We are keeping on with public testing of the brand-new service: Banks deposits in local currency.
Following positive testing results, we are pleased to announce 10 more countries were included in the list for deposits in local currencies:
• Argentina (ARS)
• Dominican Republic (DOP)
• Egypt (LE)
• Guatemala (GTQ)
• Indonesia (IDR)
• Jamaica (JMD)
• Kenya (KES)
• Mexico (MXN)
• Sri-Lanka (LKR)
• Venezuela (VEF)
We are currently processing payments in local countries for 25 countries across the world. While testing progresses, more countries will be included in the list.
Please find below some significant advantages of the new type of transfer over traditional wire transfers via SWIFT:
1. Once made in local currency, the payment will be considered as domestic and processed by local providers, therefore, beneficiary of such payment is not required to have an account in foreign currency.
2. The payment will be submitted within 1 to 48 hours due to the fact, that no correspondent banking is involved.
3. Using domestic payments service, you can transfer funds to legal entities or individuals (including third party individuals).
4. Domestic payment processing fee is lower than wire transfer fee for payments in EUR and USD. It varies from USD 20 to USD 40 depending on the country.
Operators process payments to bank accounts in local currencies under the standard terms of bank transfers processing.
The exact fee amount for transfer to a particular country will be displayed, while you are filling the transfer form.