International payments need to be streamlined
Payments to the EU are largely as fast and cheap as domestic payments. The same is true of payments within the global card networks such as Visa and Mastercard. Other international payments, on the other hand, are both slower and more expensive. New technology, including solutions based on cryptocurrencies, are now starting to be used in this area.
Published: 7 November 2019
Payments to non-EU countries can take a long time. The illustration shows that payments in Sweden and the EU reach the recipient on the same or following banking day. For payments outside the EU, it takes 0-5 banking days and sometimes even longer. Among other things, this is because more participants are involved in the transaction. Source: The Riksbank