China is consolidating itself as the main destination for international transfers made by the Spanish companies analysed by iBanFirst, although payments to the Asian giant are still considerably slower than those sent to the United States.
The US dollar remains the reference currency for Spanish companies operating in international markets. In fact, 70% of their cross-border payments are made in this currency, a percentage that far exceeds the European average of 56%. In addition, China is positioned as the main destination for international transfers, ahead of Hong Kong, the United Kingdom and the United States.
These are some of the conclusions of the 2026 Payment Speed Barometer, produced by the financial services platform iBanFirst. The study highlights the differences that still exist in international payment processing times and the obstacles faced by companies that maintain trade relations with other markets.
China accounts for one in four international payments
One of the most relevant findings of the report is China's prominence in the international operations of Spanish companies. According to the study, 24% of the transactions analysed, carried out by iBanFirst's Spanish clients during 2025, corresponded to dollar payments to China.
It is followed by Hong Kong, with 10% of operations; the United Kingdom, with 7% of payments made in pounds sterling; and the United States, which accounts for 6%.
This distribution reflects the importance of Asian suppliers for the Spanish business fabric, especially for those SMEs that depend on importing products, raw materials or components needed to carry out their activity.
However, operating with certain markets also means facing longer waiting times to complete transfers. The report reveals that only 15% of dollar payments from Spain to China reach their destination in less than two hours, compared to 49% of transfers to the United States that are completed within that same timeframe.
In the case of China, time differences and the involvement of various intermediary banking entities complicate the process. In many cases, transfers arrive at Chinese receiving banks before the start of their working day, which delays their processing.
For SMEs working with international suppliers, these differences can have consequences for treasury management, purchase 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 pass through an average of 1.6 intermediary banks, below the 1.8 recorded for Europe as a whole. However, having fewer intermediaries does not necessarily guarantee greater speed.
In fact, SWIFT data collected in the study indicate that 80% of the total processing time of a payment corresponds to the wait until the receiving bank credits the funds. This means that a large part of the delays do not occur during the sending of the money, but in the final phase of the operation.
At the European level, 73% of completed payments were settled in less than 24 hours, compared to 72% recorded in 2024. This is a moderate improvement that confirms there is still room to speed up cross-border operations.
The time at which a transfer is ordered also affects its speed. According to iBanFirst's analysis, payments sent before 10:00 a.m. between Monday and Wednesday are more likely to be processed on the same day. Specifically, the time slot between 8:00 and 9:00 offers the best results on average.
Why do companies continue to bet on the dollar?
Despite international efforts to reduce dependence on the US currency, the dollar continues to hold a dominant position in commercial transactions.
The study points out that approximately half of payments made through SWIFT worldwide use this currency. Its strength is largely due to the extensive network of banks and financial institutions that operate with it, as well as its common use in commercial contracts, financing and currency risk hedging mechanisms.
Meanwhile, the Chinese yuan continues to advance in its internationalisation, although it still presents limitations in terms of banking connectivity and operational agility.
For many companies, especially those that make international purchases on a regular basis, using dollars remains a practical alternative thanks to the liquidity and financial infrastructure available.
This situation creates a scenario in which political decisions aimed at promoting other currencies do not always find an immediate response in companies' commercial practices.
The importance of planning international payments
The barometer's results highlight the need for SMEs with international activity to pay special attention to managing their payments and collections abroad.
Knowing the usual processing times for transfers, planning operations taking into account banking hours in each country, and having visibility over financial movements can help avoid delays and improve treasury planning.
Likewise, the high use of the dollar makes foreign exchange risk management especially relevant, as fluctuations in this currency can directly affect the cost of imports and commercial margins.
In a context in which more and more small and medium-sized companies maintain commercial relations with international suppliers and clients, optimising the management of currencies and cross-border payments becomes an important element in improving their competitiveness.