FX Pay Transfers

What is FX Pay

FX Pay transfers are a special purpose, faster international payment rail. Rather than using the SWIFT Wire network, money is moved cross border via Money Transfer License (MTL) and then to the final destination via the local market check or wire networks. The Transfer Entity maintains liquid local currency reserves in the countries that it transacts in. To expedite funds availability, the Transfer Entity draws on its own local currency reserve to complete the transfer to the receiving bank on the behalf of the originator, and then replenishes or tops up its local currency reserve at a later time.

Why Use FX Pay to Move Money Internationally?

Traditionally SWIFT Wire transfers are used to move money between international bank accounts. The SWIFT wire network has the widest global coverage, but it tends to be expensive. Using FX Pay has the following advantages:

1. Lower Cost - FX Pay can be considerably less expensive than other rails for moving money internationally.
2. Foreign Exchange - FX Pay often provides reduced foreign currency exchange rate variations and risks.
3. Speed - FX Pay can be quicker than other international rails.
4. 24-7 - FX Pay in many cases can transfer funds 24 hours a day, every day including weekends.

The one disadvantage of FX Pay is that its coverage is not as wide spread as that of competing international transfer rails such as SWIFT.

Supported Countries and Currencies

Below is a list of our currently supported FX Pay countries and the currency that is supported for that country.