How do I make an international payment?
With the Winvesta Multi-Currency Account, you can send funds to customers in 37 currencies across 180+ countries.
As a first step, you need to create a beneficiary by providing information like the company or person name, their country of residence, and their bank account details.
You can choose between SWIFT or a Local Payment.
SWIFT Payment (Priority):
SWIFT payment is also commonly referred to as international wire transfer. Your beneficiary should receive the amount in 1-2 working days. There is a third-party fee for a SWIFT transaction when you initiate a transfer. For some countries, intermediary banks may also charge a handling fee or commission for their service.
There are two types of SWIFT payments for splitting the intermediary charges:
- Shared (SHA): Intermediary bank charges are deducted from the payment amount. Your beneficiary may therefore receive less than the amount sent.
- Ours (OUR): Intermediary bank charges will be covered by you. Your beneficiary will receive the full amount but you will be charged an additional fee to cover the intermediary bank charges. These fees vary depending on the country the funds are sent to. Please contact us if you would like to use this option, as the fee varies depending on the beneficiary country.
Local Payments (Regular)
Local payments are sent as domestic payments. Your beneficiary should receive the amount in 0-2 working days. You get complete visibility of the exchange rate offered to you at the time of conversion and the exact amount your beneficiary will receive. This method works cheaper than SWIFT when you have moderate amounts to transfer. Please refer to the APAC currency payment limits here.