What is the difference between Local and SWIFT transactions?

SWIFT is a secure, electronic global payment and settlement system that is most commonly used for international payments. Local transfers are powered by local electronic payment systems within geography.

When you want to transfer money from your Winvesta account, you can choose between Local and SWIFT payments for many currencies.

Local payments tend to be cheaper, and often faster, where available. We work with remittance providers that deposit the funds in the receiver's bank account in transferred currency.

Local payments are not available for certain currencies or for very large transactions. In such cases, SWIFT payments can be used. All SWIFT payments have a small third-party fee attached to them, which can be found here.

As an example, if you are looking to transfer money to India, you will have two options 

• Send money as a local payment in INR: The money will be deposited in the beneficiary account in INR. While converting to INR from another currency in your Winvesta account, you will be able to see the exchange rate before converting. The funds are often transferred within minutes and within 1 business day for most cases. The limit for local payments is INR 15,00,000 (~$20,000) per beneficiary per day. 
• Send a SWIFT transfer in USD: The money will reach the Indian bank account in USD and will be converted by the domestic bank to INR before depositing in the beneficiary account. The conversion charges and fees will be determined by the receiving bank.