.

  1. Traceability. The prior article stated EFT payments "can't be traced." This draft says tracing is "limited" (status at clearing milestones). Confirm which is accurate.

  2. Amendment and returns. The prior article stated an EFT "can't be traced" and "can't be amended once sent." This draft keeps "no amendment after sending" but adds that a return may still occur. Confirm whether EFT returns are possible on PayRecs' rails.

Benefits of EFT

  1. Minimized transaction cost for your recipient (lifting fees and charges reduced).

  2. Improved relationships with your vendors, who receive more of the payment.

  3. Fast, immediate acceptance when account details are correct, and immediate rejection when they are not.

Limitations of EFT

  • A payment cannot be amended once it is approved and sent for delivery.

  • Tracing is limited compared with a SWIFT wire.

  • Each country and currency has its own limits (see below).

Country and currency limits (EFT)

Country / Currency

Currency

Limit

Bulgaria Lev

BGN

Limit BGN 100,000.00

Brazil Real

BRL

Transactions from BRL 10,000 and above may require additional documentation

Colombia Peso

COP

Minimum transaction amount COP 60,000.00

United Kingdom Pound Sterling

GBP

FPS limit GBP 1,000,000.00

Guatemala Quetzal

GTQ

No limit. Additional requirements for transactions above USD 4,500/day, USD 9,000/month

Indonesia Rupiah

IDR

Per-transaction limit under IDR 300.0MM. Transactions from IDR 100.00MM and above may require additional documentation

Kenya Shilling

KES

No limit. Transactions from USD 10,000 and above may require additional documentation

Lebanon Pound

LBP

Limit LBP 30,000,000

Malaysia Ringgit

MYR

Limit MYR 200,000.00; MYR 10,000.00 max for non-residents. Transactions from USD 25,000 and above may require additional documentation

Norway Krone

NOK

Transactions under NOK 10.0MM. Remittance information not supported

Philippines Peso

PHP

Transactions from PHP 500,000.00 and above may require additional documentation

Thailand Baht

THB

Limit THB 700,000

South Africa Rand

ZAR

Limit ZAR 5,000,000

Supported Currencies

The Euro zone established SEPA in 2008 and fully implemented it in 2014. The SEPA region consists of 36 European countries, including several that are not part of the European Union.

Current sanctions may prevent or delay wires regardless of whether the currency is supported.

