This is a re-post of "Batch Replace function for Large strings"

String processing in VBA is very slow when strings are large (1-500
MB). I have a
function that I've been using for doing batch replace ops (in the above
referenced previous post), but
it chokes on large strings with many replacements to do (like 50),
because it has to do 50 passes of the string to perform the
replacements.

Has anyone written a fast function designed to do the same thing for
large strings but only makes one pass through the data?