Will international money transfers at Swiss banks become simpler?
A PayInit és a Visa kezdeményezése a svájci banki ügyfelek nemzetközi, magánszemélyek közötti pénzküldését egyszerűsítené. A tervek szerint az utalás a meglévő mobilbanki alkalmazásból, külön alkalmazás telepítése nélkül, akár telefonszám vagy e-mail-cím alapján indítható lenne. A szolgáltatás pontos indulási időpontja, díja, országlistája és magyarországi elérhetősége azonban még nem megerősített.
What is Visa and PayInit’s initiative?
The aim is to create a joint infrastructure (gemeinsame Infrastruktur) that makes international money transfers (internationale Geldüberweisung) easier for customers of Swiss banks (Schweizer Banken).
The essence of PayInit is to make cross-border private transfers faster, cheaper and simpler. According to the description, the initiative addresses three specific problems:
Slowness: international transfers often take days.
High costs: fees and exchange-rate spreads place a burden on smaller transfers.
Complex data entry: traditional transfers require numerous bank details to be entered accurately.
The system is based on Visa’s payment network. Solutions such as Visa Direct and Visa+ form the backbone, enabling direct card-based money transfers between different parts of the world.
Several parties are involved in the initiative. The companies named include PayInit AG, Viseca Payment Services SA and Cornèr Bank Ltd., as well as Opentech and its OpenPay Send solution.
What is PayInit’s objective in global, card-based P2P money transfers?
PayInit aims to facilitate international transfers between private individuals (P2P, “peer-to-peer”), building on existing banking channels.
In practice, this means that customers do not download a separate, new application, but initiate an international transfer from the banking environment they already know. The focus is on an interface that is familiar to the user.
This approach may be particularly appealing to those who regularly send smaller amounts abroad — for example, to family members or acquaintances — and have so far faced a slow, expensive or cumbersome process.
Which Visa and Mastercard solutions are connected to the platform?
The system is built on the money-transfer infrastructure of the major international card networks, which has now evolved beyond traditional card payments.
On the Visa side, Visa Direct and Visa+ are worth mentioning: these are services that make it possible for money to be sent directly to another person’s account or card. On the Mastercard side, Mastercard Move, Mastercard Credential Services and, more generally, Mastercard money-transfer solutions are aligned with similar efforts.
These networks make it technically possible for money to reach the recipient quickly and more simply than through a traditional bank transfer.
How can customers send money from their existing mobile banking application?
Under the concept, the transfer can be initiated from the bank’s own mobile application, without installing a separate service.
This is an important difference compared with traditional money-transfer services, where customers often have to register on a separate platform and share their data with a third party.
If the function is integrated into the familiar mobile banking interface, it can reduce the risk of errors and make the process feel less unfamiliar, as customers remain within the banking environment they already trust.
Why may a phone number or email address be sufficient to send money?
A central element of the system is the so-called alias directory (Alias-Verzeichnis), which uses a simpler identifier instead of lengthy banking identifiers.
The idea is that the sender does not need to enter the recipient’s full bank account number or all their banking details. A simpler identifier may be sufficient — such as a telephone number or email address — to which the back-end system assigns the appropriate account.
This specifically addresses the problem of “complicated data entry”: entering less information manually means fewer typing errors and fewer interruptions.
How could PayInit complement TWINT’s domestic service?
PayInit is not intended to replace TWINT, but to complement it for international transfers.
In Switzerland, TWINT is a well-established means of making domestic payments between private individuals: it is fast and widely used, but primarily optimised for transfers within Switzerland. PayInit would come into play where TWINT’s reach ends — for cross-border transfers.
In theory, the two could therefore work together: the familiar solution would remain in place for domestic payments, while international transfers could follow a simpler route designed specifically for that purpose.
What could this mean for Hungarians living in Switzerland?
For Hungarians living in Switzerland, the main promise could be simpler transfers to Hungary (or other countries).
