Fees

This article covers Crezco's international payment fees and lists the countries supported for local payments, helping you understand costs and optimise global transactions.

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Fees and rates

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:

• 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. 
  

• 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)

• Local payment countries

 

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

 

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SWIFT correspondent fees

When you send money to a bank account outside of its originating currency — like sending USD outside of the US, GBP outside of the UK, or EUR outside of Europe — we typically move it via the SWIFT network. Before you make the payment, you will be able to see if the payment will be made using SWIFT.

 

What are correspondent fees?

Correspondent fees refer to charges imposed by intermediary banks within the SWIFT network during the process of transferring funds to the payee.

Sending money via SWIFT is akin to embarking on a journey from one airport to another. Much like the need for connecting flights in certain instances, the transmission of funds through SWIFT may require traversing various correspondent banks when direct relationships do not exist between the sender's and recipient's banks.

In such cases, these intermediary banks, known as correspondent banks, may levy their own charges, termed correspondent fees, thereby influencing the final amount received by the intended recipient.

 

Understanding how correspondent fees operate:

1. Initiating a transfer from your bank prompts the transmission of a payment instruction via Swift.

2. In instances where direct relationships between your bank and the recipient's bank are absent, the funds navigate through correspondent banks, which facilitate the transfer and charge fees for their services.

3. Upon reaching the recipient's bank, there is a possibility of the payee incurring an incoming transfer fee for processing the funds.

 

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Local payment countries

Please refer to the table below for the countries that currently support payouts using their local payment rails. If you do not see your country listed, you will need to make the payment using SWIFT.

A-H

 

I-O

 

P-Z

 

If you want to know all the countries we currently support payments to, please refer to the following help centre article

• What countries does Crezco support for international payments?

 

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