Currency Name

Currency

SWIFT Wire

EFT

UAE Dirham

AED

Yes

Afghan afghani

AFN

Yes

Albanian lek

ALL

Yes

Armenian Dram

AMD

Yes

Angolan kwanza

AOA

Yes

Argentine Peso

ARS

Yes

Australian Dollar

AUD

Yes

Yes

Aruban or Dutch Guilder

AWG

Yes

Azerbaijani manat

AZN

Yes

Bosnia and Herzegovina convertible mark

BAM

Yes

Barbados Dollar

BBD

Yes

Bangladeshi taka

BDT

Yes

Yes

Bulgarian Lev

BGN

Yes

Bahraini Dinar

BHD

Yes

Burundian franc

BIF

Yes

Bermudian dollar

BMD

Yes

Brunei Dollar

BND

Yes

Bolivian boliviano

BOB

Yes

Brazilian Real

BRL

Yes

Yes

Bahamian dollar

BSD

Yes

Bhutanese ngultrum

BTN

Yes

Pula

BWP

Yes

New Belarusian ruble

BYN

Yes

Belize dollar

BZD

Yes

Canadian Dollar

CAD

Yes

Yes

Congolese franc

CDF

Yes

Swiss Franc

CHF

Yes

Chilean Peso

CLP

Yes

Chinese Renminbi

CNH

Yes

Yuan Renminbi

CNY

Yes

Colombian Peso

COP

Yes

Yes

Costa Rican Colon

CRC

Yes

Cape Verdean Escudo

CVE

Yes

Czech Koruna

CZK

Yes

Djiboutian franc

DJF

Yes

Danish Krone

DKK

Yes

Yes

Dominican Peso

DOP

Yes

Yes

Algerian Dinar

DZD

Yes

Egyptian Pound

EGP

Yes

Eritrean nakfa

ERN

Yes

Ethiopian Birr

ETB

Yes

Yes

Euro

EUR

Yes

Yes

Fiji Dollar

FJD

Yes

Falkland Islands pound

FKP

Yes

Pound Sterling

GBP

Yes

Yes

Georgian lari

GEL

Yes

Ghana cedi

GHS

Yes

Gibraltar pound

GIP

Yes

Gambian dalasi

GMD

Yes

Guinean franc

GNF

Yes

Guatemala Quetzal

GTQ

Yes

Yes

Guyanese dollar

GYD

Yes

Hong Kong Dollar

HKD

Yes

Yes

Honduran Lempira

HNL

Yes

Croatian Kuna

HRK

Yes

Haitian gourde

HTG

Yes

Forint

HUF

Yes

Yes

Rupiah

IDR

Yes

Yes

New Israeli Sheqel

ILS

Yes

Yes

Indian Rupee

INR

Yes

Yes

Iraqi dinar

IQD

Yes

Iceland Krona

ISK

Yes

Jamaican Dollar

JMD

Yes

Jordanian Dinar

JOD

Yes

Yen

JPY

Yes

Kenyan Shilling

KES

Yes

Yes

Kyrgyzstani som

KGS

Yes

Cambodian riel

KHR

Yes

Comorian Franc

KMF

Yes

Won

KRW

Yes

Kuwaiti Dinar

KWD

Yes

Cayman Islands dollar

KYD

Yes

Kazakhstani tenge

KZT

Yes

Lao Kip

LAK

Yes

Lebanese Pound

LBP

Yes

Rupee

LKR

Yes

Liberian dollar

LRD

Yes

Lesotho loti

LSL

Yes

Libyan dinar

LYD

Yes

Moroccan Dirham

MAD

Yes

Yes

Moldovan leu

MDL

Yes

Malagasy ariary

MGA

Yes

Macedonian Denar

MKD

Yes

Myanmar Kyat

MMK

Yes

Mongolian tögrög

MNT

Yes

Macanese pataca

MOP

Yes

Mauritanian ouguiya

MRO

Yes

Mauritius Rupee

MUR

Yes

Maldivian rufiyaa

MVR

Yes

Malawian kwacha

MWK

Yes

Mexican Peso

MXN

Yes

Yes

Malaysian Ringgit

MYR

Yes

Yes

Mozambican metical

MZN

Yes

Namibian Dollar

NAD

Yes

Naira

NGN

Yes

Nicaraguan córdoba

NIO

Yes

Norwegian Kroner

NOK

Yes

Yes

Nepalese Rupee

NPR

Yes

New Zealand Dollar

NZD

Yes

Yes

Rial Omani

OMR

Yes

Panamanian balboa

PAB

Yes

Nuevo Sol

PEN

Yes

Yes

Kina

PGK

Yes

Philippine Peso

PHP

Yes

Yes

Pakistan Rupee

PKR

Yes

Zloty

PLN

Yes

Yes

Paraguayan Guarani

PYG

Yes

Qatari Rial

QAR

Yes

New Leu

RON

Yes

Yes

Serbian dinar

RSD

Yes

Rwandan franc

RWF

Yes

Saudi Riyal

SAR

Yes

Solomon Islands Dollar

SBD

Yes

Seychellois rupee

SCR

Yes

Swedish Krona

SEK

Yes

Singapore Dollar

SGD

Yes

Yes

Sierra Leonean leone

SLL

Yes

Surinamese dollar

SRD

Yes

São Tomé and Príncipe dobra

STN

Yes

Lilangeni

SZL

Yes

Baht

THB

Yes

Tajikistani somoni

TJS

Yes

Turkmenistan manat

TMT

Yes

Tunisian Dinar

TND

Yes

Yes

Pa'anga

TOP

Yes

Turkish Lira

TRY

Yes

Trinidad and Tobago Dollar

TTD

Yes

Yes

New Taiwan Dollar

TWD

Yes

Tanzanian Shilling

TZS

Yes

Ukrainian hryvnia

UAH

Yes

Uganda Shilling

UGX

Yes

US Dollar

USD

Yes

Yes

Uruguayan peso

UYU

Yes

Yes

Uzbekistani som

UZS

Yes

Venezuelan bolívar

VES

Vietnamese dong

VND

Yes

Vanuatu vatu

VUV

Yes

Samoan tala

WST

Yes

CFA Franc BEAC

XAF

Yes

Yes

East Caribbean Dollar

XCD

Yes

CFA Franc BCEAO

XOF

Yes

Yes

CFP Franc

XPF

Yes

Yemeni rial

YER

Yes

Rand

ZAR

Yes

Yes

Zambian Kwacha

ZMW

Yes