Summary of the different payment rail options and their relevant fees when making international payments through Crezco
Our platform offers an automated, end-to-end payment process. You can send funds to suppliers or international staff across the world using local payment rails or SWIFT.
International payments can pose complexities, occasionally concealing undisclosed fees. Below we break down the 3 core areas on how Crezco manages the landscape of fees associated with international transactions:
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Exchange rate - the value of one country's money compared to another country's money. It tells you how much one unit of money from one country is worth when converted to the currency of another country.
Crezco provides access to competitive exchange rates. -
Variable fee - A small processing fee is applied to international payments to ensure the smooth operation of our services. This fee will be clearly displayed before you complete the transaction.
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Fixed payment fee - The fixed payment can vary depending if you use local payment rails or SWIFT. See below for more details.
Local payment rails
Local payments are either domestic or SEPA for EU payments.
Fees are about £0.3 - £0.5 per bill, but please note that there are some local rails that can be more expensive (e.g Fedwire)
SWIFT payments
The cost to make a SWIFT payment with Crezco is £6 per bill. There can be SWIFT correspondent fees for transactions processed on SWIFT payment rails, this can vary depending on the destination and receiving bank.
What is SWIFT?
If you would like to read more about SWIFT correspondent fees - click here