This article is for our clients using international transfers with GB IBAN
Finom supports the following types of International transfers:
SWIFT transfers
Local transfers in foreign currencies
Global SWIFT transfers
SWIFT transfer is an international bank transfer sent through the SWIFT network.
What you need to know:
You can send SWIFT transfers in all available currencies to all available countries.
Required recipient details: IBAN or Account number, BIC/SWIFT code, and recipient address.
Fees and deductions: SWIFT transfers may involve intermediary banks that may charge fees on the transfer amount. As a result, the recipient may receive less than you sent. To minimize the risk of intermediary deductions, you can choose the OUR option (may cost extra).
Delivery time can range from several hours to 5 business days.
Local transfers in foreign currencies
Local transfers are currently only available in the web version of your Finom account. Mobile app feature is coming soon!
Local transfers are transfers in national currencies sent via domestic payment schemes.
Finom supports local transfers for sending:
British Pounds (GBP) to the UK
American Dollars (USD) to the US
Local USD transfers
A local USD transfer is designed to send American Dollars (USD) to US bank accounts via the US domestic clearing system (FedACH).
What you need to know:
Required recipient details: US account number, FedACH routing number, and recipient’s address.
Fees and deductions: unlike SWIFT, local transfers are not affected by intermediary bank fees. Hence, you don’t need to pay for coverage of intermediaries’ deductions, and your recipient will most likely receive the exact amount you send. Note that the recipient’s bank may still apply fees to incoming transfers.
Sender details: The recipient will see our US payment partner’s name as the sender’s name, not your business name. The recipient can still identify a payment by the reference you added.
The maximum payment amount supported by the FedACH scheme is 1,000,000 USD.
Maximum reference length is 10 symbols.
Delivery time: Payments typically arrive the same or the next business day. In rare cases, payments may take up to 5 business days.
Local USD payments are unavailable to beneficiaries with addresses in certain countries. Learn more.
You can still use SWIFT transfers for sending USD to the USA.
Local GBP transfers
A local USD payment is designed to send British Pounds (GBP) to UK bank accounts via the UK domestic clearing system (UK Faster Payments).
What you need to know:
Required recipient details: UK account number and UK Sort Code.
Fees and deductions: Unlike SWIFT transfers, local transfers are not subject to intermediary bank fees. Hence, you don’t need to pay for coverage of intermediaries’ deductions, and your recipient will most likely receive the exact amount you send. Note that the recipient’s bank may still apply fees to incoming transfers.
The maximum payment amount supported by UK Faster Payments is 1,000,000 GBP.
Maximum reference length is 18 symbols.
Delivery time: Payments typically arrive in minutes. In rare cases, payments may take up to 5 business days.
Finom doesn’t support the UK Confirmation of Payee and doesn’t validate the recipient’s name.
You can still use SWIFT transfer for sending GBP to the UK.
Learn more: