China has solidified its position as the main destination for international transfers among the Spanish companies analyzed by iBanFirst, though payments to the Asian giant remain considerably slower than those sent to the United States. Payments to the Asian giant remain considerably slower than those sent to the United States.
The U.S. dollar continues to be the reference currency for Spanish firms operating in international markets. In fact, 70% of their cross-border payments are made in this currency, a share that far surpasses the European average of 56%. Furthermore, China stands out as the main destination for international transfers, ahead of Hong Kong, the United Kingdom, and the United States.
These are some of the findings of the 2026 Payment Speed Barometer, compiled by the financial services platform iBanFirst. The study highlights the differences that still exist in the processing times of international payments and the hurdles faced by companies that maintain commercial relationships with other markets.
China accounts for one in four international payments
One of the most notable findings of the report is China’s prominence in the international operations of Spanish companies. According to the study, 24% of the transactions analyzed by iBanFirst’s Spanish clients during 2025 were payments in dollars to China.
Next in line are Hong Kong, with 10% of the operations; the United Kingdom, with 7% of payments made in pounds; and the United States, accounting for 6%.
This distribution reflects the importance of Asian suppliers for the Spanish business fabric, especially for SMEs that depend on importing products, raw materials, or components necessary to carry out their activity.
However, doing business with certain markets also means facing longer wait times to complete transfers. The report reveals that only 15% of the dollar payments from Spain to China arrive at their destination in under two hours, compared with 49% of transfers directed to the United States that are completed within that same window.
In the case of China, time zone differences and the involvement of multiple intermediary banks complicate the process. In many cases, transfers reach the recipient banks in China before the start of their business day, delaying processing.
For SMEs that work with international suppliers, these differences can have consequences for liquidity management, procurement planning, and meeting payment deadlines.
The main delay occurs at the receiving banks
Although international transfers have improved in recent years, there are still significant differences between countries and financial institutions.
According to the barometer, payments made from Spain go through an average of 1.6 intermediary banks, below the 1.8 registered across Europe on average. However, having fewer intermediaries does not necessarily guarantee faster processing.
In fact, SWIFT data collected in the study indicate that 80% of the total processing time for a payment is the waiting period until the receiving bank credits the funds. This means that much of the delays occur not during the money’s transmission, but in the final leg of the operation.
In Europe, 73% of completed payments settled in under 24 hours, up from 72% in 2024. This is a modest improvement that confirms there is still room to streamline cross-border operations.
The timing of when a transfer is ordered also influences its speed. According to iBanFirst’s analysis, payments sent before 10:00 a.m., from Monday to Wednesday, have higher odds of being processed the same day. Specifically, the 8:00–9:00 a.m. window yields the best average results.
Why do companies still lean on the dollar?
Despite international efforts to reduce dependence on the U.S. currency, the dollar remains dominant in commercial transactions.
The study notes that roughly half of payments made via SWIFT worldwide are conducted in this currency. Its strength is largely due to the expansive network of banks and financial institutions that operate with it, as well as its habitual use in commercial contracts, financing, and exchange-rate risk hedging.
Meanwhile, the Chinese yuan continues to advance in its internationalization, though it still faces limitations in banking connectivity and transaction speed.
For many companies, especially those that regularly make international purchases, using dollars remains an operational alternative due to liquidity and the available financial infrastructure.
This situation creates a scenario where policy moves aimed at boosting other currencies do not always translate immediately into corporate practice.
The importance of planning international payments
The barometer’s results highlight the need for internationally active SMEs to pay particular attention to managing cross-border payments and collections abroad.
Knowing typical processing times, planning operations around each country’s banking hours, and having visibility into cash movements can help avoid delays and improve treasury planning.
Moreover, the heavy use of the dollar makes currency-risk management especially relevant, as fluctuations in this currency can directly affect import costs and profit margins.
In a context where more and more small and mid-sized companies are doing business with international suppliers and customers, optimizing currency management and cross-border payments becomes a key factor in boosting competitiveness.