Many people regularly send money home — to parents, children or relatives, or to cover expenses on a Hungarian account. For these transfers, the three factors currently being targeted are often the most frustrating: transaction time, cost and the cumbersome nature of entering the required details.
If an international transfer can be initiated from the user’s Swiss banking app with a simple identifier, this could significantly reduce the burden of regular transfers home.
At the same time, it is important to remain realistic: until the details are made public, it cannot be considered certain exactly which countries and banks the service will cover. Availability in Hungary is also not automatically guaranteed simply because a Swiss solution is launched.
When and in what form could it become available?
As of early 2026, the exact launch date and the specific form of the service are not publicly known.
The current information concerns the development of shared infrastructure, not an already usable product available to customers. The specific fees, list of supported countries, limits and participating banks therefore remain unconfirmed for now.
Anyone planning transfers home should monitor official information from their own bank, as the service’s availability and terms may vary from bank to bank.
What should you consider when sending money internationally?
For any international transfer, it is advisable to consider three factors together: the total cost, the exchange rate and the arrival time.
Total cost:It is not only the stated fee that matters, but also the exchange-rate margin (the difference between the bank’s exchange rate and the market mid-market rate). Two “free” transfers may differ significantly because of the exchange rate.
Exchange rate:When converting CHF to HUF, the exchange rate applied is often a greater cost than the fee itself.
Arrival time: traditional bank transfers can take several business days; card-based solutions may improve this.
Data accuracy: if the account number is incorrect or the information is incomplete, the transfer may be returned or held up — simplified identifiers are specifically designed to reduce this risk.
Recipient bank’s side: how quickly the money arrives also depends on the receiving bank’s processing.
In practice, it is advisable to compare the available channels using several small test transfers before sending a larger amount.
Sources
In Brief
Visa and PayInit’s shared infrastructure could make international private transfers from Swiss banks simpler, faster and cheaper. The service may work through existing mobile banking applications, potentially using a phone number or email address, but the exact launch date, fees, supported countries and participating banks are not yet known.
Key Takeaways
- Follow your own Swiss bank’s official communications, as availability and terms may vary from one bank to another.
- Do not assume that the service will automatically be available for transfers to Hungary: the list of supported countries and banks is not yet known.
- When comparing international transfers, check the total cost, exchange rate and delivery time together.
- In addition to the stated fee, examine the exchange-rate spread, especially for CHF–HUF conversions.
- Before sending a larger amount, compare the available money-transfer channels using several small test transfers.
- Check the recipient’s banking arrangements as well, since processing times may also depend on the receiving bank.
Frequently Asked Questions
What is the aim of the Visa and PayInit initiative?
The initiative would create shared infrastructure for international money transfers by customers of Swiss banks. Its aim is to make transfers between private individuals faster, cheaper and simpler.
How could international transfers work with PayInit?
According to the plans, transfers could be initiated from the bank’s own mobile application, without installing a separate money-transfer app. The system could rely on Visa’s money-transfer infrastructure, including Visa Direct and Visa+.
Could a phone number or email address be enough to send money?
According to the concept, yes: the alias directory could link a phone number or email address to the relevant bank account. This could eliminate the need to enter a long account number and all banking details manually, reducing the risk of typing errors.
Will PayInit replace TWINT?
No. According to the article, PayInit is being developed not as a replacement for TWINT, but as an international extension. TWINT is used primarily for domestic transfers between private individuals in Switzerland, while PayInit would target cross-border money transfers.
What could the initiative mean for Hungarians living in Switzerland?
Regular transfers to Hungary or other countries could become simpler if the feature becomes available at the relevant Swiss banks. However, availability in Hungary is not guaranteed, as the supported countries and participating banks are not yet known.
When could the PayInit service become available?
Based on the article, the exact launch date and final service format are not publicly known. For now, information concerns the development of shared infrastructure, not an already usable customer product.
What costs should be considered when making an international transfer?
It is advisable to consider not only the stated transaction fee but also the exchange-rate spread. The delivery time, accuracy of the payment details and the receiving bank’s processing practices are also important.
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