xNY.io - Bank.org 

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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.