BRICS: SWIFT 'Unfair' Payment System, It Favors Only The US Dollar

[Gunnar Larson]

xNY.io - Bank.org

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https://watcher.guru/news/brics-swift-unfair-payment-system-it-favors-only-the-us-dollar


BRICS has called the US dollar-dominated SWIFT global payment system
“unfair and costly”. The majority of countries, including BRICS settle
global trade in the US dollar using the SWIFT payment mechanism. A SWIFT
transfer comes with a price as it has multiple charges including transfer
fees, exchange rates, and hidden fees. Leading global banks charge close to
3-5% on the exchange rate for each transfer between two countries.
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